Many property managers are interested in learning how to make more money in the property management business. Often, property managers are working so hard and they feel underappreciated. You might be wondering why you are working so many hours without making any extra money.
Cross Train Employees
The real money doesn’t happen overnight. You need to have systems and procedures in place and your employees need to be cross trained so you have a platform that you can start moving yourself out of the daily operations of the business. Your employees can take over a lot of the work you do.
Set Boundaries and Expectations
Set expectations and boundaries for your availability. Your clients need to start working with your team instead of with you all the time. This will give you the space you need to go out to networking events where you can focus on getting more business.
Setting High Standards
Look for quality owners and quality properties. This is valuable because quality properties have less maintenance, and you’ll spend a lot less time on those properties. You can also charge higher rent and you’ll end up with a nice group of property owners who are willing to invest in their properties and attract high quality tenants. They appreciate and value you, so you begin to create this really harmonious situation.
Establish Expertise in Property Management
Become an expert in your field. I did this through blogging, writing a book and I teach at the local community colleges. People send all kinds of business to me because I’ve become a go-to person.
Think about different streams of revenue you can create for your business. As you become valued and seen as the go-to person, start adding extra services you can charge for, or start teaching or do things that will help you bring in money from a variety of different sources.
These are five tips that can help you earn a little more money and feel better appreciated in all that you do. If you have other questions about developing or growing your property management business, please contact us at The Property Management Coach.
Kathleen Richards, MPM®, CPC®, MS in Management, was Broker/Owner of a successful management company with CRMC®. She knows firsthand the highs and lows of being a business owner. She is a nationally recognized coach, speaker, instructor, author, and thought leader for the last 30 years focusing on business, leadership, and specifically the field of property management. She owns PM Made Easy – customizable products to streamline operations and founded The Property Management Coach. She can be reached at 800-475-3084.