Real estate is strong and steady. If you’ve been in the industry for some time now – whether as an investor or property manager (or both) – and are starting to feel comfortable with the process, you may feel ready to grow (regardless of the economy and interest rates).
As you prepare to expand your property management portfolio and grow your small business, we’re here to offer some tips so you can do it successfully.
- Consider your goals – Where do you want to take your business in the near and long term? Reflect on what successes led you to where you are today and use that as a launching point for charting your next phase of growth.
- Dedicate time each day just for yourself to focus on your business – As property managers, our clients and tenants often come first, but when you’re trying to grow a business, you need to commit time to doing just that – working on your business and not just in it. Find a schedule that works for you and stick to it.
- Hire more employees – Adding new staff comes at a cost, but growing your business requires you to take risks. And as you know, the reality is you can only do so much in a day. If someone else can do the task just as well or better than you, then, by all means, let them!
- Prioritize high-impact, strategic moves – It always feels good to check off as many tasks from your list as possible, but as a business leader, you have to prioritize what you need to accomplish. A call to a potential client will add much greater value to your business than finally getting around to filing old paperwork. Pick and choose your day’s tasks by focusing first on the high-value items that will really move the needle on your business.
To hear more from us as we discuss the challenges of working on (not in) your small business, listen to season 1, episode 10 of our podcast Owner Occupied.
