Have unexpected obstacles slowed down your property management company’s growth? If there always seems to be something in the way of achieving your business’s goals, then this article is for you.
A SWOT analysis can help you avoid drawbacks while strategically planning for your property management company’s success.
Whether you are just starting your company or have been operating for years, I highly suggest you perform a SWOT analysis on an annual basis. I promise that if you use this tool, your business and your team will be happy you did.
What’s a SWOT anyways?
In case you’ve never heard of a SWOT analysis, it’s an acronym that stands for:
This framework can help you identify and analyze the internal and external factors that have an impact on your property management company’s 2019 business plan.
Strengths and weaknesses are found within your property management company, making them internal. They include the great services you offer property owners, and the things you know you need your team to work on.
External opportunities and threats are what shape the world outside your business. These external factors can have just as big of an impact on your company, even though they aren’t a direct part of it. Some examples include the opportunity to use new digital platforms to promote your business, and the threat of a new competitor in your area.
Why should I use it?
It’s important to do a SWOT analysis of your property management company if you want to have (and keep) a competitive advantage.
It will help you and your team uncover opportunities for success that might have otherwise gone unnoticed. It also keeps your business prepared for threats before they become a serious danger to your company’s success.
How do I use it?
This analysis can be used as part of your strategic planning process. Here are some questions that you can ask yourself and your team about your property management company that will get the process started:
What does your property management company do better than anyone else? What are your company’s core strengths?
Where does your business/team need improvement? What are your company’s core weaknesses?
What market trends could increase the number of properties you manage?
What could your company be doing differently to improve the quality or visibility of your services?
Where do your competitors have market advantages? What could threaten your company’s success?
Answer these questions with your team and use it as the foundation for your property management company’s strategic plan moving forward. You’ll be amazed at the answers you’ll get from asking these questions to your team. Everyone will be able to contribute and have a clear vision of the direction you want to take the business.
This will help them feel like they’re part of the process and will prepare them for the potential weaknesses that will have to be worked on, and threats to be prepared for, making your business plan close to bullet proof.
Maria Rizzuto is a Marketing Associate at Upkeep Media. Her current position allows her to pursue her passion for communications while helping property management companies grow by implementing effective marketing strategies. She is a marketing professional with a Graduate Diploma focused in Public Relations and Communications Management from McGill University.
Email: [email protected]
Disclaimer: LandlordSource does not represent the article content in this newsletter as legal advice. It is shared information only and up to the reader to use this information responsibly, seeking legal advice as necessary to their business.