As the owner of a property management company, you’ve been trained to think you have to grow by increasing the number of doors you manage. I get questions a lot from people who want to grow their company. However, growing your business isn’t always about doubling doors.
Grow My Company: Increase Revenue or Increase Doors
When people want to talk about growing their business, I always ask what they want to do. Think about this for yourself: what kind of lifestyle do you want to have? Instead of thinking about doors, think about revenue and your net profit. You can earn more from your current client base, and you can increase your revenues without struggling to take on more doors.
Increase Revenue: Value Added Services
To me, growing revenue was always more important than the number of doors I managed. I always had a small boutique company, but I grew 20 percent every year with value added services. If you can manage to provide excellent customer service, your clients will be happy to pay extra for what you provide. You can offer them more services, and you won’t have to grow exponentially and be big. Huge growth didn’t fit in my marketplace, so I was quick to explore these other options to growing a property management business.
Grow your revenue, and think about what you want for your life. Think about what kind of work-life balance you want, and what sort of profits you need.
If you’d like some more information about growing your business, please contact us at LandlordSource. We can talk about growing your doors and growing your revenue.
