Most real estate business owners want to grow their rent roll. Not just to pay the bills, but to produce profits while their long-term goal is to build the asset for retirement, investment and lifestyle.
What we’ve noticed working with agencies following traditional structures, such as portfolio management style, is that they impede their growth and allow daily drama to shift their focus away from their desired growth results.
In the meantime, their competitors are investigating and implementing innovative ideas such as outsourcing to gain a competitive advantage.
Imagine if each portfolio manager was able to reduce their administration hours by 20 per cent and shift that focus to growth?
Almost overnight, an agency would see an improvement in their numbers.
Not only that, but the capacity to handle that growth would also be eased through an effective outsourcing strategy (EOS).
So what does that have to do with New Year’s resolutions?
Used correctly, outsourcing will force you to scale your rent roll without the hard work and effort you think will be required.
It’s the number one hack intelligent real estate principals are deploying to expedite growth even in an economic downturn.
Resolutions are just another way to commit to a desired result and if not now, when are you going to take the time to move your business into the new normal?
Resolution 1 – Commit to leveraging your time
There are many things we do in our working day that could be done by someone else. Commit to making a list of these.
Your time is valuable and identifying mundane and repetitive tasks is the first step in freeing yourself and moving to a growth mindset.
Resolution 2 – Commit to letting go of the basics
Everyone wants to let go but that would mean handing over control. So how do you clone yourself and trust that things will get done to the same quality your clients have come to expect?
Start with the basics. Once you’ve leveraged each person’s role, you can begin breaking down the phases of activities to be done through outsourcing by someone else.
Resolution 3 – Commit to seeing the rent roll as a series of processes
Property management is a repetitive, process-driven business model. When you start to see that each process can become organised and effective, you’ll also be able to recognise that each task has an associated cost and understand who should be doing what based on skills, talent and price.
Resolution 4 – Commit to measuring results
Commit to measuring your growth and not just on how many more managements you gain. Remember that when income increases so do expenses.
They say the devil is in the detail and that’s why benchmarking the activities and the time taken to produce the results is an essential ingredient in overall performance.
Compare week-on-week productivity to build sustainable momentum.
Resolution 5 – Commit to becoming client-focused
At the heart of all property management services is the client experience. Commit to understanding what that means and what matters most to them.
An effective EOS will free your time and maximise client-facing and dollar producing time to double or triple your rent roll.