Empowered by ireviloution and businessDEPOT, the Property Management Leadership Summit is for property management leaders who are serious about leadership and business success. Over 100 principals, heads of PM departments and BDMs from across Australia attended the two-day Summit on the Gold Coast earlier this year and were inspired to step up, lead their team and profitably grow their business.
Twenty leaders from both inside and outside the real estate industry empowered attendees to #ReachThePinnacle in 2018 with some of the following takeways from the event.
- KNOW YOUR NUMBERS
Knowing your numbers means having control of your business. Many principals prefer to bury their head in the sand when it comes to the financial side of property management. But it is incredibly hard to have success if you’re not measuring it, because not measuring your numbers means you won’t know whether you have achieved your goals.
The best way to know your numbers is to break them down into smaller, easier-to-understand measurements. Whether you’re looking at the number of properties managed, vacancies, arrears or wages, knowing these critical measurements means you will have a better understanding of where your business currently is and how to improve it. Ultimately, if you figure out where your profits are coming from you can figure out how to grow your business.
Not measuring your numbers means you won’t know whether you have achieved your goals.
2. SPEND TIME WITH YOUR CUSTOMERS
Spending time with your customers and understanding who they are can help you succeed. Getting to know your owners and tenants does not mean sending them a survey or flyer; it means talking to them face-to-face and one-on-one. Let them know that you care about them, not as customers but as people. Be open to their questions and opinions so you can understand their pain points, how they perceive your brand and how they think you could improve your service. If you care about your customers, then they will care about you and your business.
3. PERSONALISE YOUR SOCIAL MEDIA
So often in social media training, you hear that you must be careful what you show your customers; don’t let them into your life so you protect your business. But the Summit revealed that we should be doing the complete opposite: you need to make your social media personal.
Social media is the best marketing channel to show customers who you are. So don’t be afraid to share what you get up to on the weekend, your hobbies and family occasions, alongside your business-related posts. Personalise your business’ social media profiles by making them relatable and real.
Letting owners and tenants into your life allows them to know, like and trust you and your business. What’s more, this allows you to get to know them and how you can best service their property management needs.
Getting to know your clients doesn’t mean sending them a survey or flyer; it means talking to them one-on-one.
4. DELIBERATE DECISIONS
Patience is a virtue, even when it comes to your property management business. Yet there are many principals making business decisions out of desperation, rather than deliberation.
Whether your goal is to build your rent roll, boost your client base or bring in new staff, you must achieve these strategically, not impulsively. Put together a plan mapping out what you want to achieve and follow this, as opposed to rushing forward and trying to make success happen overnight. Making deliberate decisions leads to growth, loyalty and sustained success because you take all necessary steps in the journey.
5. UNLOCK YOUR ‘WHY’
Determine your property management business’ why – why it exists and what purpose it fulfills. Identifying this is how you can fuel your customers’ and teams’ loyalty and feed your commercial goals. That’s because your why is your value proposition – what your business is there to offer your owners, tenants and team.
Communicating this to all segments is how you can attract the right people to your business. It will also become your strongest leadership platform and most impactful commercial tool because it allows you to remain true to your purpose.