With so many tasks to oversee, team members to supervise and clients to communicate with – not to mention finding the time to market your business – it can sometimes feel like you’re running on empty as a property management principal. But the good news is that there is a way to structure your business so your operations run like clockwork and you can seamlessly manage every day.
All it takes are the following six steps.
1. Systems that start with the future in mind
You must implement systems that can be easily scaled as your business grows. Many principals do not prepare workflow programs when they start their business, let alone programs that will still be effective when their business experiences growth. But if you want to structure your business so you can seamlessly manage your day, both today and into the future, implement scalable systems for every task now.
2. Manage your growth
Structuring your business so you can seamlessly manage your day requires you to deliberately scale growth, which requires a ‘growth matrix’. A growth matrix allows you to monitor the number of doors managed and know when to recruit more team members, who to recruit and which roles the new recruits will be employed for. Investing in a growth matrix ensures your day-to-day operations run smoothly as you grow.
3. Take control of your team, tasks and clients
To ensure every day runs seamlessly, put yourself in control of your team, tasks and clients. Start and end each day with a team huddle, so you can delegate tasks to maintain workflow and keep track of progress. It’s also a good idea to switch clients from one portfolio to another when appropriate.
Consistent service standards must be maintained regardless of which team members your clients deal with.
4. Consistent service standards
Set your service standards from day one. Your team must know what level of service needs to be delivered, and your clients must know what they should receive. The only change in service standards should be when they are better than expected. Remember, the client’s relationship is with your business, not with an individual team member. Consistent service standards must be maintained regardless of which team members your clients deal with.
5. Lead your business
Take the reins and ensure an efficient workflow is achieved. When your team are clear on their roles and responsibilities, and clients understand their roles and responsibilities too, everything works in perfect harmony. It takes a conductor to make this work, and that role must be filled by you. This is how you can ensure that whether you are in or out of the office, tasks are always completed and service standards are always maintained.
6. Spend to earn
If you control your spending, you can control your business. A good rule of thumb is only to spend if it allows you to earn. Spending should generate savings by achieving increased earning power on doors managed and reduce expenditure on managed clients and property. Doing this helps you generate higher profit margins through higher revenue returns, which gives you the funds to hire more team members when necessary so you can multiply yourself. This strategic spending empowers you to maintain control of your business, so you can maintain control of your day, every day.