Every business has growing pains. When you start a property management business there are laws to learn, regulations to follow, owners and tenants that are demanding and policies and procedures that need to be created. It can be overwhelming. Even seasoned property managers who want to add a new service or re-structure their business can go through a period of growing pains.
Here are some tools to help you conquer the growing pains in your business.
HIRE A BUSINESS CONSULTANT OR COACH A business consultant can help you target exactly what you need to focus on and hold your hand through the process. We considered hiring a coach at one point, but never did. We just couldn't afford it. For those who can afford it, a business consultant is an amazing growth tool. But if you can't afford $500/hr for a business coach, then there are other options.
ATTEND CONFERENCES If you manage single-family homes I highly recommend joining the National Association of Residential Property Managers. They offer a Broker/Owner Conference in April and a National Conference in October of each year. The conferences are invaluable for meeting people and learning how to build your business. We always made attending conference a priority, but we still weren't able to attend every conference every year. One year our mom was fighting cancer. One year our grandmother broke her hip. Life gets in the way, especially if you are a family-owned company.
ATTEND TRAINING: There are many sources for training courses: your local board of Realtors, NARPM, IREM, NAA and others. Some courses are in-person training and some are online. My favorite part of in-person training is asking questions and getting forms.
ATTEND LOCAL MEETINGS You can learn a lot just by networking with others in your industry. No matter how hard we try to make every local NARPM meeting there are days when our business takes priority and it doesn't fit in our schedule.
JOIN ONLINE GROUPS You can find online groups for property managers on Facebook and LinkedIn. These are usually casual groups without a formal structure. These are great for getting quick answers to a pressing problems. Check out BetterLandlord.net's Facebook Group.
BUY AN ONLINE COURSE Some courses are pricey, but if you can find one that answers exactly the issues you are having trouble with, then they are an excellent option.
JOIN THE PROPERTY MANAGEMENT ACCELERATOR The Property Management Accelerator (PMA) is a subscription membership that combines the best of these other options but doesn't kill your budget. Our focus is on systems and processes to master day-to-day operations so that you can focus your time and effort on other things - like spending time with family or accelerating your growth. Every successful property management business is built on solid policies and procedures that manage risk.
In this information age we have hundreds of options for knowledge and training. Choose the ones that are right for you.