Training – cost or investment?

Many property management business owners are unsure whether to invest in training, or not. They don’t know what training is relevant for their team and whether it is an unnecessary expense. We believe that training is one of the best investments you can make for your team and business. Here’s why training should be seen as an investment, not as a cost.

1. Training helps you win and retain clients

The reality is, it costs you more money not to train your team than it does to train them. That’s because, choosing not to invest in training, may result in a second-rate service to your clients and you may end up losing them. Having a training program in place ensures that your team all work consistently and professionally, so they always deliver on your brand promises. Investing in training boosts your team’s confidence, knowledge and skill-level, and ultimately your agency’s level of service, which helps you win and retain more clients.

2. Training increases productivity

Training helps your team be more productive in their roles. Investing in role-related training helps each team member better understand how they can fulfil their duties, attain their individual goals, and ultimately add to your business’ bottom-line. Training helps your team attain the knowledge and skills to work more productively. This increased productivity means that more tasks will be completed, more managements will be won, client relations will be optimised, and ultimately you will achieve better results for your business.

3. Trained new recruits boost results

It pays to only hire new recruits who have completed and passed property management training. Such recruits show initiative, commitment and will be better equipped to deliver on your brand promises. Research shows that new recruits who have already completed training are 82% less likely to make costly mistakes, and 91% more likely to recognise and rectify mistakes when they occur. Hiring new recruits who have completed property management training will be a much better investment for you and your business. But, of course, their training should not stop there!

Take all this into consideration and you will soon see that training is no doubt an investment, not a cost. When it comes to this dilemma, Henry Ford said it best: “What happens if I don’t train my team and they stay?” By reviewing the intangible cost of not training your team, you will soon see that training is indeed a good investment for your property management business.

Looking for training for you and your property management team? Click here to find out more about our iiIPMA Academy.