3 elements of a successful property management business

property mgmt

What was your motivation to own a property management business?

  • Income
  • Rent roll asset value
  • Source of properties to sell
  • It just happened

Regardless of your motivation, property management services are a vital part of your real estate agency. What’s more, the current economy and real estate market have created a remarkable business trend resulting in a prime opportunity for the residential property management sector. Now more than ever, residents are choosing to rent in the area of their choice and invest in high growth, high demand areas. As a result, economic data indicates continued growth in the number of rental properties and investors.

The truth is, there has never been a better time to invest in a property management business. With Baby Boomers growing vast personal property holdings, Gen X wanting to live in their locality of choice through renting, and Gen Y wanting to do it better than Baby Boomers, now is the perfect time to get serious about your property management business and unlock its potential.

Your rent roll is the only asset that has value in your real estate agency. If operated and managed professionally with a systemised approach, your rent roll can generate phenomenal growth and income, regardless of economic and market conditions. Moreover, if your clients receive a results-driven service, you will retain business and gain repeats and referrals. All you need is the turn-key solution containing all three elements of success to help you achieve this.

 

formula for success: p + r + t = ABC™

p

Processes are the order of work flow and task sharing for the multitude of tasks performed in day-to-day property management operations. Processes need to ensure maximum efficiency, productivity, consistency, compliance and completion. Processes alone do not make a difference to your business operations.

r

Resources are the forms and documents used to measure, monitor and manage business operations, and mentor your team to peak performance and productivity. Resources alone do not make a difference to your business operations.

t

Training is what teaches your team to understand their role, how to perform every task, how to use every resource, and how to maintain consistency, compliance and completion. Training makes your team the expert and ‘go to’ agency in your market area. Training alone does not make a difference to your business operations.

 

ABC – all 3 elements combined make YOU the Agency By Choice

This is how our ii system ensures your property management business builds a solid foundation and unlocks its long-term sustainable success. We offer you a turn-key property management solution that provides consistency and professionalism to build, grow and protect your business. The ii system includes:

  • Over 150 business and management products
  • Over 300 operational property management resources
  • Over 30 TrackMates™ to manage all day-to-day tasks
  • Master TaskTracker™ to monitor all tasks
  • PortfolioTracker™ system to measure KPIs against business targets
  • Strategic audit functions to check operational business efficiency
  • Fundamental auxiliary component trackers
  • Comprehensive catalogue of step-by-step instructions for every task
  • Guide to creating PM business policy and standards
  • 8 online management training programs for Business Owners and Team Leaders
  • 8 online operational training programs for your property management team consisting of 28 courses that teach the ‘how’ and ‘why’ of property management

As well, the ireviloution intelligence International Property Management Academy® (iiIPMA) offers the world’s first online PM training academy that teaches the ‘practical side of property management’ and is available to access 24/7. The iiIPMA works alongside our business products and enablers to ensure your business becomes the ‘Agency By Choice’. The academy includes 8 online management training programs including assessment and 8 online operational training programs (28 courses in total) including assessment.

Don’t put up with low profits, high salaries, increasing overheads and poor asset value any longer. If you want to stop measuring your business by its number of properties and start measuring its success on income and profitability, then grow your property management business with the ii system which contains all three elements you need for success. Contact us now to find out more.

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