Preparing A Small For Medium Size Property Management Firm For Growth

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Preparing a small to medium size property management firm for growth is in some ways like starting a whole new organization. You may have to redesign your website, modify online security systems to protect your assets and your customers from cyber-criminals and update your accounting and property management software to make sure when the new customers start flooding in you can handle the traffic. Are you ready to expand your business, but aren 't sure where to start, these suggestions will get you on the path toward success. Redefining Your Service Packages One way to bring in new revenue is to serve new market segments. Diversify your portfolio. Maybe you spent the early years working only with single-family housing investors. Consider expanding your service line to including student housing, community associations (HOA 's), commercial clients and multifamily properties. Expanding with Confidence Before you start making cold calls to promote your new services, make sure you are prepared. 1. If you don 't already have a business website, build one. And, choose a reliable hosting partner that guarantees uptime near 100% – even a stellar website won 't work for you if your host is down even 5% to 10% of the time. 2. Take a hard look at your property management software. Ask yourself if the system is easy for staff, tenants and owners to access, navigate and gather the information they want, when they want it. If not, consider upgrading, even if you have to invest in a

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