How to Scale your Rent Roll? | Getting the Balance Right
How ambitious should you be when it comes to growing your business? Grow too quickly and you might burn out your staff. Too slowly and the properties under-management to wage ratio just doesn’t add up. Getting the balance right is crucial.
So, what do you NEED to scale up your property management portfolio?
Here’s 3 things.
1) The Right Tech
There is a huge role for technology to play in allowing you to scale your business. But be wary of thinking that just adding technology to your business will solve all your growing pains. It is not about have MORE technology, it is about having the RIGHT technology.
Technology should make your life simpler, not more complicated.
STAFFLINK‘s workflow platform integrates the best available technology used anywhere in the industry into one place – giving you total visibility over your workflow and the ability to see, in a snapshot, the health of your business.
Technology can also allow your business to automate tasks that don’t take a long time to do, but get done regularly. These time-savings all add up. In property management there are dozens of these tasks. (see video)
2) Customer-Facing Staff
Having good local experienced property experts is a crucial component to growing your business and ensuring that you lose as few properties as possible along the way.
Keeping your best property managers doing what they do best, maintaining and building relationships with clients, is absolutely crucial.
Any growth that comes at the expense of customer service is simply not sustainable in the long-term.
3) Admin Staff
Many businesses grow rapidly to a point where they feel like they have hit a ceiling. This often manifests as administrative tasks not getting done, and jobs getting missed.
Just as some of your staff are experts at people, some are experts at those behind-the-scenes tasks that may not be visible, but are necessary to ensuring your business can grow sustainably.
One of the most cost-effective ways of managing your administrative tasks is to hire an international team member, or ‘virtual assistant’.
These team members will quickly become an irreplaceable part of your business and allow your local staff to be more customer-focused. But importantly, they will assist you in keeping costs under control as you grow.
Knowing when to engage offshore team members can be difficult – for more info on when to start your offshoring journey click here.
It’s not one or the other – it’s all of them
You need the right tech, good customer-facing staff, and a solid admin team if you plan to scale your business.
They are all vital for success, and reliant on each other. Getting the balance right is tricky but necessary.
If you would like to know more about how you can structure your property management business/department for success click here.
How STAFFLINK can help you scale
We’re in the scale game, and are very proud of our record of helping businesses to grow.
Our methods are 1) Tried 2) Tested 3) Proven.
So far hundreds of businesses around the country have partnered with us because they recognise that it’s always better to learn from other people’s mistakes than it is to make them yourself.
We have a proven track record of helping businesses scale and grow.
Whatever your ambitions are in terms of size, we can help you get there.