For an industry that relies so heavily on technology, this is pretty incredible. Because having your tech stack sorted is crucial for managing a larger rent roll effectively.
This means having integrations with all major tech platforms used by your team to avoid constant jumping between applications.
A well-optimised tech stack provides a comprehensive overview of your business at a glance, allowing you to monitor key metrics, analyse data, and make informed decisions.
Furthermore, it enables effortless collaboration and sharing of work within your team, fostering efficiency and productivity.
Build Capacity in Your Existing Team
Expanding your rent roll means asking more of your team members, so it’s vital to ensure they have the capacity to handle the increased workload.
Consider restructuring your property management department to optimise the use of offshore staff, freeing up customer-facing team members from unnecessary activities that don’t maximise their time and expertise.
By focusing on roles and responsibilities, leveraging technology, and providing ongoing training, you can enhance your team’s capacity to handle a larger rent roll.
Ensure Your Existing Rent Roll is as Healthy as Possible
Before you buy a rent roll, it’s essential to evaluate the health of your current portfolio.
Ask yourself critical questions to determine its robustness.
How would losing your top-performing staff members impact your revenue and profit margin?
Do you have a reliable recruitment pipeline to fill potential gaps?
Can your team cover for each other effectively during holidays or sick days?
Assess your reputation in the market and ensure it is supporting future revenue growth.
Taking steps to strengthen your existing rent roll will ensure a solid foundation for expansion.