What worked in 2023 might be less successful in 2024. Learn what RentScale’s coaches recommend to scale your property management business this year.
In the dynamic property management industry, you must stay on top of the latest trends as you grow. You could see unprecedented growth in one year, but the following year might go sideways if you don’t continually adapt your strategy.
If growth is your goal, take the steps to attain it. Examine what worked and what didn’t in 2023, and plan accordingly for 2024. The most successful property managers aren’t entirely reactive; some proactive strategy is key.
The Strategic PM team had the rare opportunity to sit down with four RentScale coaches, Reece Register, Julia Wojnar, Jason Sheffield, and Jennifer Merritt, to discuss their recommendations for scaling in 2024. Here’s what they had to say.
Have a Plan
According to Reece Register, scaling starts with a plan. If you don’t know where you want to go, getting there becomes almost impossible. Plan for scaling, and then start building a roadmap for reaching your goals.
Reece notes, “You want more leads, you want to grow your business, but you really have no direction on where you want to go. So, by putting a plan like this in place, it gives you that direction.”
Identify your targets when building this plan. Your ideal-fit clients are the ideal match for your services and understand the value of what you provide. Engage these prospects with a proper offer so they’ll want to maintain the business relationship. Contacting prospective clients in this way is fundamental for any property management company, but many managers struggle, which slows scaling.
Remember, your plan isn’t set in stone. You can modify it based on what’s working and what isn’t throughout the year. As you grow, you’ll learn what works best in your market, making it easier to scale. It all starts with a plan, including goals, direction, and an outline of how you’ll expand in the coming year.
Create Compelling Company Culture
Julia Wojnar believes scaling starts with having the right people within your organization. If you can’t attract and retain talented business development managers (BDMs), scaling becomes an uphill battle because you’re continually hiring and training new people.
