Sunday, October 11, 2009

I am not the Harry Potter of real estate

I just want growth is the catch cry from so many real estate owners and if I had a dollar for every time I heard I wouldn’t have to work again.

In this current market, which I do have to point out, is not as bad as our friends across the ditch.. that being New Zealand, property management has taken on a level of importance that perhaps didn’t exist before.

My response to this question is “why do you think you have not achieved growth so far”? The answer is not very complicated but does start with the principal.

Here are some questions you may like to ask yourself:
How involved are you (the principal) in the property management department?
Do you understand the business.... really understand it?
How much love do you show your property management team?
How much training have you invested in?
What levels of communication exists between property management and sales?
Do you have a marketing budget?
Do you have a BDM who is trained as a sales person?
Do you market your property management department at every sale OFI?
Are you property managers trained to list?
Do you have an up to date global database that you can market to?
Do your clients know your property management department exists?
Do you have a business plan?
Do your people show the love to your clients?
Do you get referral or repeat business?
Does your sales department depend on the rent roll to gain their listings?
Do you and your people know the numbers?
Do you know what it costs to manage one property?

And I could go on ... These are very simple concepts, the how is what I consult in.

We implemented many of these concepts at Hocking Stuart from 2004 – 2007 and it does amaze me that in 2009 so many business owners still don’t get it.

So no I don’t have Harry Potters magic wand to increase your rent roll but implement some of the very simple concepts above and over time you will start to see growth.