The ultimate strategy for property management company in San Diego is to make money, get more clients than everyone else, and not go bust in under a year. So how do you do that? If you’re a “newbie” in the San Diego property management game, you best know the rules before you jump in the game. Here are a few pointers to get you started.
Profit is everything. If you do not make some profit every month, you are doing things wrong. The way to make profit in property management is with clients. More clients, more money–simple, right? Maybe in some other cities and states, but not San Diego. Your competitors are scrambling to beat you to the punch. What few properties are left t manage after your competitors grab the big clients may not garner you enough.
That is okay to manage little properties for clients, but you need to get some big clients too.
To do that, you have to:
- Find out what clients want most from their prooperty managers and property management companies
- Find out what your competitors are NOT offering or providing for their big clients
- See if you can offer the big clients exactly what they are looking for in the way of property management, and then offer that to them.
If you succeed in doing all of the above, you can actually steal clients away from other property management companies. Geting these clients under your belt eqals money–level up!
Property management in San Diego is a lot like Monopoly–get more than everyone else and you win. Advertising your company is not enough. You have to be more aggressive and get more aggressive. Find out which clients have the biggest properties (easy to do with city and county property records), and then pursue those clients to manage their properties. In the meantime, pick up as many smaller clients as you can (the ones your competitors do not want to manage because it does not mean big profits) as these clients will help you climb to the top.
Don’t Go Bust in Under a Year
Do whatever it takes to stay in business. The first few years for any company are the hardest, but the first year is truly the toughest. Work harder than you have ever worked before, and make your employees do the same. Success is dependent upon everyone working overtime in the first year of a company. If people want to work for your property management company, they should know the workload expectations upfront.
Then, make sure you are turning a profit every month. Get new clients every week. Personally pound the pavement to find the clients your company needs to stay in business. If you can stay open and stay working the first year, you’re good, real good.