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ONE OF THE MOST COMMON QUESTIONS WE GET ASKED AT SIRE MANAGEMENT RIGHTS IS, 'HOW CAN I GROW MY LETTING POOL AND INCREASE MY INCOME?'
After interviewing hundreds of management rights insiders, we have summarized a number of options to achieve growth. Let's take a look at some.
Buying an add on management rights and adding it to yours. Check the link here and fill in your contact details to be notified with new add on management rights open inspections.
CAPACITY AND EFFICIENCY
Adopting models and utilizing technology to help your team manage more properties, more effectively.
SERVICE AND FEE GROWTH
Strategically adding more service and/or increasing fees on properties that fall below a certain income
level. Identify the properties that are costing you money to manage by calculating your break-even point. Then implement the strategies mentioned in Chapter 8 of “The Management Rights Formula.”
ORGANIC GROWTH IN YOUR BUILDING/COMPLEX
Designate some time each week for adding more properties to your letting pool to ensure a net gain in the numbers you manage. This is the area I'd like to focus on. The best place to start is with sources you already have a relationship with and are more likely to have a positive impression of your services.
These opportunities include:
Current investor owners in your letting pool – every management rights manager we have worked with has identified that some of their current investor owners own other properties that they would be willing to manage but don't. (In some cases, they own multiple properties). When is the last time you checked and simply asked for more business?
Current Tenants – it is not unusual for tenants to either own their own investment properties or
know other people who do. When was the last time you asked your tenants the question: 'Who do you
know who owns an investment property in our area? Or “Do you own any investment properties
Sales – if you are doing sales – how 'integrated' is this service with your letting pool?
The sales person sometimes would be yourself who captures investor enquiries and ensures that they or yourself communicate with Investors are more likely to contribute to growing the letting pool numbers quickly. They don't wait until a contract is signed before they introduce the Property Management service.
Your Team – ask your whole team to identify at least 5 properties each that you don't currently
manage and would like to – ask this question regularly. You will be surprised at the result.
Contractors or trades people – do you make a habit to ask them for referrals for other properties?
Who do they know who owns property that you don't manage in your area? It is likely that they will know plenty and can be an excellent source of referrals.
I hope you enjoy investigating what is available inside your building or complex. And remember to always ask the question, 'We are always looking for additional great properties to manage, who do you know who owns one?' It's a habit that could increase the value of your management rights without a great deal of additional effort or expense.