Whether you are handling the rental management on one property or 1,000 properties the same tasks within the business must be handled consistently and with the correct sense of attention for the satisfaction of your tenants.? As portfolios increase in number and the business of managing your rentals grows you must work on several things in your business to maintain the operations and then when these tasks are handled you must switch gears to working ON your business with the goal of increasing customers, revenue, and profit. Have you stopped to do a status check lately?? Are you working more IN your business or ON your business?
Working IN the business means working the day to day operations that keeps your business running.? Managing the office includes all the tasks that are the most important for the management of your rentals.? As the most important part of success for your business, tenant relationships should be maintained at the highest level.? Leasing is ongoing to make sure that you are keeping your rental units occupied.? Rent collection, including methods of collection, drives your revenue.? After controlling revenue, you can turn your attention to the actual management of the rental which includes your maintenance coordination and other duties involved in preserving your property and the satisfaction of your tenants.
Working ON the business means growth which means additional profit.? With so many tools to market your business, a good portion of your time working on the image and footprint of your business is likely done with Social Media Management.? A large presence online on the right platforms and with the right marketing tactics can drive potential customers to your business.?? Attending marketing and networking events can be a huge benefit to find the latest trends, services, and observe what and how your competition is operating within the same industry.? Many times, those services can be used to create additional revenue streams for you and additional services for your customers.
Working in the business and on the business are both parts of your overall success.? No matter what, you will have to work IN the business.? The problem between the two can arise if you don?t make time to work ON the business.? If you are acting as the head of your organization, it makes sense to work in a different capacity in these areas.? The operational success of your business is measured by successfully managing and completing the day to day tasks.? While this is important, the operation of your business sustains you.? It is essential that you are able to take position working IN the business to improve when needed, but not so much that it prevents you from being able to focus on the growth of your business by working ON it.
Are you unsure if you are spending more time IN the business than ON the business?? Here are 5 things that may indicate that you spend your time dominantly in operations and not growth.
- You spend most of your day monitoring and answering e-mails and phone calls pertaining to your customers and any daily issues they may have. Without getting new business.
- You spend more time dealing with direct tenant inquiries instead of finding new cost-effective ways to serve them to increase your profits
- You don?t have time focus on property growth
- You spend time outside of the office working on the daily tasks that overflow from the office.
- You haven?t had a significant number of new owners added to your portfolio
If even 2 or more of these points describe you, you are taking time away from your business that could equal more profit.? The day to day operations of your office can be managed by an office staff that is well trained to promote and represent the ideals of your business.? This prevents you from being in the mix of the daily work and allows you to manage any outstanding issues, not the main operation.? If an office staff doesn?t fit your financial position, there are several options available to assist you.? It is possible to have one person handle many different areas of the office.? This still allows you to manage the person, not the individual processes.? Another option is virtual services.? From answering services, to tenant leasing, to rent collection, and maintenance coordination-there are companies who can work remotely IN your business.? Hiring these businesses is a way you manage working IN the business by choosing a service that allows you time to work ON your business.
Have questions about working in the business vs on the business?? Need help identifying resources that allow you to work ON your business?? Let us know. Schedule a time to chat with us.