The lead up to the end of financial year is not a time to rest on your laurels when it comes to engaging customers with your business. An industry expert in Property Management shares why and gives tips for preparing for the new financial year ahead.
“Sleep is for the weak”, and so the saying goes. Goal-oriented people and businesses live by this mantra, knowing that when the crowd is taking a break is exactly a valuable time to work smarter and prepare for the next steps to stay ahead. In a Property Management (PM) business, this is more relevant since keeping landlords and clients engaged with your company is a 24/7 job. But just how critical is client engagement in a PM business? Queensland property management consultancy firm, Real Estate Dynamics (RED) believes that it is of utmost importance especially in providing an insight of your business’ state of finances.
The lead-up to the end of financial year is a great time to learn about just how involved your clients are in your PM business offerings, thus steering the wheel in making sound financial decisions. RED director Nathan Brett shares a few tips to help your business get ready during this critical time.
Ready, Set, Goals
Putting goals to paper and sharing with the rest of your team provides a clear picture of where the business should be heading. By formalising goals, everyone starts on the same page and can track their progress according to the set goals. Also important is the creation of a cash flow forecast to budget finances and manage potential shortfalls. A reliable property management software should help you in these goal-setting endeavours.
Education and Training
Constant learning –especially in the use of new software-- should also be prioritized. PM agency owners should take a look into what rules and tools the team is following versus the expectations of landlords and tenants. Before planning any solutions to address any discrepancies, owners should consider the current knowledge and skill set of team members and conduct relevant training to upgrade their skills. Updated knowledge helps put out a well-crafted plan and keeps your business one step ahead of the competition.
Go incognito for insights
A well-run business is one made up of educated, professional and client-oriented staff; and owners would do well in addressing problem areas and commending remarkable practices that would otherwise go unnoticed in a public setting. A mystery shop is a great way to gain some perspective on employees’ customer service performance, professionalism and general business knowledge.
The end of the financial year means that a new one is just around the corner. As such, it is a great time to review everything that helps move, operate and run your business. From physical facilities, new software, backup files, updated insurance policies and current business plans—each needs to be looked into to confirm that everything is updated and working in line with your business goals. Keeping up with many factors can be overwhelming, but you don’t have to do everything by yourself. Build trusted advisers that help you gain instant access to important information, as according to Brett, “There is not one single performer… who has ‘done it by themselves’.”
With these tips in place, you can now work smarter and plan ahead to avoid unnecessary stress and maintain focus. While these may apply to a wide set of PM business size and scope, there are some factors that maybe unique to your company’s structure and model that you can share in the comment box below.
For help in using PropertyTree for EOFY, you can register for a webinar HERE.