There is more than one key ingredient to success for property management companies in Colorado Springs. Never assume that there is only one key ingredient, or success may elude you. If you are just getting started in the property management business and you want your company to grow and succeed, here are ALL of the key ingredients you need to make it happen.
Strong Community Presence
It takes time to build a community presence, especially when you are new. People have to find your company, use its services and report high levels of satisfaction. You also have to get involved in Colorado Springs by supporting something, anything that gets you recognition and praise. Most businesses back a Little League team or donate large sums of money to a local charity. Major donations might be out of the question right now, but sponsoring a sports team or charity event will definitely give you the strong community presence you need.
Dedicated, Hardworking Team
You cannot run a property management company on your own. In fact, the old adage “There is no “I” in team” applies equally to “No “I” in property management company”. You need dedicated, hardworking, skilled and experienced people working for you. These people are the backbone of your company because they are the ones that make it work, keep it operating and deliver the services that keep old clients and rope in new ones. The success of your company depends heavily on your team.
Flexibility and Adaptability
Flexibility and adaptability are almost the same thing, but you will still need these key ingredients too. Flexibility applies to the needs of the tenants as well as the needs of the property owners. Adaptability means you are willing to broaden the scope of your business to include other avenues, not just property management of apartment complexes or just property management of single-family homes. Your company can only grow and succeed if you are willing to expand your focus and extend your services to other types of rental properties.
Solid Business Sense
Property management encompasses not one, but five separate skill sets. The main skill set includes a solid business sense. You, and your team members, all need a very firm grasp of what it takes to run a home rental business and how to distribute profits while recouping losses. Accounting is a huge part of this too. A poor accountant and poor accounting skills results in losses you could have prevented. If you do not handle the money end of things for your company, be sure to hire a team mate that is excellent at this.
Solid People Skills
People skills are an absolute must in property management. You have to be able to “read” people well and get a feel for what kind of people they are and whether or not they would make good tenants. You also have to be able to promote properties as though they are all gold and get a good feel for what the potential tenants want. Personality, temperament and attitude are everything.