Do you think the next five years will be better for your property management business than the last five?
The industry is changing – some changes you may already know and some may be totally out of left field. If you’re attending the national NARPM conference in Maui, we’ll be addressing “How to Convert More Leads in a Hyper-Competitive Market” on Thursday, October 20, at 1:45 pm. In the discussion, we’ll go over the external factors that are entering this market; from the why to the how, and strategic practices to tactical execution to make sure your property management company excels in the next five years and beyond, no matter what’s going on.
The State of the Property Management Industry
If you look at the macro-economic state of the property management industry, you will see a lot of pressure on small business.
- There is big money after property management right now – Coldwell Banker and Berkshire Hathaway are just two examples of corporations that are diving into this market.
- There have been industry consolidations. Larger organizations are snapping up smaller companies. Park Avenue and Renter’s Warehouse are examples of well-run organizations that are hard to compete with because of their efficiencies of scale.
- You have 10 franchises out there with hundreds of operating companies under their names. Those teams have marketing, branding, and all the tools they need to hit the ground running right away.
- There are venture capital-backed property management startups. Have you heard about OneRent and Castle? They are companies well-versed in technology with a lot of money and significant engineering talent. They will be part of the market very, very soon.
So how does a small business like yours compete?
These different competitive pressures seemingly show that the next five years might not be great for your business if you refuse to modernize and grow.
Property Management Success Stories – Small Businesses Can Work
What keeps them succeeding? They have one quality that is consistent among them and other businesses that are growing fast: entrepreneurial hustle. They hustle to try new things and get things done. If you don’t start or continue hustling to offer the best:
- sales process
- customer experience
- and value for your customers
Then you will find the next five years to be fairly dismal for yourself, your company, and your employees.
This is just a small portion of what the talk will be about. On October 20 in Maui at the National NARPM Conference, we will give you a blueprint on how to direct and focus your property management hustle, so you know what you need to work on.
And on the next day – we’re going to do a live recording of The Property Management Show on Friday, October 21, at 10:30 am. Our topic is on “Disruptive Property Management Industry Trends – Modernize, Grow, or Die.” We will be joined by a panel of industry experts: Michael Monteiro of Buildium, Andrew Propst, the past president of NARPM national, and Jordan Muela of LeadSimple. Be sure to grab your coffee and join us there.
We are on the cusp of some very exciting changes in this industry which can truly be a defining moment for your property management company. If you have any questions about these topics before the NARPM conference you can always contact us at Fourandhalf – Internet Marketing for Property Managers. We’ll see you there – Mahalo!
Update for Fourandhalf Clients at the Conference
Your Account Manager will be at the conference! Reach out to firstname.lastname@example.org to schedule a face-to-face with your AM to work on blogs, learn about your campaign, receive updates, or even just to chat!