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THE IMPORTANCE OF FOSTERING RELATIONSHIPS FOR PROPERTY MANAGEMENT GROWTH
Property management is about more than just bricks and mortar; it’s about managing people and cultivating connections. Today, we’ll explore the strategies, insights, and successes that demonstrate how strong relationships can fuel the growth of your property management business. So let’s get started.
Building and nurturing relationships is a crucial aspect of any successful business, and the property management industry is no exception. Your ability to develop strong relationships and connections with property owners, tenants, contractors, and local communities can significantly impact your business’s growth. So let’s dive into some strategies that can help you build and foster these relationships effectively.
In the early days of my business, we faced a challenging situation. We moved from the Gold Coast to Ipswich in 2010, knowing no one, having no family or friends, and certainly no community. We started our real estate business at the end of 2010, just a week before the 2011 floods hit Queensland. We couldn’t have embarked on a real estate business journey at a worse possible time. However, our initial success was built upon helping the local community’s property owners, investors, rebuild, demolish, or sell their homes. Our motivation wasn’t solely business-driven; it was about genuinely helping others. These relationships we started to foster eventually led to business opportunities.
One notable relationship was with a developer who owned the block of land next to ours. He was going through a similar situation as us, as our property was also affected by the floods. We spent six months in a motel and a granny flat while rebuilding our home. During this time, we assisted the developer with his property that he had purchased just a month before the floods. This relationship eventually led to hundreds of new property management opportunities, allowing us to grow our business by 400 managements in just four years.
However, when that relationship slowed down, and the developer reduced his building activities in our core area, I realized I had put all my eggs in one basket. I quickly had to look at developing new relationships and making new connections.
Here are some strategies and lessons I’ve learned over the past decade about the importance of relationships in growing your property management business:
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1. Engage with the Local Community: Go beyond immediate real estate stakeholders. Engage with neighbourhood associations, sponsor local events, participate in charity drives, and even volunteer at your kids’ school events. By actively contributing to the community, you create goodwill and attract potential clients.
2. Networking: Attend local real estate events, join professional associations, and connect with mortgage brokers, accountants, and other industry professionals. These connections can provide valuable insights, potential partnerships, and referral opportunities.
3. Utilise Online Platforms: In the age of the internet, leverage online networking avenues such as Facebook groups to connect with people and expand your reach.
4. Educate Investors: When reaching out to interstate investors or non-locals, consider investor education. Host events like online webinars to showcase the value of your local real estate market.
5. Maintain Relationships with Existing Clients: Deliver excellent service and find ways to stay connected with your existing clients. Regularly communicate with them through newsletters, social media, or personal touchpoints.
In conclusion, prioritising authentic connections, leveraging referrals, and maintaining ongoing efforts in relationships are essential strategies for growing your property management business. Remember, success in property management goes beyond managing properties; it’s about building relationships that drive growth and create a positive impact. Thank you for joining me on this journey of growth and connection.
