Property Management – Tarzana – Income
Property Managers, Here’s How to Increase Your Income
Like the line from the infamous movie Jerry Maguire, property managers work hard to be able to say “Show me the money!” It doesn’t matter if you’re a Tom Cruise fan for these words to resonate.
When I consult with property managers about growing their income I begin with the question, “Have you discussed this with your tax advisor?” Perhaps it’s time to interview a new CPA as well.
Speaking of taxes, consider challenging your tax assessment on properties you own. This is especially helpful when buying a property in a market where rental property values have declined.
Think Inside the Box and Outside Too
One of the most reliable ways to increase your income is to expand your client base. It’s not too late in the year to let the world know that you can handle more.
My go-to way of doing this is to call my existing, happy clients. First I let them know of ways I’ve improved my management business. Then I ask them that I want to help them increase their income.
This often leads to a spirited conversation of ways to do this. If I recently attended a webinar on a related topic (like the one Aimee Miller, V.P. of Marketing at Appfolio is hosting on “The Millennial Renter”) I mention what I learned.
“Did you know that 40% of today’s rental applicants are Millennials? I’ve just learned some effective ways to attract and retain this demographic that I’d like to share with you” is a powerful way to begin.
At the end of your discussion with your clients ask them who they know who may be looking for a property manager. Ask them to introduce you or refer you to owners needing your expertise.
Under the “thinking outside the box” category, sponsor a series of seminars on property management. One of your subtopics could include the benefits of being an investor in rental properties.
Contact your network of business associates, sales reps, or whoever may want to help sponsor this series. Let them know what you want to accomplish. They’re likely to have some helpful suggestions plus they may offer to help share the expenses or co-host the event.
The idea is to promote not only your business but also the fact that you’re ready to expand.
Consider offering your services as a “property management consultant” who charges by the hour as an adviser to property managers and investors. Creating additional sources of income is the objective.
Investigate new ways to add recurring streams of revenue. This may include negotiating new contracts on your laundry rooms or using a new rent payment system.
At the beginning of every working day spend 20 minutes creating 8 ideas to increase your income. Be outrageous, imaginative, or even humorous. Eventually you’ll come up with a stroke of genius.
Often we get so bogged down with the minutia of our work that we forget that we have an imagination. The daily brainstorming for ideas exercises our imagination, assigning it the specific task of coming up with solutions.
Remember, if you don’t know how much you want to increase your income, you probably won’t.
Write down every day precisely how much you want to earn in the year ahead in the present tense. “My income is $200,000 a year” or whatever you’re aiming at. Be bold by setting your target high.
Write down the following quote, carry it with you, and regularly look at it. “Whatever you can do, or dream you can do, begin it! Boldness has genius, power and magic in it.” Imagine you have it now!
Carnahan Property Management services Woodland Hills,West Hills, Calabasas, Canoga Park, Tarzana, Reseda, Topanga, Encino, Northridge, Van Nuys,North Hills,Chatsworth, Sherman Oaks, Studio City, North Hollywood, West Hollywood, San Fernando Valley, Granada Hills, Mission Hills, Simi Valley, West Lake Village, Agoura,Toluca Lake, Valley Village, Burbank. Call us at (818) 884-1500 and check if we can service your area.
