Losing doors is a challenging situation to be in, but it’s fixable.
Property management is a challenging business that involves dealing with various tasks and conversations that can sometimes be difficult. One of the significant challenges of property management is turning things around when you lose doors. Today we’ll explore some practical steps you can take if you are losing doors in property management.
One of the first things you need to do is increase your marketing efforts. You can hire a business development manager or do it yourself by meeting with Realtors and owners. You need to start gaining doors quickly because if you continue losing them, you won't be able to keep your business afloat. You must act fast to avoid losing more doors and potential clients.
It's essential to note that losses are expected in property management. If you have 100 doors, you should expect to lose 15% or 15 doors due to various reasons, such as property sales, self-management, or tenants moving back. To overcome churn, you need to bring in 15% of new doors. If you're starting to lose more than 15%, 20%, or even 25%, you need to take action to get the ship turned around.
"Act fast to avoid losing more doors and potential clients."
If you're losing doors and not making any headway, you may need to consider selling your business or portfolio. Before doing so, it's crucial to find someone you trust and get a market analysis of what that will look like. Selling your business or portfolio may be a tough decision, but it can be the best option if you're struggling to keep up with losses.
If you have any questions, don’t hesitate to reach out to us by phone or email. We look forward to hearing from you.