Property Management Contracts Can Fuel Profitable Growth for Small Contracting Businesses.
Tenant property construction is booming all over the nation. The combined surge of new construction as well as the renovation and re-purposing of older structures has properties owners on the hunt for reliable construction and maintenance crews in almost every area of contracting.
All of this growth presents a great niche for small-to-medium sized contracting businesses, who are well suited for the work it presents. Below are some variables that make these opportunities attractive:
Steady Work, Long-Term Relationships
Properties value reliability and will usually stay with you if you provide great service. They are also seeking a service provider that values their business which steers them frequently to smaller local and regional companies. For the small business, steady work done profitably is the backbone for growth and positive cashflow. While it’s true that nothing lasts forever in the contracting world, property management work can quickly move the revenue meter to the right and deliver seasons of growth and prosperity for your company.
Property Management work is frequently steady and repetitive, allowing a company to carefully refine its process around a specific set of tasks to achieve maximum efficiency and profit. Repetition facilitates automation which almost always translates into higher profit margins.
Steady work equals steady billing that you can systemize. Once you have the customer dialed in for their billing requirements, you can systemize billing to ensure that they receive their invoices in a manner that facilitates efficiency and quick payments. Bill payers notoriously like things a specific way and the vendors who play by their rules are usually the first to be paid. Steady invoicing with quicker turnaround means positive cashflow for you.
TIPS & RECOMMENDATIONS
Unless your phone is already ringing with opportunities from property management companies, securing relationships with them takes a little proactive action on your part. The good news is that many of your competitors today are simply riding the wave of opportunity and enjoying the comfort of incoming calls. Those who put in the effort now will reap the rewards now and when the market slows down.
Here are some tips below for getting into the game and for making it work:
Media Kit / Website
Property Management companies like working with smaller contracting companies. However, they do want to make sure that you are established and on the map. The following are staples for getting an audience with your target customer.
- Logo / Basic Brand – Even a small mom and pop shop can present itself as a solid and reliable business. Resources for affordable logo and brand development are available everywhere including online. It’s worth a few bucks to establish a professional looking logo and some promotional language about your company, its values and the quality of services it offers to its customers. A attractive business card with a well written value promise can go a long way.
- Media Kit – You don’t need an entire folder full of promotional materials. A simple trifold brochure can do the job. Keep it short and to-the-point. Expose the paint points of your customer and describe how you provide solutions. Tell your potential customers what’s important to you and how it defines the quality of your work. Offer a call to action and include a few testimonials from satisfied customers.
- Website – A basic brochure website with a few pages will do the job. It should be consistent with your business cards and trifold brochure. Installation and/or before after galleries of your work are also successful features. A good design firm will usually develop the entire package for you as a single project.
- Social Media – I know you’re busy and don’t have time for this stuff but you don’t have to become a blogger. You have a business to run. Potential customers are just looking to make sure that you are legit and have some form of credibility and establishment. It only takes a few minutes to set up a Facebook and Linkedin page.
Quick Response/Flexible Scheduling
Property Management companies want to know that when they call, someone will answer and respond quickly. This is one of the variables that draws them to smaller contracting businesses where they know that their business is a more significant part of yours.
Clear and Consistent Pricing
Make sure your pricing is clear and easy to understand. This will convey experience, credibility and confidence. Even, if your rates are highly negotiable you can manage with text stating this is standard pricing. Knowing your pricing also suggests that you know your trade.
Professional, Well-Trained Workers
Put your best foot forward and use every opportunity to convey experience and professionalism. Uniforms, professional courtesy, punctuality and leaving the job site tidy will establish a strong impression that can lead to season after season of steady and profitable work.
Reliable Job Tracking and Billing
Keep your job records straight and current and utilize technologies that help you stay that way. Job management software and and efficient workflow processes will keep you managing things in real-time with minimal errors instead of tracking down details after the fact. Likewise, your customers will receive clear, accurate and timely invoices for work that was completed and tracked with maximum efficiency. This will in turn get you paid faster and bolster levels of customer loyalty.
At the end of the day, Property Management companies are looking for the same you thing you are. They are looking for consistency, reliability and high levels of efficiency with minimal headaches. In the current economic boom, where many contractors are simply reacting to the opportunities directly in front of them, a little proactive planning and internal work can put your contracting business ahead of the pack and into a attractive field of opportunities.