Few tips that will help you grow your condo management portfolio

Very few condominiums have onsite managers; it’s more typical for homeowners’ associations to secure the services of a professional management company. If you are in the business of managing condominium communities, you already know how important it is to continually add to your portfolio of properties and grow your condo company — but do you know how to attract that new business? Here are some tips that will help you grow your condo management portfolio:

• Do your homework on the community before doing anything else — even if you’ve been approached to provide a bid for services. If a condo community is in the market for a new property manager, it’s likely there’s been an issue with the current company, and you need to learn what that is. Conduct thorough due diligence to find out what issues the community has had, e.g., lawsuits, vendor problems, uncooperative owners, etc., so you can provide specific solutions rather than general commentary.
• Make sure you have a website that’s been professionally designed and written —and optimized to show up high on search engines. When communities are looking for property management, their searches will likely start online, so you want to make sure your company is prominently positioned. Equally important, however, is to ensure that once they get to your website, it’s a positive reflection on you. They need to be impressed before they reach out to you.

• Hone your networking skills to increase your visibility in the community. Research local associations that provide opportunities for you to showcase your industry expertise and make connections that can turn out to be invaluable when growth opportunities present themselves. The combination of what you know and who you know is extremely powerful.

• Stay abreast of technology advances. Today’s HOAs want to work with property managers that offer state-of-the-art systems for everything from payment processing and vendor selection to document storage. Being able to show that you use technology to be more efficient will be music to board members’ ears. Like our HOA & Condo Management app: Neigbrs by Vinteum.

• Never forget the importance of customer service — and the value of having strong references. Since property management companies typically offer the same menu of services, how you perform takes on much greater importance when you’re in a competitive situation. Be courteous and responsive to all owners — not just those on the board. When you are competing to land a new property, having glowing, genuine references could mean the difference between winning the business and losing out.

As you start growing your condo management portfolio, remember to never take them for granted, as they can choose to “test the waters” with other companies every year (unless you have a multi-year contract). If you operate in a manner that lets communities know how much you value serving them, that will bode well for the stability of your business.

Don’t forget to read more about Vinteum Neighbors. Our app was developed with the resident’s peace of mind. We strive to create intuitive tools-focused on improving the communication and collaboration between property managers and residents, for community associations big and small. Neigbrs will help you grow your condo management clientele to its maximum. Visit Vinteum.io, create your account, and learn more about Neighbors app today!