Six Paths Framework for Property Management Companies
Christina F P, Accountant, United States
For the property management industry, one of the major issues that keep companies in the red ocean is simply trying to be better than the competition. Instead of trying to be different than other management companies, most companies learn everything they can about their competitors and then use that information against them.
While it is important to know your competitionís strengths and weaknesses, it is not the only thing one needs to know. It is also important to discover exactly what your market is looking for; what are their needs and wants.
Instead of creating a strategy where your company simply undercuts the price of a competitor, one needs to focus on things that the competitors are lacking or do not consider.
Another issue with management companies is that they tend to stick to what they know. For example, most homeowner association management companies rarely delve into rental properties or commercial properties. This leads companies to be pigeonholed and limits their marketability.