have more opportunities available to you when things go wrong. In other words, by going back to the very basics of what heralded your success in the first place and by re-connecting with leads and contacts who buttressed that suc- cess, you can draw upon new and exciting opportunities that stim- ulate, motivate, and energize any future success you hope to foster. DON’T LET STANDARDS SLIP Businesses grow through the provision of value, not sales fig- ures. Value is what clients seek, no matter what the industry. By build- ing a model of consistent quality into your property management company, you increase the prob- ability of earning referrals when it matters most. Even when sales are slow, businesses should never compromise on quality — even where that initial service provision earns little, real profit. The long-term potential is what matters; in the same way that exer- cise, when conducted daily, pro- vides enormous long-term value over a once monthly burst of activ- ity. Property management owners should, if anything, go that extra mile to ensure their clients receive more-than-adequate service. Be- lieve me, they will remember. After all, if growth is slow, you most definitely have the time. Re-invest that time to learn more about where your property management company currently stands. As times change, you must change with them. Businesses that don’t change with the times invari- ably find that time changes them — and not for the better. Learn more about what compet- ing firms are doing. Are you doing enough online? Have you modified both your offline and online mar- keting approach? Are you tweaking your advertising strategy? Are you utilizing the latest technological
developments to your advantage? No business is perfect. There are always ways and means to get the edge on competitors. Property man- agement companies that stay static and comfortable are often eclipsed by relatively new start-ups that have made the necessary time investment into how the industry works now. HAVING AWELL- ROUNDED APPROACH True success is not possible unless you have the right attitude. Know what built your initial suc- cess and what pathologies now exist within your business model and long-term approach. And keep a positive, proactive attitude. Often, it’s not enough to do every- thing on your own. As a real estate professional, you must delegate to your team – understanding who can perform duties on your behalf and to the standard you know they can perform and to the standards you expect. Effective time management is, of course, essential to the success of any business, not least property management where bureaucracy and complex webs of legislation abound. Though these challenges may appear insurmountable, they are not. Only those open to the chal- lenge and only those willing to throw away orthodoxy in favor of change, are the ones who will adapt, succeed, and grow their company to the next level. •
This content is brought to you by National Association of Residential Property Managers ®
Top Tips to Grow WHAT TO DO WHEN YOUR REAL ESTATE BUSINESS IS SLOW.
But this success didn’t happen overnight. What contributes to this success, and to the success of every other real estate business, is the initial ability to juggle clients – existing clients, prospective clients and a continuous stream of expected new clients. Whether it’s through an effective networking strategy, or through a solid mar- keting approach, the initial success of your business comes down to your unwavering commitment to juggle these challenges head-on. A downturn in sales can knock this strategy on its head. By failing to capitalize on every prospective lead, and every other networking and marketing opportunity, you invariably sow the seeds of failure when things go wrong. Real estate businesses must capitalize on every opportunity when things are right, and when an unexpected downturn occurs, you
by Kamyar Zargari
o matter what business you’re in, scaling a business
these complex challenges. Having worked in the Las Vegas real estate industry and having ex- perienced the ups and downs this industry inevitably carries with it, I have developed a solid understand- ing on what’s needed to transition an inactive business to one with optimum growth. Through that experience, I share with you the strategies taken to transition my own property man- agement company — strategies which, when properly implemented, can have a transformative impact
on the long-term success of your business.
when sales are slow can be a chal- lenge. What separates successful real estate businesses from their failing counterparts is the ability to adapt to radical, unforeseen change within the industry. While growing real estate busi- nesses during times of inactivity is difficult, it is by no means an insurmountable challenge. There are real and tangible steps you, as a real estate professional, can take to navigate your business through
Kamyar Zargari, a NARPM ® Member since 2008, founded Triumph Property Management in 2006, a firm that special- izes in all aspects of residential real estate
GOING BACK TO BASICS I have worked in the property management industry for well over a decade. My company, Triumph Property Management, has through what seems to be an intermina- ble amount of time, work, effort and many sleepless nights, swiftly emerged as one of the leading property management companies in the greater Las Vegas area.
in Las Vegas, Nevada, and an innovative leader in real estate management. Kamyar is a graduate of the University of California Los Angeles, where he received his BS Degree in Psychobiology. He is a Member of the NARPM ® Southern Nevada Chapter. Members of NARPM ® receive information like this article every month through its news magazine Residential Resource. To join, or learn more, visit NARPM.org/join.
34 | think realty housing news report :: august / september 2019
thinkrealty . com / hnr | 35
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