Authored by - Asha Mathew Yet any another news headline of how there is no sign of the peak of COVID-19 cases in India. The GDP is plummeting and businesses are hitting rock bottom. The tunnel seems to be too long before the light finally can shine. In spite of all this, the show must go on. Property has to be managed. Here are a few ways to stay relevant even at a time when the going is tough and business is slack.
Hold on to what’s already there –
This is the time to cement your working relationship with your existing customers. When getting new business is tough, a good way to keep the foothold is to be able to keep the existing business afloat. This cannot be a superficial gimmick. It has to be a strategy that comes with the understanding that our customers are really important and hence any value addition to the business has to come from value addition to them. Keep a track of when the agreements are expiring and much beforehand find and out what needs to be put together to extend contracts. Currently, more percentage of work time should be spent on retaining existing customers than frantically looking for new ones.
Make your presence felt –
What people see has a way of seeping into their minds and resurfacing at a later stage of recollection. Hence, even during a slump like this, advertising yourselves as a relevant property management firm should be on. People should continuously be reminded of what you have to offer and why you are really good. So, your marketing personnel are still as relevant as when the business was thriving.
Put into place the important –
During the peak of work, especially in a field-work intensive business such as property management, a lot of systems that need to be put in place get pushed to the backburner. This is the best time to polish that part of the business – review past work, brainstorm and build a robust reporting, reviewing and communication system. These systems need time to be formulated and what better time than now when work in the field is at it’s lowest.
Plan for the future –
It is a myth that property management is about property. It is more about managing the people who own the property. The questions for the future planning have to be based on these lines – Is the relationship with the clients proactive or is it just need based and reactive? Have you positioned yourself as a company that can give sound advice and choices for return on investment to clients? Revisiting these pivotal questions are important especially at a time like this when every firm is looking to reinvent and reposition itself.
So folks, though it looks like things have slowed down, it is only fair to say that in the background, it’s business as usual!