Make more TIME make more MONEY!
If you are building a property management company, you know that it takes a lot of time, and money. So how do you Make more time and make more money?
Well it's simple. Duplicate yourself for less money, and create multiple sources of income doing what your already doing.
Sounds easy, right?
You can't be every where at once.
Remember you have to save your owners money, and still make a good living. The sources of income are not all coming from the owner.
The idea, and the need for multiple income sources is one of the most important thing to do with property management. You can't survive on management fees alone. Common sources of income that are easy to create are, app fees, maintenance income, Management fees, NSF, late fees, just to name a few. You need to have as many sources of income as possible. Last time I counted we had over 16.
We have a full time maintenance staff, 24/7 just like most other companies. This alone has made us money, and saved us time. The best part is all the maintenance we do is cheaper than our owners could get it done for, and its a source of income for our company. I think brining on a maintenance team saved us more time than any thing, time to focus on current and new owners.
Our company is really just starting, we opened doors less than a year ago, and by duplicating ourselves, and adding sources of income we are growing very fast. The only problem with growing fast, is the staff has to grow with the amount of properties. The best part is when you can hire a maintenance guy for $4,000 a month, and he creates over $6,000 in income. What if you don;t have that much maintenance, well he can do side jobs, or he can do anything else to help around the office. If we can do at least 80 billable hours of maintenance, then he has earned his pay, and he has about 80 hours a month that he can do other money making activities.
I hope everyone is creating sources of income, and saving property owners money!
Make more TIME make more MONEY!
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