Is doing all the required things enough?
Business Development and business retention comes down to one thing “Relationships”, but relationships, good or bad, happen automatically, but not with prospective clients. You must do more, but how you do more, when there is only 24 hours in a day?
Read on, I do have a solution that gives you an advantage in building and retaining HOA business. Or you can go directly to the solution:
A Path to building or retaining HOA clients.
Here are the basics that all managers or would be managers do:
You have to do all of the above, because everybody does all of the above.
Your success depends on the strength of your relationships. All of your competitors are trying to strengthen their relationship with the same CID professionals, waiting for a referral, and if your lucky with prospective clients.
The challenge is to expand your network beyond the standard list CID professionals, but you also know that, and you are always looking for a new connection to expand your business. You use social media, hand out cards to everyone you meet; hoping to get a referral to a HOA looking for new management. You think that is when your relationship building effort needs to begin, but you are likely not the only one invited to make a proposal. It is also likely are you already at a disadvantage? The management company that has been communicating with the board prior to the request for proposal, has leg up. Maybe they were introduced by their neighbor who is the nephew of the board treasurer, but that introduction was possibly six months, a year or longer, before the board decided to make a change. Also remember the current manager has a leg up on everyone to strengthen the relationship or repair it before they are finally out. You know as a manager that is a lot easier to retain business than to obtain new business. But new board members (with no loyalty to you), or any number of unforeseen circumstances that change how you are viewed by the community. Sometimes boards are recalled and you go with them. Unless you have intentionally made a connection with enough non board members, you are going to be considered part of the board. The problem is, you have a business to run, or a portfolio to manage, where are you going to find the time to fiddle around with relationship building. The fact is you are in the business of communications, you just need a more efficient way to do it all.
After 30 years as a manager, most of which was pre Internet, I adapted as needed, but the rules have always been the same. I retired from management and finally had the time to reflect on the experience and how I would approach the business in the current environment. The fact is, you have a distinct advantage in expanding your reach to not only people you know, but those you want to meet. The challenge, which I have solved, is to target your efforts to take maximum advantage of the limited amount of time you have.
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