Scaling a Profitable PM Company (Goals)

[Ryan Kurth]

HI all, it has been a while since I've posted here. (I look a lot older now than my picture on here haha)

I'll get to it, though. We are in the in-between with our property management company. We currently manage 275 units and are just not at the point where we can profitably manage the portfolio and provide the level of service we would like. 

There is I am sure a lot of writing/blogs/podcasts out there, and I would love to hear if something really did inspire you. What I was wondering is where YOU would get started, and WHO you would get started with assuming you had the relationship(s) to grow to 1,000+ units? (1,500 is our current metric)

Who would you hire now? How might you incentivize the hire creatively if the company isn't throwing off the revenue today? How do you invest in people today that you need tomorrow?   

Here are is a snippet of our goals:

By January 31st of 2023, the Property Management division has the recurring revenue and expense structure in-place to achieve $300K of profit annually. The Division will be managed by driven individuals that share the vision of the ownership and have the expertise, experience and interest in the particular line of work. Client and Resident experience is vastly improved and the properties we manage reap value benefits.

The right people are in place to have reached our goals and sustain the business. Employees, third party contractors, VA's, etc.

Employees are measurably satisfied and excited to work at Starboard. The company has a great reputation within the industry and is providing competitive compensation and benefits.