One of the goals of every strata business is to increase its profits, but for those experiencing lower levels of income, this can be a challenge. However, increasing revenues isn’t necessarily the answer, as the most profitable businesses actually reported having less revenue than others with lower profits.
So what is it exactly that more profitable strata businesses are doing? The main characteristic they all have in common is in fact efficiency. Here are ways that you can increase yours to skyrocket your profitability:
Strata managers should be account managers
If your strata managers take care of simple daily tasks on a regular basis, it’s time to change things. To achieve higher levels of performance, it’s best to have a clear distinction between service delivery and account management. Freeing up the time of strata managers by providing them with extensive support in administrative areas means they can build better relationships with clients, thereby seeking out more profitable ventures and partnerships more efficiently.
Consider the sizes of portfolios
Using this business model means that strata managers are able to manage big portfolios for clients without compromising the excellent quality of service they provide. Businesses with higher profits typically have 1235 lots, whereas those with lower profits have only 901.
Allow culture and staff to thrive
Because salaries are such a large expenditure for strata businesses, making up 57% of outgoings, it’s important that your staff are as qualified as possible. This involves not only hiring staff that are skilled but also offering them enough training and support to really build them into excellent members of your company culture. If you’re employing staff that leave a lot to be desired, you’ll struggle to achieve financial efficiency.
Think skills rather than experience
Higher profit stratas know that staff with the right skills are more valuable than years of the wrong kind of experience. Even the right kind of experience can pale in comparison to a highly motivated candidate with all the key skills gained from other work. By looking for skills instead of experience, you’ll be able to draw from a much larger selection of candidates rather than limiting yourself to in-demand managers, making your selection process more efficient.
Specialising in either small schemes or large developments can really streamline your business approach, increasing efficiency and profits. You’ll be able to narrow down your focus onto one particular sector and make sure you really flourish within it.
What MYBOS can offer you
The MYBOS app is an excellent companion to strata managers looking to increase their levels of efficiency. Here are some key features that can help:
Calendar bookings: Use the MYBOS interactive calendar to schedule all your client meetings and appointments. They’ll all be in one handy, user-friendly place for you to easily access without leafing through large amounts of paper.
Library access: Residents will be able to easily look at all their documents associated with the property, reducing the number of admin requests you have coming through and freeing up more of your time.
Building management portal: Here you’ll be able to access all the key areas of your business. All you need to do is log into the portal and tick off sections from your to-do list – getting work done has never been so simple.
Although it is the owner's responsibility, both financially and legally, to carry out the major maintenance and repairs required under a strata contract, it is often left up to strata managers to complete the work [...]
Predictive maintenance has plenty of positives and can help you avoid expensive repairs as well as reduce the downtime of machines. But it's not quite so straightforward to implement and many businesses struggle to overcome [...]
One of the goals of every strata business is to increase its profits, but for those experiencing lower levels of income, this can be a challenge. However, increasing revenues isn't necessarily the answer, as [...]