You can earn a substantial living as a property manager or even start your own property management company! But one of the best things you can do for your property management career is to learn how to diversify your income streams. The sooner you learn how to integrate property management revenue generation opportunities into your overall career strategy, the sooner you will be on your way to financial independence. If you want help building additional revenue streams for your property management career, consider the following five tips.
1) Work on building a passive income that continues to generate over time. Start a website blog about property management and monetize your blog with affiliate ads or pay-per-click ads. This could even help you get enough of an audience and authority built up to start your own property management company. You will already have a good online following and your can start marketing to these property owners to grow your business and get more leads. It’s amazing how much revenue you can generate over the long term simply by working on a passive income project a few hours each week.
2) Thanks to your knowledge of the property management industry, you are in a unique position to benefit from real estate-related knowledge. Pay attention to trends within the real estate industry and consider making small investments in real estate opportunities. Never invest more than you can afford to lose. Even small investments as a silent partner in a real estate house flipping business can earn you substantial revenue over time. Continue to build your knowledge of the real estate and property management sector and you’ll be surprised at the income generating opportunities that come your way.
3) Don’t overlook your options as property management thought leader. Think about offering guest posts on well-known websites like Entrepreneur.com, Inc.com, or Forbes.com. You can even consider writing guest posts for websites like this example that offers both real estate and property management info. While you might be writing for free for these sites, you will be building your reputation as a knowledgeable expert in your local property management market and will be getting more exposure for your company so you can get more clients and property management leads.
4) Speaking of becoming a knowledgeable expert, consider creating online courses to teach others how to become property managers. You will need to understand local and regional laws and requirements for property management personnel if you want to offer courses specific to your region. You can also consider offering basic overview courses that offer students generic information on becoming a property manager, like how to interview tenants, the proper way to show rental suites, etc.
There are all sorts of places online where you can offer your course, including SkillShare or Udemy. Work on developing a course packed with helpful information that students will find especially helpful and the amount of income you can generate over a year will surprise you.
5) Another way to diversify your income as a property manager is to offer one-on-one coaching as a property maintenance trainer. Property management companies often struggle to hire and retain qualified maintenance staff. Understand the qualities your employer looks for in top-notch maintenance technicians and then learn how to teach those skills to others. You can speak with your employer to let them know your intentions to become a maintenance personnel trainer and they might even send additional work your way. Your idea of earning income on the side could turn out to be a full-fledged new company!
Diversifying your income is a fabulous way to extend the life of your property management career, with the ultimate goal of starting your own property management company. The more effort you put into creating additional income streams, the likelier it is you will achieve financial freedom at an earlier age. Work on building multiple revenue streams and you’ll be impressed at how quickly financial independence comes your way.
About the Author:
Landon Murie is the founder and director of SEO for Goodjuju, a marketing company that helps property managers get more leads and clients for their property management companies with unique and proven digital marketing strategies.