Narrowing your focus unexpectedly leads to an increase income. The legal and medical professions have made an art form of this business strategy. A lawyer in general practice today charges $400 per hour. Specialists are charging $1000 per hour or more. The more they charge, the more demand there is for their services.
Specialists know a lot about one thing and little about all else. They wear this as a badge of honour. There’s an inspiring arrogance about them. ‘I’m so good at what I do that I don’t have to bother with anything else.’
There is little overt specialisation in strata management. There aren’t too many firms advertising distinctive competencies in a particular area. Likewise, there aren’t too many individual specialists. Why? Because to achieve specialist status, you must say no to distractions. This takes courage, but fortune follows the brave.
For those who want to stand out from competitors, consider these 5 strata specialisation categories: -
- Type of subdivision – strata, community title (land), or mixed use.
- Size – small, big, medium, mega – pick a team!
- Location – one suburb, one town, one state, one country (real estate agents do this well on a suburban basis).
- Use – residential, commercial, mixed, gated, tourism.
- Age – new developments, ageing buildings, dying buildings seeking reincarnation.
Each of these specialities has their own attributes, and need discrete skills. Mastering these attributes is the beginning. Being able to articulate them is the secret to success.
Michael Teys advises strata management businesses on improving profitability through professionalisation and streamlined operating systems.
He has more than 30 years’ experience as a strata lawyer and academic and has owned 11 strata management agencies throughout Australia. He has a Master of Philosophy (Built Environment) and Bachelor of Laws. He lectures and writes widely about strata management issues in Australia and internationally.
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