Dale Smith – Founder and CEO of Host & Stay – knows a thing or two about scaling a property management business. In only six years, he has delivered outstanding growth – scaling Host & Stay from just nine properties to more than 1,500. And the journey is far from over – Host & Stay continues to acquire businesses across the UK following a £10.5 million investment from Growth Partner.
During this week's episode of HCH Bitesize, Dale shared his top five tips on how to scale a property management business. Below is an abridged version of Dale's answers. Watch the full episode above, catch it on our website, or listen on your favourite podcast platform.
Tip No. 1: Market early in your journey
Invest in marketing early in your business journey. While organic growth through word of mouth is valuable, many smaller businesses miss out by not prioritising marketing. Effective marketing amplifies your brand and supports steady scaling. It may take time to see results, but a consistent approach from the start can accelerate long-term growth.
Tip No. 2: Systems and processes
When building a business, focus on two key areas: systems and processes. Ensure your systems align with the current scale of the business but remain adaptable as you grow. Review and realign your systems regularly. Processes should drive system choice, not the other way around. As you scale, evolving both systems and processes is essential to maintaining efficiency, especially when expanding the team.
Tip No. 3: Invest in staff ahead of the growth curve
Investing in staff ahead of the growth curve can accelerate business expansion. While many founders wait for the 'perfect' time to hire, this can hold back growth. Bringing in key roles 3-6 months earlier, if cash flow allows, can free up leadership to focus on scaling. Balancing internal talent growth with external hires who bring new ideas is also essential for success.
Tip No. 4: Keep things in-house if you can
A key to scaling is deciding early whether to keep facilities management, like housekeeping and maintenance, in-house or outsource it. We've focused on providing a full management service, with 80% of properties under our care and 90% of that managed by our in-house team. This approach has brought operational challenges, but it aligns with our belief that full management adds value to both owners and guests. Staying committed to this model has been central to our growth strategy.
Tip No. 5: Appoint a key financial person
Get a strong finance professional on board as early as possible. Understanding financials, reporting, and key metrics is crucial for scaling a business. A solid foundation in financial management will drive performance improvements and efficiency, helping the business reach the next level of growth.
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