Over the past five years, the property management industry has grown by 0.8% to reach revenue of $76 billion – and that’s just in the U.S. alone. It’s abundantly clear that there is plenty of opportunity for success and growth in this field.
The pressure to fill a vacant property can lead many property managers to cut corners and miss red flags. It’s important to remember that finding a tenant is only half the battle. Locating (and keeping) quality tenants is the key. That’s why thorough screening is so critical. Otherwise, you could end up in a worse situation than you are now. But what happens if you have a prospect that isn’t honest on his or her application? The good news is, there are ways you can spot fake references right away, saving you time, money and aggravation in the process. Let’s take a look at a few of these strategies below.
What could your property management company do with several extra sales each month? Lots of things come to mind, not the least of which is growth and revenue expansion. Now, what if those sales aren’t coming in. More importantly, what if they’re not coming in because your team is making a few serious but common mistakes in their sales process? Correcting these errors could be a game changer for your business. Below are five mistakes to watch for and how to overcome them once and for all.
When you first started out in the property management industry, you were probably perfectly comfortable being small. In fact, starting lean is a great way to establish a brand and build a reputation within the field. Over time, however, you’ve naturally begun to think bigger. You’ve reached the pinnacle of success you’re capable of achieving at the level you’re currently at and realize it’s time to start reaching for more. If growth is something you’re looking to accomplish over the next few years, here are a few strategies to help get the ball rolling.
Before the Internet, property managers only had a handful of ways to market their services. For those working with tight budgets, the list of options was even smaller. Thankfully, the web has opened the doors to many opportunities for reaching the masses, regardless of how large (or miniscule) your marketing spend happens to be. Whether you’re just starting out or are looking for a few fresh ideas for getting your brand in front of more prospects, here are five ways to promote your property management business online without spending a single penny in the process.
According to Pew Research, 88% of adults ages 18 to 29 use social media regularly. Among those ages 30 to 49, that number falls slightly to a still-impressive 78%, and then to 64% for those aged 50 to 64. In fact, even 37% of those aged 65 and older are using social media. The numbers don’t lie. Social media has become an integral part of our lives. And regardless of what age group you are trying to connect with as a property manager, it’s clear that social media should be a part of your strategy.
It takes a village to run a successful property management company. Without the hard work and tireless dedication of your team, your business wouldn’t be where it is today. As such, taking the time to let your employees know you appreciate them can be one of the best investments you make. What’s more, when people feel appreciated, they’re more engaged. In other words, everyone wins.
One of the catalysts for growing your property management company is generating viable leads. There are plenty of ways to do this, some easier than others. Thankfully, setting up a lead magnet on your website is one of the easiest. If you’ve never done so, however, the process can seem daunting. To clarify things, here is a step-by-step guide on how to use your website to attract and collect more leads.
You and several members of your executive team have taken hours to prepare the necessary materials so that you can bring the board up to speed on what’s happened since the last time you met. There’s undoubtedly a lot to cover, and a limited time in which to do so. As such, you’d like to have everyone’s complete attention once the meeting begins. What you may not have accounted for, however, is having to compete with a room full of mobile devices.
Running a successful property management business involves projects, and lots of them. Without the proper structure and planning in place, however, these projects can easily end up negatively impacting your budget and your company as a whole. Good business practice requires that any and all projects be set up, monitored and managed properly so they don’t end up going off the rails. Here are four project management tips to help keep you on the right track from start to successful finish.