Given the fact that they share the same industry and similar job duties, it’s easy to understand why many people confuse home owners associations (HOA) with property management companies. In reality, the function and scope of the two jobs are actually quite different. In many cases, the two will work in conjunction to manage a property and/or housing community, but most times they work entirely independent of one another. If you’re not quite sure what the difference is yourself, let’s take a closer look.
As you climb the corporate ladder, handing off some of your duties will become inevitable. Otherwise, you won’t be able to focus on the key business initiatives that are so important to ensuring your property management company remains profitable. But letting go of certain tasks can be challenging to some. Others struggle to adequately arm those they are delegating to with the tools they need to get the job done. If the time has come for you to pass the torch to someone else on your team, here are several pointers that will ensure a smooth and seamless transition.
Property management is in fact, a business. Therefore property managers are often focussed on the most obvious business aspects of managing communities, such as making sure properties are well maintained, ensuring that residents pay on time and enforcing compliance with all rules and regulations.
However, taking the steps required to develop communities that are both physically and mentally healthy is also smart from a business and profitability standpoint, as healthy people are generally happier people. And what happy residents mean for your communities is higher retention rates and a more positive atmosphere with fewer complaints and conflicts that can eat up your property management staff’s time and energy.
Getting your property management company not just noticed, but noticed by the right people, can really bring your business to the next level. In the past, PR consisted primarily of writing and distributing press releases, but that has changed. Nowadays, it’s about figuring out who the “influencers” are, reaching out to them and making a strong and positive impression. For instance, connecting with a popular blogger that is established in the industry can be incredibly effective in getting your brand in front of more qualified leads. If PR isn’t your forte, or you’re just not quite sure how to approach this area of marketing, here are 5 tips to get you pointed in the right direction.
As anyone in executive leadership will tell you, growth is almost always a top priority. Chances are it’s also high on the list at your company as well. The problem many companies face, however, isn’t necessarily in achieving that growth. It’s in the ability to adapt accordingly as it happens. For those organizations that experience rapid or explosive growth, adjusting to the sudden and often significant changes can be incredibly challenging. The secret is agility. Does your property management firm have what it takes to scale up? Here are 5 tips that will help get you there.
Typically when we think about marketing in property management and most other businesses, we consider strategies to create awareness and attract new customers. However, as the proverbial saying goes, a bird in the hand is better than two in the bush. In this case that means it’s wise to place some focus on making your existing residents happy, to help boost retention, reputation and word of mouth marketing for your communities.
Unlike in recent years, we are now operating in an employee’s market, which means businesses have to find new and better ways to compete for top talent. This can be challenging to do when the primary interaction (and subsequent first impression) is solely online. In order for your property management firm to remain competitive, you must attract the best of the best, and to do this you must make your company stand out amongst all the others in the vast internet. Here are 4 strategies to do just that.
A business blog can be a great benefit to your company. It can help boost SEO, keep you connected with your target audience and help you position your firm as a trusted resource in the property management industry. Yet, many who start a blog quickly come to realize it’s not quite as easy as it seems. If you’re new to blogging, or even if you’ve been doing it for some time, you may encounter certain roadblocks that can impede progress. That being said, let’s take a look at 6 common mistakes many bloggers make and how you can avoid them for your own business.
Property Management at its core is about people and relationships. On the surface it may appear to be about managing buildings and dealing with things like by-laws, maintenance and financial transactions, but at the end the day the over-arching purpose is to serve the needs of people — and hopefully make their lives a little more enjoyable.
While some may argue that technology has made the world more detached from human relationships, we believe that technology can be an indispensible tool for enhancing the lives of humans and offers the opportunity to support more positive and mutually beneficial relationships.
Fully integrated end-to-end property management software can help your organization to achieve the following:
Many people in leadership share the common belief that the best way to motivate your employees is to give them raises and bonuses. You may be surprised to learn that a long-term study conducted by Harvard Business Review revealed little correlation between pay and employee satisfaction. To the contrary, fostering intrinsic motivation (that is, motivation from within and not based on external factors) is what truly drives employee productivity and overall job satisfaction. If you’re noticing that those annual pay increases and monetary rewards aren’t quite producing the results you’re after, here are a few tips for boosting internal motivation in your property management team.