The property management industry can be a lucrative one, but it’s not without its challenges. Property managers must draw on a variety of skills in order to overcome those hurdles and provide the exceptional service that will enable them to compete. The more you understand the issues you may encounter, the greater the likelihood of achieving sustainable success. Let’s take a closer look at a few of the universal challenges property managers face and what you can do to conquer them once and for all.
One of the fundamentals of success as a property manager is keeping property owners and renters happy. Not only will this enable you to develop and grow a solid, loyal customer base, but great service can help you increase your revenue. In fact, nearly 70% of consumers say they’d be willing to pay more for a better customer experience. You can keep your clientele satisfied by doing the following:
- Be available
- Respond quickly
- Actively listen to and address concerns
- Follow-up in a timely manner
Another key to success in the property management industry is making consistent communication a top priority. Start by monitoring your relationships with residents. Seek out their opinions and concerns through all phases of the rental experience, from the lease signing and move-in to rental payments, community living and move-out. Use that feedback to improve wherever necessary. Always keep the lines of communication open with tenants, whether it’s regarding a maintenance request, following up on a complaint or something else.
You’ll also want to communicate regularly with property owners and investors. It’s not enough to simply supply your clients with reports and bulletins. You need to make that personal connection if you want to continuously drive home the value of your services. Keep them in the loop – especially when things aren’t going as smoothly as you’d hoped. Being open, honest and transparent builds trust and loyalty.
Another major challenge most busy property managers face is finding the time to accomplish everything on their to-do lists. Time management is, without a doubt, one of the most critical components of success in this industry. Take the necessary steps to optimize your time and maximize efficiency. For instance, invest in property management software to automate routine tasks and workflows. This can free you up to focus on growing your business while also keeping clients happy.
The fourth common challenge for property managers is keeping operating costs at a minimum. In fact, the most effective way to improve your company’s profitability is to lower costs while increasing revenue. Unfortunately, this isn’t always as cut and dry as it may seem – particularly in an industry such as ours that is plagued with unexpected expenses. The good news is, there are real, quantifiable ways you can save money and create a leaner, more profitable operation. Here are a few tips to get you started.
Being a property manager can be a rewarding career. It can also be challenging, even at the best of times. Knowing what those common difficulties happen to be and what steps should be taken to overcome them can help you set yourself up for less stress and greater success.