Employee turnover is a part of doing business, but it comes at a cost. And if it’s happening too much, you’re losing much more than just time and money. The process of recruiting, hiring and training new employees can seriously hinder the productivity of your entire property management company. Whether you’ve struggled in this area or you’re just looking to be more proactive about employee retention, here are four strategies that will help you keep your team happy and engaged.
Today’s marketing landscape is becoming more diverse by the day, with new strategies and innovative ideas springing up in a variety of areas. In order for your property management company to stay relevant, you must audit your marketing practices every so often. Doing so helps you to identify what’s working and what might be a waste of time, money and resources. To get you started, we’ve uncovered five common marketing mistakes that many businesses are making. If any of them look familiar, it’s time to make some changes. Let’s take a look.
The property management industry isn’t new, but that doesn’t mean there aren’t still plenty of fresh, new and breakthrough ideas to be shared. In fact, given the intense competition in our field, the ability to think outside the box, push the envelope and carve new pathways is what will ultimately place your company a step ahead of the rest. But if you want a business where innovation thrives, you must intentionally work to create the right environment. Here’s how.
Regardless of whether you’re new to the property management industry of you’ve been in the business for decades, you’re inevitably going to reach a point where you need more clients in order to grow. But with hundreds of other property management companies to compete with, getting the attention of property owners can be challenging.
Let’s face it. We live in a chronically distracted society. These days, it seems everyone has their nose in their smartphone or, at the very least, is constantly checking to make sure they stay connected. This can make it much harder for marketers to reach their target audience because they are just not as tuned in. Thankfully, there are strategies to overcome this modern hurdle and get your property management marketing message in front of even the most inattentive prospects. Let’s take a look.
When it comes to running a successful business operation, everyone knows that time is money. The property management industry is no exception. If your workers aren’t optimizing the use of their time, it could easily be hurting your bottom line. Over the years, we’ve shared plenty of advice for boosting productivity, but today we’re going to really get down to business with some science-backed strategies that have been proven to get good results.
As a property manager, you’re probably well aware of the many things that are out of your control. You may have tenants who decide not to pay or make poor decisions. Or, you may have accidents happen at one or more of your properties. Either way, when these things happen, revenue inevitably takes a hit. But while it’s not possible to avoid all of the risks you face as a property manager, there are certain things you can do to manage that risk in a way that mitigates damages and improves debt recovery. To follow are a few such strategies.
Many property managers today rely solely on a prospective tenant’s credit score to determine suitability. Unfortunately, most learn the hard way that this practice often comes back to bite them in the long run. At the end of the day, a person’s credit score is just a number and it doesn’t necessarily reflect other important factors, such as how they behave behind closed doors. And since this individual is going to potentially be living in the property you manage, that last part is pretty important. Let’s take a look at a few tenant screening policies that will help you better assess a prospect’s rent-worthiness.
Employee turnover is a fact of life. The truth is, sometimes, despite your best efforts, a top performing team member may eventually move on in pursuit of a better opportunity. Unfortunately, paying top dollar to replace them isn’t always an option. A more cost-effective way to manage staff turnover is to promote from within. The good news is that with the right approach, you can take mediocre workers and turn them into property management superstars. Here’s how.
Managing rental properties takes much more than finding good tenants and handling the occasional maintenance request. Perhaps most important is the task of managing your rental property management company’s cash flow, which can be pretty complex. To achieve this, your business must maintain excellent accounting processes that are in line with your company’s overarching objectives. Here are a few hacks that can make this monumental task a little bit more manageable.