While it can seem intimidating at first, many property managers find great success in adding properties to their portfolio that are out of their general geographical area. The ability to tap into other markets outside your own can bring tremendous opportunity to grow and increase your profitability. Does it make sense for you to jump in and take the plunge? To make that decision, consider the following pros and cons.
Is your property management team dangerously close to burnout? According to the Harvard Business Review, employees that regularly take breaks and time off have 30 percent more focus than their colleagues. Furthermore, workers who feel supported by their managers in this area are nearly 100 percent more loyal.
Being in property management involves a good deal of record keeping, including the sensitive data of your employees and clients. What would happen if a hacker were to gain access to your network? Could your organization survive the monetary and reputational impact of a security breach? If you are operating under any of the following cybersecurity myths, you may have to learn this the hard way. Here’s what you need to know to keep your data safe from falling into the wrong hands.
Is collaboration really that important? Well, according to one recent study, 86 percent of executives and employees blame lack of collaboration and/or ineffective communication for workplace failures. The reason collaboration is so impactful is because it facilitates knowledge sharing, which leads to innovation. In a highly saturated field like property management, this innovation can help position your company ahead of the competition.
In order to achieve sustainable success in your property management company, it’s crucial that you hire individuals who are not only qualified but are also closely aligned with your organizational culture. Many business leaders fail in this area simply because they focus primarily on hard skills and forget about the critical soft skills that they’re truly looking for. And these skills aren’t just applicable in property management. They’re things many hiring managers in every industry are starting to actively seek.
When it comes to marketing, there’s always a lot of talk about what strategies to use, where you should focus your efforts and what the most effective tools are for gathering leads. But what happens when all your hard work pays off? When those leads start rolling in, a good portion of them will inevitably have questions, and how you respond to those inquiries can spell success or result in failure. We’ve rounded up five commonly asked questions from property management leads and provided a little bit of direction as to how you should consider answering.
As a leader in the property management industry, you are already well aware of and probably play a significant role in the organizational goals that include revenue growth. Sometimes this can seem much easier said than done, especially given the amount of competition within the current marketplace. But with numbers to crunch and objectives to meet, there’s little time to waste pondering your options. Here are a few areas of opportunity to consider that may help fast track your company’s success.
We recently shared some tips on how to make your professional networking more worthwhile. But what happens if you’re struggling with initiating that communication in the first place? The truth is, in property management, connecting with people on a daily basis is a critical part of doing your job, whether it’s getting help from a colleague, discussing something with your boss, contacting a client or reaching out to a vendor. More importantly, you have to do so effectively. If you are making any of the following four mistakes, it could be harming your chances for ongoing success.
In a world of increasingly digital communications it’s somewhat surprising to learn how much people still value face-to-face connections. In fact, 85% of professionals today say that in-person meetings allow them to build stronger, more meaningful business relationships. Networking with other like-minded individuals provides the opportunity to establish mutually beneficial professional connections. Additionally, the strategic collaboration and thought-sharing that is facilitated through networking can help drive creativity and innovation that can be applied within your property management business.
That being said, here are five tips to help you bring your networking skills to a whole new level.