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.
Think about all of the data your property management company collects, uses and stores. Now think for a moment about what would happen if an unauthorized party were to gain access to that data. Security breaches occur to businesses of every shape, size and industry, and they can cause much more than just a minor headache. In fact, some companies suffer so much financial and reputational damage, they can never recover. Here’s how can you avoid becoming the next victim.
The economy may finally be bouncing back for the long-term, with new businesses cropping up and others relocating and expanding. This opens many doors of opportunity for property managers. Of course, the growing number of prospective renters doesn’t automatically mean your company will reap the benefits. To be successful, your business must be organized to cater to that particular market. That’s where commercial property management software can help. Here’s how.
If you’ve made the decision to adopt software for your property management business, congratulations! You’re on your way to maximizing efficiency, boosting productivity, increasing service levels, cutting costs and improving your bottom line.