Your HOA board plays a key role in both the short and long term planning within your property management business. In order to fulfill their responsibilities, board members must have access to certain information. In particular, they need details on company financials.
The real estate industry is booming, and property managers play a crucial role in this dynamic ecosystem, keeping investment properties operating like well-oiled machines and thereby maximizing profitability. Of course, with those ups also come the inevitability of risk, whether it be damage, injury, theft or something else. To hedge their bets, property managers must take certain precautions, the most important of which is purchasing the right insurance coverage.
Chances are, by this point you’ve at least created a LinkedIn account. But then what? Maybe you haven’t logged in for months, or longer. Or, maybe you’re one of the few who hasn’t bothered with LinkedIn at all. Perhaps you figure, you’re happily employed, possibly even a business owner, so what’s the point?
Property management is a 76 billion dollar industry, providing plenty of room for opportunity, with growth, profits and employment all on steadily on the rise. If you’re new to the industry, or are considering making a career change, here’s what being a successful property manager entails.
As a top-tier leader, writing a blog is probably the last thing on your radar. After all, you’ve got a property management company to run. Who has time to write articles? Believe it or not, there are a surprising number of advantages to executive blogging, many of which could help both your career as well as your organization as a whole. Keep an open mind and consider the following:
These days, it’s all about the data. And boy, is there a lot of it. In fact, there are 2.5 quintillion bytes of data created each and every day. The problem with that volume of information is that it’s hard to narrow it down to what’s important. And this is a big deal, because if you’re not working with clean, reliable data, it could be costing you money.
Part of being a strong, positive leader is caring about the career paths of your employees just as much as you do your own. If you’ve been in leadership for some time, you probably already know the obvious ways you can help: provide growth opportunities, assign stretch assignments and arrange mentorships. But what about the not-so-obvious strategies? Here are four unique and somewhat surprising ways to help your employees get to where they want to go.
Starting a property management business can be stressful. Deciding when to sell that business can be just as agonizing. If you’re feeling overwhelmed at the thought of getting your company sale-worthy, it can be helpful to know what options are available to you. Deciding which option is best for you can make it easier to determine what needs to be done to prepare for the road ahead. Here are the three main courses of action you could take.
Climbing the corporate ladder is great, but it comes with a lot more responsibility. And as your plate becomes fuller, so does the risk that you’re going to eventually burn yourself out. Burnout is something almost every business owner or executive experiences at some point in their career, and property managers are no exception. The good news is, this can all be avoided. The key is being able to identify the signs before things get out of hand. Here are three things you need to watch for and what you can do to get back on track.
In a perfect world, homeowners associations would be relatively silent entities. Dues would be collected, projects would be planned and carried out, things would work effortlessly and neighbors would all get along. Of course, as any seasoned HOA manager knows, we don’t live in a perfect world and these associations are rarely “seen but not heard.” Knowing some of the most common complaints launched from these groups can help make it easier to resolve and sometimes even prevent them altogether. Let’s take a look at five of the biggest HOA complaints below.