The most successful rental property managers know how to apply certain key skills to each unique situation they encounter. They are capable of handling whatever comes there way, can work with a wide variety of people at all levels and from all walks of life, and are able to manage even the most hectic schedule with ease. If you are considering a career in rental property management or expanding your existing portfolio of services to include rental properties, make sure you’ve got a good command of the following essential skill sets.
In today’s job market, not only is it difficult to find good employees, but it’s equally challenging to keep them. Modern workers are confident, aren’t afraid to ask for what they want and won’t think twice about moving on to greener pastures if another opportunity presents itself. As such, you may find yourself focusing more on staffing your property management company than you ever have before. To improve the chances of attracting, hiring and retaining top talent, here are a few things to keep in mind.
For property managers, keeping up with the status of your rental properties is essential. Drop the ball and you could potentially miss serious and costly problems that could otherwise have been prevented. On the other hand, if you overdo it with property inspections, it could have a negative impact on the relationship with your residents, which could lead to higher turnover. So, what’s the best approach?
Change is a natural part of business, especially in the property management industry. Oftentimes a company will reach a point at which strategic pivots are necessary, whether it’s in response to market changes, a new competitor on the horizon, to support growth initiatives or something else. How can you know when your business is ready to evolve into its next phase? Here are a few telltale (and not-so-obvious) signs to watch for.
Whenever a business model includes third parties, the risks associated with that business go up. Such is the case with property managers. When you’re managing other people’s properties and some or all of those properties are being occupied by tenants, your business will automatically be exposed to risk in a variety of ways. For instance, there’s a chance a resident’s negligence could cause a fire, or that a renter may skip out on the last few months of their lease, leaving you holding the bag financially.
We recently shared a post that included several tips on hiring ‘A-players’ for your property management company. But while hiring the right people from the start is certainly important, keeping them for the long-haul is equally, if not more critical. Otherwise, you’ll find yourself back at square one again and again.
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.
How quickly does your sales team move when a new lead comes in? You may be surprised to learn that the average lead response time for many companies is almost 47 full hours. While this turnaround time may have been acceptable in the past, in today’s fast-paced digital world, it’s simply not sufficient. If you want to convert your property management leads into paying clients, timing is everything. Just how important is speed to conversion? Let’s take a look.
Raise your hand if you’ve set goals in years past but fallen short of accomplishing them. If your hand is up, you’re in good company. The fact is, keeping resolutions and following through on goals can be challenging – especially if those goals are ambitious. As we enter a New Year, now’s a great time to not only set some important objectives for your property management company, but also get a plan in place that will improve the chances of ending the year with a check mark next to each of them.
As a property manager, one of your biggest goals is growth, and one of the best ways to achieve that objective is to find new clients. Of course, this is often much easier said than done, especially if you’ve been in the business for a while. Creative marketing can help position your brand in front of more prospects, improving the chances of converting them to paying customers. And if you do it correctly, it can also help differentiate your company from the competition. But how? Here are a few innovative ideas to get you started.