One of the most important tasks of being a leader is making decisions. On any given day, you may be faced with dozens of different choices, many of which will inevitably have a significant impact on your property management company and those who work within it. The more decisions you make – especially the big ones – the more you may feel your energy being tapped. This is a common situation known as decision fatigue, and it can be downright exhausting. If you’re struggling with this, here’s how to boost your willpower and overcome decision fatigue once and for all.
There comes a time in every landlord or property manager’s career when raising rental rates becomes necessary. Whether it’s due to the going market, higher taxes or insurance costs, rising expenses for property upkeep or something else, increasing the rent can be an uncomfortable task. Especially if you’re concerned that doing so may drive good tenants away. With the right approach, however, this process can be a smooth, positive and uneventful one. Here are a few expert tips to keep in mind.
Let’s be honest. When it comes to the property management industry, there are plenty of fish in the sea. Your brand is what will set you apart from the ocean of other options your clients have, which is why it’s so important. Otherwise, you’ll just get lost in the shuffle and your business will suffer as a result. But what, exactly, is branding and why does it matter? More importantly, why is it so critical that your brand remain consistent? If you’re looking for answers to these questions, read on.
When you first entered this field, you probably didn’t realize that one of the most challenging tasks property managers face is getting new clients. And while we still stand by our opinion that keeping your existing book of business happy is the most important thing, if you’re just starting out or you’re looking to grow, acquisition is a must. Let’s take a look at a few steps you can follow to develop and launch a successful lead generating direct mail campaign.
When it comes to business growth, using just one marketing strategy won’t cut it. If you put all of your marketing eggs into one basket, you’ll end up only reaching the same prospects over and over again. This leaves a significant portion of the market untapped. Despite the fierce competition in the property management industry, the fact is, there are still plenty of golden opportunities to be had. It’s really just a matter of figuring out how to reach them. That said, let’s take a look at three simple but highly effective strategies that will help you land new business, expand and grow.
According to recent data, 68% of American households are home to at least one pet. It’s no wonder, then, that the question of whether to allow pets is one of the biggest weighing on the minds of landlords and property managers. If you are among them, here are a few things to consider that might help you make a more informed decision, along with some best practices should you decide to make your properties pet-friendly.
In case you weren’t aware, in April Google officially shut down the consumer (personal) version of its social network, Google+. While the shutdown doesn’t directly affect Google My Business listings, as they are two separate products, it’s still a big change and with that change comes some degree of uncertainty. To set the record straight and quell any concerns you may have, let’s take a look at what this change entails and, more importantly, how it affects your property management business.
Over the past five years, the property management industry has grown by 0.8% to reach revenue of $76 billion – and that’s just in the U.S. alone. It’s abundantly clear that there is plenty of opportunity for success and growth in this field.
The pressure to fill a vacant property can lead many property managers to cut corners and miss red flags. It’s important to remember that finding a tenant is only half the battle. Locating (and keeping) quality tenants is the key. That’s why thorough screening is so critical. Otherwise, you could end up in a worse situation than you are now. But what happens if you have a prospect that isn’t honest on his or her application? The good news is, there are ways you can spot fake references right away, saving you time, money and aggravation in the process. Let’s take a look at a few of these strategies below.
What could your property management company do with several extra sales each month? Lots of things come to mind, not the least of which is growth and revenue expansion. Now, what if those sales aren’t coming in. More importantly, what if they’re not coming in because your team is making a few serious but common mistakes in their sales process? Correcting these errors could be a game changer for your business. Below are five mistakes to watch for and how to overcome them once and for all.