Research shows that 91 percent of people regularly read online reviews and 84 percent of them trust online reviews as much as they do personal recommendations. For those companies in the service industry – including property managers – online reviews can make or break the chance for success. A few unhappy clients can drive away new business before you’ve even had a chance to prove your worth. That’s why managing your online reputation is so important. Here are a few tips to get you started.
To be an effective leader, you need many skills. One of the most important ones is the ability to communicate well with others. After all, even in professional situations, it’s all about relationships and in relationships, communication is key. Whether you’re discussing a contract with a property management client, coaching an employee, delivering a presentation or working through a disagreement, the ability to clearly and accurately articulate your thoughts is essential. For some, however, communicating effectively can be challenging. If you are among them, here are a few strategies to up your game.
From a career standpoint, compromise is something that one must become comfortable with, particularly in leadership roles. Whether it’s negotiating a new contract with a vendor, discussing a potential new business venture, resolving a complaint or trying to reach an important business decision, mastering the art of compromise is key. Here’s how to do so effectively without giving up too much or putting your property management company in a bad position.
Building and nurturing relationships with property owners is an important part of your long-term success. After all, they are trusting you to manage their assets. Property managers who make a priority of connecting with their owners on a regular basis establish a strong reputation as industry leaders and trustworthy resources. If making these connections isn’t something that comes naturally to you, or if you’re just looking for a few new ideas, here are some ways you can reach out to property owners in your local community.
They say a picture speaks a thousand words and perhaps no industry is more impacted by that phrase than property management. Attracting attention to your properties is a fundamental part of ensuring that your company remains profitable, and it all starts with eye-catching images. After all, first impressions are everything. Does that mean you have to hire an expensive photographer? Not necessarily. In fact, there are things that even a novice can do to really make their photos “pop.” Here are a few of those things below.
Community involvement is something more and more businesses are prioritizing. And it’s not just about doing the right thing, either. While getting involved and giving back is certainly a nice gesture, it can also be an effective strategy for business growth and competitive advantage. In fact, according to research by Harvard Business School, companies that are socially responsible significantly outperform their counterparts. In the property management business, any leg up counts. Let’s take a look at a few ways you can make your company a local fixture while making a positive impact.
Look around the internet or just listen to other executives talk and you’ll undoubtedly discover plenty of reasons not to hire Millennials. They’re lazy. They’re entitled. They’re spoiled and short-sighted. But while it’s true that some individuals from Gen-Y certainly fit those descriptions, the reality is far less negative. In fact, there are more positives to hiring workers from this younger generation than there are legitimate downsides. If you’re still not convinced, here are four reasons hiring bright, qualified young folks can benefit your property management company.
Tenant screening is one of the most critical components of successful property management. By doing your due diligence and looking into the background of a prospective renter before turning over the keys, you can lower the risk of costly problems down the road. Challenges come into play, however, when it comes to remaining compliant with housing laws. If you’re new to the industry or could just use a refresher course, here’s what you need to know to do tenant screening the right way.
Tenant turnover is one of the costliest challenges facing property managers today. Not only is there the loss of revenue from properties sitting vacant for an extended period of time, but the process of finding, screening and re-renting to new residents also takes time and money.
One of the biggest mistakes companies make is overlooking the importance of human resources – and those in the property management business are no exception. You can’t operate a successful organization unless you have the right people and without an HR manager, you can’t get those good people through the door. By filling this role, you’ll end up with a seasoned leader who can turn your human capital into a source of sustainable competitive advantage.