Do you know how much revenue you’ve lost over the years due to tenant turnover? It’s a common and very costly problem for property managers. Rental vacancies can impede cash flow, increase workload and ultimately impact your bottom line. And it’s an especially important issue to address before the housing boom begins to wane. To help you get a plan in place now and hedge your bets for a more secure future, here are eight ways to improve tenant retention.
You’ve worked hard to get your property management business to where it is today, but what happens once you’ve reached a plateau? Is it time to start focusing on growth, and if so, what’s the best way to approach that goal?
With maintenance as one of the top activities for property managers, finding qualified, experienced and reliable contractors is essential. Unfortunately, it’s also easier said than done. Whether residential or commercial, properties must be tended to on a regular basis in order to remain profitable.
The workload of a property manager can seem never-ending. Whether it’s fielding calls from owners, handling complaints from tenants, making arrangements with contractors, and of course, all the administrative work that needs to be completed – the days can be downright grueling. And as the business grows, so does the volume of tasks. It’s easy to become overwhelmed and risk burning out. That’s where automation comes into play.
While offering paid time off isn’t mandatory, time away from work is a critical component of work-life balance. It’s also a perk many top employees value, which means the right policy could help make your property management company a more attractive place for talent. The good news is, there are a lot of different options available to you when it comes to creating and offering a time-off policy. Here are just a few of the many choices you can include.
Strong leadership is crucial to a high-performing, happy property management team. The problem is, the longer a person holds a position of leadership, the more at risk they become of losing touch with their direct reports. Being able to periodically take a few steps back, introspect and identify the signs can help you avoid a career derailment and get you back on track. Below are three signs to watch for that might indicate it’s time for a shakeup.
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.