Property managers wear a lot of hats. Some days it can seem like you’re being pulled in a dozen or more different directions, which can make getting things done quite challenging. If you feel as though you’re always chasing your tail or you just could use a little improvement in this area, here are seven hacks that should help bring your productivity to the next level.
Our industry has been enjoying high rental rates and relatively low vacancies for the past few years, with approximately 40% of Americans choosing to rent, while inventory has been somewhat slow to catch up with the demand. This trend is expected to continue through 2017, with predictions that rents in larger metro areas will continue to increase, but at a slower rate of 1.7% (Source: thefiscaltimes.com)
It’s a brand new year, which means it’s a great time to take a look back at what we’ve achieved over the past 12 months and determine what things we’d like to accomplish during the coming year. Beyond the obvious, like business growth and increasing profits, property management leaders should also be looking at ways to stretch, grow and improve on how they lead their teams. That being said, here are seven actionable leadership goals to help make 2017 your most successful year yet.
While social media has become a fixture in the lives of just about everyone, that doesn’t mean it’s stagnant. To the contrary, social media is fluid – it’s constantly evolving, growing and improving. In order for businesses to stay ahead of the curve and continue to realize success in the area of SMM, they must actively adapt their approach on a regular basis. If you’re still allocating your budget the same way you did 10 or even 5 years ago, chances are you aren’t getting the results you can and should be getting. As we begin another new year, it’s a great time to assess where your property management business stands at the moment and what changes should be made to achieve a better outcome in 2017.
Running a successful property management organization is only possible when the team at the helm is qualified, motivated and engaged. Of course, knowing this fact and actually locating, recruiting and retaining this caliber of staff are two entirely different things. The good news is there are certain things that you can start doing today that will help you hone in on those candidates who would be the best fit for your company and your needs. That said, here are a few expert tips to point you in the right direction.
As part of your planning and preparation for the year ahead, it can be helpful to get an idea of what things are expected to occur over the coming months. We’ve done some digging and come up with four specific trends that we believe will come to pass over the next year. So, without further ado, here’s what we can expect on the property management front in 2017.
With buzzwords like IoT, Mobility, Business Intelligence, End-to-End Integration, Sustainability and Proactive Management flying around almost every industry these days — including property management — it’s getting a whole lot easier to argue the case for why you need property management software.
When a business is just starting out, it’s all about landing as many new clients as possible. Over time, however, as the business continues to grow and thrive, more weight should be given to retaining the customers you’ve already won. Why? Well, for starters, it’s actually less expensive to retain an existing client than to attract new ones. Not to mention loyal customers tend to spend more. So, what can you do to keep the existing clientele of your property management business happy? Here are five steps to start implementing today.
Never too high, never too low
You probably already realize that there’s a delicate balance to be achieved in pricing your rental units to ensure long term profitability. You don’t want to charge too much for rent, because it will make it more difficult to fill vacancies and will cause an increase in tenant turnover when leases are up. Turnover costs you money, as does having a unit sit vacant. At the same time, you don’t want to charge too little and leave money on the table — or worse, lose money on a unit or property.
There’s always a lot of talk about finding great leaders, but most of that typically implies going outside one’s company to do so. While that’s certainly a viable option, in reality, you may already have a number of potential candidates waiting in the wings of your very own property management firm. Internal leadership development is often favorable for a number of reasons, including time savings and cost. Rather than seek external resources, here are three proven ways that you can develop strong, effective leaders from within.