Who is the best sales rep in your property management company? Would you be surprised if we told you that person may not even be on the payroll?
In the property management industry, there is a fine line between being busy and being productive. It’s easy to become bogged down with all the little tasks that take your focus away from what’s most important. As a manager, it’s essential that you help your team make the most of their working hours. This starts with identifying what things might be standing in the way of maximum productivity. To get you started, here are six common pitfalls to be on the lookout for.
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.
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.
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.