These days, more and more organizations across just about every industry are leveraging automation technology to streamline operations, cut costs and maximize productivity. Automating manual tasks is a fast and straightforward way to achieve these goals, and it’s something that can deliver specific benefits to the property management industry. If your company has not yet implemented automation, here are five advantages that might convince you it’s time to take the plunge.
When the folks at Oracle asked leaders of some of the fastest growing companies what they felt the biggest obstacle to business expansion was, the top answer was inability to manage fast growth. The ability to scale came in at a close second. Thankfully, these things can be overcome. The key is the ability to recognize when a business is ready to take that next step so that the inevitable twists and turns can be accounted and prepared for in advance. That being said, here are five signals that your property management business may be on the path to growth sooner than you think.
As a property manager, one of your biggest tasks is keeping your properties at capacity. To do this, you must find a way to attract quality tenants who are likely to stay for a long time, thereby improving cash flow and reducing turnover. All of this begins with your property listings. How can you make your rental listings more attractive so they stand out from all the others and draw in those quality applicants? Easy. Just show them your properties have something the others don’t. Here are five smoking hot amenities that tenants are looking for today.
There are a number of reasons why a business might choose to use Excel for functions like accounting, reporting and even CRM. Many of those reasons may very well have been valid, at least initially. After all, Excel is certainly user friendly and most definitely much cheaper than purchasing dedicated software. Unfortunately, the negatives almost always far outweigh the benefits. In fact, using this program may actually be placing your property management company in harm’s way.
Given the saturation of the property management industry, it’s critical to stay on top of how your company is performing in comparison to your peers. The most effective way to do this is by tracking your key performance indicators (KPIs). But with so much data to weigh how can you know which factors are most important to keep track of? To make it easier, we’ve done a bit of legwork on your behalf. To follow are five essential metrics that will help you measure your property management company’s success.
When it comes to asking the right questions, many business leaders make the mistake of focusing only on two times in an employee’s tenure – the recruiting stage and the exit interview. Top managers, on the other hand, recognize that today’s employees have a plethora of options and opportunities available to them. As such, they regularly probe to track employee satisfaction and keep morale as high as possible, thus reducing the chance of turnover. If you’re looking for a way to retain the best of the best for your property management company, here are three critical questions to ask.
Most companies already have the key C-Suite players in position – CEO, CFO and maybe even a CTO. What about the role of Chief Information Officer? Is it worth it? Many organizations put off hiring for this position until it’s absolutely necessary, but by then it’s often an uphill battle. The fact is, for the digital property management organization, the job of CIO can be of just as much importance as other senior managers. Still not convinced? Here are four reasons you may want to reconsider.
When choosing leaders for your property management firm, intelligence is a critical factor. It’s important to note, however, that there are a few different kinds of intelligence. For the sake of this article, we are referring to emotional intelligence, sometimes called EQ for short. Having leaders with strong EQ can improve the happiness and productivity of your employees, which can ultimately impact your company’s bottom line. Let’s take a closer look at exactly what emotional intelligence is, why it matters and four ways to spot leaders who have what it takes.
One of the nicest features of modern property management software is that it offers the ability for residents to handle many of their own actions electronically, without the need for assistance from a human agent. Through the self-service portal, people can process online payments, access details about their rental contract, submit maintenance requests and more. Not only is this more convenient for them, but it’s also good for your busy staff. Of course, not everyone will be willing to jump onboard right off the bat. Here are four things you can do to gently persuade them to give the portal a try.
While it can seem intimidating at first, many property managers find great success in adding properties to their portfolio that are out of their general geographical area. The ability to tap into other markets outside your own can bring tremendous opportunity to grow and increase your profitability. Does it make sense for you to jump in and take the plunge? To make that decision, consider the following pros and cons.