Today’s property managers are under increasing pressure to meet higher service levels. We live in a society where instant gratification has become the norm and everything we want or need is available at the click of a button. Meeting the changing demands of customers is one of the biggest challenges in our industry. Simply put, people expect to be satisfied – otherwise, they’ll move on to someone else. The best way to prevent this isn’t just to keep them happy. It’s to exceed their expectations time after time. Here are four ways to do just that.
These days it seems most property managers are going all-in trying to target younger renters. That’s not necessarily a bad thing. After all, Millennials are now officially the largest living generation. But by focusing entirely on these up-and-comers, many property managers are missing out on a highly profitable market segment. In fact, with rental demand continuing to rise among those aged 55 and older, there’s tremendous opportunity in targeting this demographic. How can you get a piece of the pie and appeal to senior renters? Here are a few tips and pointers to keep in mind.
The core values of your property management company are the pillars of its identity. They become the guiding principles through which you conduct business, both internally as well as with your clientele. Each company should have its own set of unique core values that support its vision and guide the decision-making processes within the organization.
As a property management business leader, you are constantly negotiating, whether it’s with new hires and existing employees, vendors and suppliers, or prospects and long-term clients. Unfortunately for some, negotiating doesn’t come naturally and for others it’s particularly difficult to master. The good news is, it’s something you can learn and develop – provided you focus on the following five key things.
In 2017, Forbes reported that the property management industry had reached a value of $73 billion. Are you getting a big enough piece of that pie, or is there room for improvement? If your business is not experiencing the steady growth it’s capable of, you’re most certainly leaving money on the table. Let’s take a look at five things that might be holding you back and how you can overcome them for better success.
Whether you’re just starting out in property management or your company is well established, funding is always a top priority. So, what happens when you’ve poured countless hours – never mind your blood, sweat and tears – into a proposal and all you hear from potential backers is…*crickets*? If you’re struggling to get more investors, it might be helpful to understand some of the reasons why they’re not biting.
It’s a common misconception that salary is at the root of employee satisfaction. Naturally, many managers believe that the more money they offer to a worker, the happier and more loyal they’ll become. In reality, it’s typically things like work environment, peers, culture and leadership that drive satisfaction. If you’re looking for ways to improve morale within your property management company, here are five non-monetary things you can do.
Employee turnover is a part of doing business, but it comes at a cost. And if it’s happening too much, you’re losing much more than just time and money. The process of recruiting, hiring and training new employees can seriously hinder the productivity of your entire property management company. Whether you’ve struggled in this area or you’re just looking to be more proactive about employee retention, here are four strategies that will help you keep your team happy and engaged.
Ever wish you had a GPS to help you navigate the rapidly evolving business realm? That way you’d know that every turn you took, every decision you made and every direction you headed would be correct. Unfortunately, it’s not this easy. In fact, without a navigational tool, finding your way in a world that is ever-changing can seem like a never-ending battle. Today’s property management leaders must develop and routinely re-calibrate their own internal compasses to help guide their decisions and enable them to keep their teams moving in the right direction.
Building a team of qualified, dynamic and motivated individuals isn’t exactly an easy feat. In fact, hiring can be a huge challenge, particularly in the property management industry. Yet there are plenty of big players that have done an amazing job at snagging top talent. So, what’s their secret? The good news is, you don’t have to reinvent the wheel. You just have to follow their lead. Here are four ways you can get the best and the brightest to join your property management company.