Tenant screening is one of the most critical components of successful property management. By doing your due diligence and looking into the background of a prospective renter before turning over the keys, you can lower the risk of costly problems down the road. Challenges come into play, however, when it comes to remaining compliant with housing laws. If you’re new to the industry or could just use a refresher course, here’s what you need to know to do tenant screening the right way.
Tenant turnover is one of the costliest challenges facing property managers today. Not only is there the loss of revenue from properties sitting vacant for an extended period of time, but the process of finding, screening and re-renting to new residents also takes time and money.
One of the biggest mistakes companies make is overlooking the importance of human resources – and those in the property management business are no exception. You can’t operate a successful organization unless you have the right people and without an HR manager, you can’t get those good people through the door. By filling this role, you’ll end up with a seasoned leader who can turn your human capital into a source of sustainable competitive advantage.
Most business owners don’t start their own company to stay small. Assuming that you’re not among the minority, chances are growth is one of your top objectives. And there are certainly plenty of ways to achieve that goal. One thing that you may not be considering, however, is that the growth you’re seeking may be more easily achieved through acquisition. Better yet, this strategy can be adapted to businesses of any size, so even if you run a relatively small operation, acquiring another property management company is entirely doable, provided you want to do one of the following.
What happens at your property management company when you hire a new employee? It probably looks something like this: the offer is accepted, then a couple of weeks pass. On day one, the new employee receives a crash course in everything he or she needs to know about the company and his or her role. The experience can be best described as chaotic – both for the newbie as well as for you.
As property managers, we are always looking for new and creative ways to attract more business. Logically speaking, the more leads you have coming in, the greater your chances of converting at least a portion of those leads into paying customers. One powerful way to generate more leads that many in the industry neglect is blogging. Let’s take a look at five ways you can use content to effectively close more deals and ultimately grow your property management company.
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.