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.
Growing your property management business successfully involves strategic scaling. Try to adapt too quickly and you could end up back where you started, or worse. Evolve too cautiously and you could easily miss out on the opportunities that are ahead of you. So, what’s the secret? How can you scale your property management company in a way that is well-timed and profitable? Here are a few steps to help get you on the right track.
Today’s marketing landscape is becoming more diverse by the day, with new strategies and innovative ideas springing up in a variety of areas. In order for your property management company to stay relevant, you must audit your marketing practices every so often. Doing so helps you to identify what’s working and what might be a waste of time, money and resources. To get you started, we’ve uncovered five common marketing mistakes that many businesses are making. If any of them look familiar, it’s time to make some changes. Let’s take a look.
The property management industry isn’t new, but that doesn’t mean there aren’t still plenty of fresh, new and breakthrough ideas to be shared. In fact, given the intense competition in our field, the ability to think outside the box, push the envelope and carve new pathways is what will ultimately place your company a step ahead of the rest. But if you want a business where innovation thrives, you must intentionally work to create the right environment. Here’s how.
Regardless of whether you’re new to the property management industry of you’ve been in the business for decades, you’re inevitably going to reach a point where you need more clients in order to grow. But with hundreds of other property management companies to compete with, getting the attention of property owners can be challenging.