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.
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.
For property managers, keeping up with the status of your rental properties is essential. Drop the ball and you could potentially miss serious and costly problems that could otherwise have been prevented. On the other hand, if you overdo it with property inspections, it could have a negative impact on the relationship with your residents, which could lead to higher turnover. So, what’s the best approach?
Wouldn’t it be nice if everyone we worked with had the same personality as us? Imagine how harmonious your property management office would be! Unfortunately, we all know this isn’t the case. The good news is, diversity can do wonders for a company’s success. The not-so-good news is, working with challenging employees can be frustrating and stressful. Take a look below to see if you recognize any of the most common “difficult” personalities (and learn how to manage them more effectively).
One of the biggest challenges organizational leaders face today is finding a way to genuinely connect with customers. In an increasingly digital world, it’s easy for executives to become lost in a sea of tweets, webinars, podcasts, social media ads, etc. Forward-thinking C-suites must work tirelessly to remain focused on the customer and serving their needs. Let’s take a look at a few strategies for building a customer-centric culture that will help your property management company succeed and grow.
In an increasingly digital world, people want personal interaction more than ever before. In fact, not only do your property management customers want personalized service. They expect it. And if you do it right, you can leverage it as a key differentiator from your competitors. The good news is, there are lots of ways to provide a more customized client experience that will win you loyalty and referrals for many years to come. Here are a few ideas to get you started.
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.
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.
Recent stats indicate that 77% of the US population owns smartphones. Like it or not, the vast majority of your customers are living a mobile lifestyle. As such, property managers must leverage mobile-friendly techniques in order to meet their audience where they are and serve them as they prefer. The good news is, adopting a mobile-first strategy isn’t as difficult as you may think. Let’s take a look.
There are plenty of property management companies on the market today, most of which offer cookie-cutter services. The thing that will differentiate your firm from all the rest is how you treat your clients. Exceptional service isn’t just nice to have. It’s critical to your future success. So how can you know whether your company stacks up? Here are five essential metrics that will help you measure and improve client service performance.