Whether you are just starting out in the property management industry or you’ve been in the business for decades, there are plenty of ways to get up to speed on how to successfully run a company in today’s digital age. Thanks to the many available tools and ever-improving technology, optimizing your organization so that it runs like a well-oiled machine and remains as competitive as possible has never been easier. It’s really just about knowing how to approach things and which direction to focus your efforts.
As we steamroll ahead into 2017, many property management executives are hard at work developing strategies to achieve the aggressive growth goals they’ve set for the year. If you are among these diligent planners, we’ve got some great news for you. We’ve discovered a way that can dramatically improve how much and how quickly you can achieve growth for your business. It’s not a magic formula, but it’s a method that has been proven successful by many that have come before and you just might find that it gets the same results for you as well. Ready to get started? Here’s what you need to do.
Our industry has been enjoying high rental rates and relatively low vacancies for the past few years, with approximately 40% of Americans choosing to rent, while inventory has been somewhat slow to catch up with the demand. This trend is expected to continue through 2017, with predictions that rents in larger metro areas will continue to increase, but at a slower rate of 1.7% (Source: thefiscaltimes.com)
While social media has become a fixture in the lives of just about everyone, that doesn’t mean it’s stagnant. To the contrary, social media is fluid – it’s constantly evolving, growing and improving. In order for businesses to stay ahead of the curve and continue to realize success in the area of SMM, they must actively adapt their approach on a regular basis. If you’re still allocating your budget the same way you did 10 or even 5 years ago, chances are you aren’t getting the results you can and should be getting. As we begin another new year, it’s a great time to assess where your property management business stands at the moment and what changes should be made to achieve a better outcome in 2017.
Never too high, never too low
You probably already realize that there’s a delicate balance to be achieved in pricing your rental units to ensure long term profitability. You don’t want to charge too much for rent, because it will make it more difficult to fill vacancies and will cause an increase in tenant turnover when leases are up. Turnover costs you money, as does having a unit sit vacant. At the same time, you don’t want to charge too little and leave money on the table — or worse, lose money on a unit or property.
It’s no secret that there is a lot of competition in the property management field. But as they say, a little competition can be healthy. It keeps you striving to perform at your best. However, when it comes to winning over new property management clients, the key is to convince them that you are the best. Here are a few ways that you can do just that.
Whether you’re just starting out in the property management industry or you’ve been working your way up for years, it is, without question, one of the most competitive industries out there. As such, it can be challenging for smaller to mid-sized companies to compete with larger organizations. The good news is this doesn’t necessarily mean you’re doomed to always be at the bottom of the pack. To the contrary, if you employ the following strategies, you just might find yourself pulling up the lead.
In last week’s blog post, we reviewed the challenges that existing condo and multifamily communities face in their efforts to accommodate the growing number of electric vehicles on the road, while looking ahead to these challenges being compounded once autonomous vehicles hit the mainstream.
It’s clear that the landscape of personal transportation is rapidly evolving in most major urban centers from coast to coast. This is largely driven by the Millennial generation, who place less importance on car ownership and are looking for ways to be both fiscally and environmentally responsible — which includes turning to such transportation alternatives as:
1. Electric and Autonomous Vehicles
2. Bicycles & Scooters
3. Car & Bike Sharing Services
4. Walking & Public Transit
When it comes to social media and getting your message out to the masses, most people think about networks, like Facebook and Twitter, or even a company blog. One lucrative and highly effective angle that you may not have considered, however, is the podcast – that is, audio recorded messages that can include everything from tips and tricks to a newsworthy announcement to an interview with an industry expert. And with more than 1 billion podcast subscriptions on iTunes alone, it’s obviously something that people are paying attention to. Here’s why you should consider tapping into this market for your own property management business.