Running a successful property management business involves projects, and lots of them. Without the proper structure and planning in place, however, these projects can easily end up negatively impacting your budget and your company as a whole. Good business practice requires that any and all projects be set up, monitored and managed properly so they don’t end up going off the rails. Here are four project management tips to help keep you on the right track from start to successful finish.
We’ve said it dozens of times before – the most important component of competitive advantage in today’s digital world is customer service. Coming in at a very close second, however, is technology. Customers these days have high expectations and demand increasingly fast, convenient and intuitive service. There’s simply no way a business can meet these demands and expectations without innovative technological tools.
The benefits of property management software are numerous. It can save your company time and money, boost productivity, help you maximize efficiency and enable you to do more with less (just to name a few). But understanding the value of PM software is really only half the battle. With a growing number of products available on the market today – each claiming to be the best – the real challenge often lies in choosing the right one for you. As with any business investment, you want to make sure you’re going in with eyes wide open and spend your money wisely.
In the property management industry, there is a fine line between being busy and being productive. It’s easy to become bogged down with all the little tasks that take your focus away from what’s most important. As a manager, it’s essential that you help your team make the most of their working hours. This starts with identifying what things might be standing in the way of maximum productivity. To get you started, here are six common pitfalls to be on the lookout for.
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.
Strong leadership is crucial to a high-performing, happy property management team. The problem is, the longer a person holds a position of leadership, the more at risk they become of losing touch with their direct reports. Being able to periodically take a few steps back, introspect and identify the signs can help you avoid a career derailment and get you back on track. Below are three signs to watch for that might indicate it’s time for a shakeup.
The most successful rental property managers know how to apply certain key skills to each unique situation they encounter. They are capable of handling whatever comes there way, can work with a wide variety of people at all levels and from all walks of life, and are able to manage even the most hectic schedule with ease. If you are considering a career in rental property management or expanding your existing portfolio of services to include rental properties, make sure you’ve got a good command of the following essential skill sets.
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?
Change is a natural part of business, especially in the property management industry. Oftentimes a company will reach a point at which strategic pivots are necessary, whether it’s in response to market changes, a new competitor on the horizon, to support growth initiatives or something else. How can you know when your business is ready to evolve into its next phase? Here are a few telltale (and not-so-obvious) signs to watch for.
We recently shared a post that included several tips on hiring ‘A-players’ for your property management company. But while hiring the right people from the start is certainly important, keeping them for the long-haul is equally, if not more critical. Otherwise, you’ll find yourself back at square one again and again.