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.
The property management industry can be a lucrative one, but it’s not without its challenges. Property managers must draw on a variety of skills in order to overcome those hurdles and provide the exceptional service that will enable them to compete. The more you understand the issues you may encounter, the greater the likelihood of achieving sustainable success. Let’s take a closer look at a few of the universal challenges property managers face and what you can do to conquer them once and for all.
Raise your hand if you’ve set goals in years past but fallen short of accomplishing them. If your hand is up, you’re in good company. The fact is, keeping resolutions and following through on goals can be challenging – especially if those goals are ambitious. As we enter a New Year, now’s a great time to not only set some important objectives for your property management company, but also get a plan in place that will improve the chances of ending the year with a check mark next to each of them.
Growth is almost always on the list of priorities for property management companies. Without the right planning and execution, however, your organization will face the real risk of either growing at a slower rate than it’s capable of or not growing at all. Either way, your profitability will suffer as a result. But where to begin?