Property management can be a very rewarding and profitable career. It can also be chaotic. Between fielding phone calls and responding to emails, processing applications, scheduling maintenance, following up with clients and the million other things you’ve got on your plate, chances are you’re feeling exhausted by the end of each day. Over time, this can lead to dissatisfaction and unhappiness, which can spill over to your clients and colleagues.
In theory, things like facts and logic may seem like enough to manage others in the workplace. The reality is, people are most often led by their emotions. For that reason, it’s important that those in leadership positions within your property management company develop and nurture skills for guiding and influencing rather than just directing.
When it comes to running a successful property management operation, one thing remains constant: maintenance. It’s a necessary evil. And it doesn’t come cheap. Yet, there are plenty of benefits that come as a result. In addition to the obvious advantage of having readily-available, fully operational properties to generate revenue, investing in preventative maintenance can lead to significant, sustainable cost savings.
In the past we’ve shared plenty of resources about the importance of developing a strong company culture. We’ve even shared some tips on how to create such a culture within your property management company. But what about leaders? What role do they play in nurturing the culture of your organization? In fact, those in leadership can have a significant impact on how the rest of the company feels, acts and believes. The key is to use that influence for good. Here’s how.
These days, more and more organizations across just about every industry are leveraging automation technology to streamline operations, cut costs and maximize productivity. Automating manual tasks is a fast and straightforward way to achieve these goals, and it’s something that can deliver specific benefits to the property management industry. If your company has not yet implemented automation, here are five advantages that might convince you it’s time to take the plunge.
A lot of weight is being placed on marketing properties and property management services to millennials, and for good reason. These young up-and-comers are in the process of taking over the marketplace. But that doesn’t mean you should give up on the older generation. To the contrary, many Baby Boomers are at a transitional stage in their life when renting property is the ideal option. That said, here are a few ways you can better reach, connect with and market to this demographic.
When the folks at Oracle asked leaders of some of the fastest growing companies what they felt the biggest obstacle to business expansion was, the top answer was inability to manage fast growth. The ability to scale came in at a close second. Thankfully, these things can be overcome. The key is the ability to recognize when a business is ready to take that next step so that the inevitable twists and turns can be accounted and prepared for in advance. That being said, here are five signals that your property management business may be on the path to growth sooner than you think.
As a property manager, one of your biggest tasks is keeping your properties at capacity. To do this, you must find a way to attract quality tenants who are likely to stay for a long time, thereby improving cash flow and reducing turnover. All of this begins with your property listings. How can you make your rental listings more attractive so they stand out from all the others and draw in those quality applicants? Easy. Just show them your properties have something the others don’t. Here are five smoking hot amenities that tenants are looking for today.
There are a number of reasons why a business might choose to use Excel for functions like accounting, reporting and even CRM. Many of those reasons may very well have been valid, at least initially. After all, Excel is certainly user friendly and most definitely much cheaper than purchasing dedicated software. Unfortunately, the negatives almost always far outweigh the benefits. In fact, using this program may actually be placing your property management company in harm’s way.
Given the saturation of the property management industry, it’s critical to stay on top of how your company is performing in comparison to your peers. The most effective way to do this is by tracking your key performance indicators (KPIs). But with so much data to weigh how can you know which factors are most important to keep track of? To make it easier, we’ve done a bit of legwork on your behalf. To follow are five essential metrics that will help you measure your property management company’s success.