The main goal of most property management companies today is to grow and increase revenue year over year. Achieving this requires an “all hands on deck” approach, through which every employee must give it their all. But working efficiently doesn’t necessarily come naturally to everyone. In fact, developing a workplace efficiency plan and training your team is just as important as hiring well and adopting the right technologies. So, how can you boost your team’s productivity without creating a stressful environment in the process? Give the following tips a try.
Regardless of whether you’re new to the property management industry of you’ve been in the business for decades, you’re inevitably going to reach a point where you need more clients in order to grow. But with hundreds of other property management companies to compete with, getting the attention of property owners can be challenging.
Are you an innovator? Perhaps. But as with any soft skill, being one and recognizing that ability in others are two different things. As a property management leader, part of your job is to find new or improved ways to do business. Having a tribe of like-minded individuals also championing this cause is a much better way to achieve your company goals, but you have to find those individuals first. So, if identifying innovators isn’t your strong point, here are a few tips to guide you in the right direction.
Let’s face it. We live in a chronically distracted society. These days, it seems everyone has their nose in their smartphone or, at the very least, is constantly checking to make sure they stay connected. This can make it much harder for marketers to reach their target audience because they are just not as tuned in. Thankfully, there are strategies to overcome this modern hurdle and get your property management marketing message in front of even the most inattentive prospects. Let’s take a look.
When it comes to running a successful business operation, everyone knows that time is money. The property management industry is no exception. If your workers aren’t optimizing the use of their time, it could easily be hurting your bottom line. Over the years, we’ve shared plenty of advice for boosting productivity, but today we’re going to really get down to business with some science-backed strategies that have been proven to get good results.
As a property manager, you’re probably well aware of the many things that are out of your control. You may have tenants who decide not to pay or make poor decisions. Or, you may have accidents happen at one or more of your properties. Either way, when these things happen, revenue inevitably takes a hit. But while it’s not possible to avoid all of the risks you face as a property manager, there are certain things you can do to manage that risk in a way that mitigates damages and improves debt recovery. To follow are a few such strategies.
Many property managers today rely solely on a prospective tenant’s credit score to determine suitability. Unfortunately, most learn the hard way that this practice often comes back to bite them in the long run. At the end of the day, a person’s credit score is just a number and it doesn’t necessarily reflect other important factors, such as how they behave behind closed doors. And since this individual is going to potentially be living in the property you manage, that last part is pretty important. Let’s take a look at a few tenant screening policies that will help you better assess a prospect’s rent-worthiness.
In a competitive industry such as property management, chasing after growth can seem like an impossible feat. But with the right approach, a positive outlook and a little bit of creativity, it’s entirely possible to expand and bring your property management company to the next tier. Here are a few smart strategies that will help you achieve your growth goals year over year.
Employee turnover is a fact of life. The truth is, sometimes, despite your best efforts, a top performing team member may eventually move on in pursuit of a better opportunity. Unfortunately, paying top dollar to replace them isn’t always an option. A more cost-effective way to manage staff turnover is to promote from within. The good news is that with the right approach, you can take mediocre workers and turn them into property management superstars. Here’s how.
Almost all successful businesses have one thing in common: order. There is a place for everything and systematic, well-documented business practices to follow for the work that has to be done. Perhaps there is no industry that can benefit more from this type of order than property management. Developing and refining workflow processes for each task can ensure that every aspect of the business operates smoothly and at maximum efficiency. Here are five specific benefits of creating business workflows within your organization.