We may already be well into 2019, but it’s never too late to start thinking about innovation. In fact, even if you haven’t had the time, energy or direction to create a business strategy yet, it’s entirely possible to do so - even this late in the year. And don’t worry – you’re certainly not alone. Many other property management company owners and leaders are finding themselves in the same boat. The good news is, you can right your ship today by focusing on the following three areas and some do’s and don’ts for each.
Some of the most valuable property management leads come from customers you’re already doing business with. And that’s not just something we’re pulling out of thin air. The numbers support it as well. Not only does a referred customer have a 16% higher lifetime value than a customer acquired through other avenues, but they can be acquired without having to spend a single dime on advertising or marketing. Of course, asking for referrals isn’t always easy. In fact, if it’s something that doesn’t come naturally to you, it can feel downright uncomfortable. Not if you have a plan, however. Let’s take a look at a few ways you can get more referrals without going too far out of your comfort zone.
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.
One trait that top employers have in common is that the people who work there trust and enthusiastically follow their leaders. They are happy and engaged. And the research is unequivocal. When employees are happy and engaged, the whole business benefits. To get there, you need leaders in place who are strong, trustworthy and human-centered. Not sure how to identify these traits? Here are five specific things to look for.
2019 is looking to be another busy year for property managers. Marketing vacancies, prepping units, showing properties and completing the seemingly endless pile of paperwork can be stressful, but not as stressful as gaps in tenancy. This year, it may be helpful to adjust your approach from trying to get your properties re-leased to instead working to get current tenants to stay. To follow is a five step plan to increase your lease renewals over the next several months.
Who is the best sales rep in your property management company? Would you be surprised if we told you that person may not even be on the payroll?
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.
You’ve worked hard to get your property management business to where it is today, but what happens once you’ve reached a plateau? Is it time to start focusing on growth, and if so, what’s the best way to approach that goal?