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.
Whenever a business model includes third parties, the risks associated with that business go up. Such is the case with property managers. When you’re managing other people’s properties and some or all of those properties are being occupied by tenants, your business will automatically be exposed to risk in a variety of ways. For instance, there’s a chance a resident’s negligence could cause a fire, or that a renter may skip out on the last few months of their lease, leaving you holding the bag financially.
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.
How quickly does your sales team move when a new lead comes in? You may be surprised to learn that the average lead response time for many companies is almost 47 full hours. While this turnaround time may have been acceptable in the past, in today’s fast-paced digital world, it’s simply not sufficient. If you want to convert your property management leads into paying clients, timing is everything. Just how important is speed to conversion? Let’s take a look.
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.
As a property manager, one of your biggest goals is growth, and one of the best ways to achieve that objective is to find new clients. Of course, this is often much easier said than done, especially if you’ve been in the business for a while. Creative marketing can help position your brand in front of more prospects, improving the chances of converting them to paying customers. And if you do it correctly, it can also help differentiate your company from the competition. But how? Here are a few innovative ideas to get you started.
One of the greatest innovators of our time, Albert Einstein once said: “If at first the idea is not absurd, then there is no hope for it.”
The digital age has fundamentally changed the way people engage with brands. This is true across just about every industry, property management included. Today’s business leaders are recognizing the need to evolve in order to meet the changing expectations of customers. One of the easiest and most effective ways to accomplish this is to invest in a comprehensive property management software solution that is designed to maximize service and drive more efficient organizational performance.
Did you know that hourly employees make up 59 percent of the workforce? That equates to about seventy-eight million people. There are a number of advantages to hiring hourly vs. salaried workers, including the ability to better control costs and save on benefits. Yet, despite the fact that the pool of candidates is so vast, hiring and retaining quality hourly staff can be a remarkably challenging undertaking. If you’re interested in leveraging an hourly workforce for your property management company, here are a few tips to help make the process easier and more productive.