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.
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?
With maintenance as one of the top activities for property managers, finding qualified, experienced and reliable contractors is essential. Unfortunately, it’s also easier said than done. Whether residential or commercial, properties must be tended to on a regular basis in order to remain profitable.
The workload of a property manager can seem never-ending. Whether it’s fielding calls from owners, handling complaints from tenants, making arrangements with contractors, and of course, all the administrative work that needs to be completed – the days can be downright grueling. And as the business grows, so does the volume of tasks. It’s easy to become overwhelmed and risk burning out. That’s where automation comes into play.
In today’s job market, not only is it difficult to find good employees, but it’s equally challenging to keep them. Modern workers are confident, aren’t afraid to ask for what they want and won’t think twice about moving on to greener pastures if another opportunity presents itself. As such, you may find yourself focusing more on staffing your property management company than you ever have before. To improve the chances of attracting, hiring and retaining top talent, here are a few things to keep in mind.
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.
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.
They say a picture speaks a thousand words and perhaps no industry is more impacted by that phrase than property management. Attracting attention to your properties is a fundamental part of ensuring that your company remains profitable, and it all starts with eye-catching images. After all, first impressions are everything. Does that mean you have to hire an expensive photographer? Not necessarily. In fact, there are things that even a novice can do to really make their photos “pop.” Here are a few of those things below.
Landing pages can do wonders for generating more quality leads for your property management company. But that’s not a guarantee. In order to produce results, your landing pages must be properly optimized for performance. How? Well, there are dozens of ways. First and foremost, however, you want to be sure your landing pages contain certain key elements that are critical to success. Let’s take a look at a few of these must-haves below.