It’s that time of year again – hurricane season. For property managers, this can be a particularly nerve-wracking time filled with worry over whether your properties will make it through without any costly damages. Taking proactive measures to prepare your properties can help protect the owners’ investment and keep residents and their belongings safe and sound. If any of the properties you manage happen to be located in an area where hurricanes may occur, here are a few tips to keep in mind.
There comes a time for many business owners when they have to decide whether to keep their business or sell it to the highest bidder. Whether you’re nearing retirement and don’t have an heir to take over, you’ve lost your passion for property management, or you’ve just reached the point where selling makes the most sense, there are certain best practices that can help make the process smoother and less stressful. Let’s take a look at five of those steps below.
Ever wonder how some people always seem to come up with great ideas? The thing that almost always sets these individuals apart is the way they manage their time and stress, both of which can stand in the way of creativity. Specifically, they divert at least some of their time and energy away from focused thinking. The truth is, being hyper-focused may be great for productivity, but it’s terrible for creativity. And since creativity breeds innovation, which is critical to your property management company’s ongoing success, fostering this skill is essential.
One of the most important tasks of being a leader is making decisions. On any given day, you may be faced with dozens of different choices, many of which will inevitably have a significant impact on your property management company and those who work within it. The more decisions you make – especially the big ones – the more you may feel your energy being tapped. This is a common situation known as decision fatigue, and it can be downright exhausting. If you’re struggling with this, here’s how to boost your willpower and overcome decision fatigue once and for all.
There comes a time in every landlord or property manager’s career when raising rental rates becomes necessary. Whether it’s due to the going market, higher taxes or insurance costs, rising expenses for property upkeep or something else, increasing the rent can be an uncomfortable task. Especially if you’re concerned that doing so may drive good tenants away. With the right approach, however, this process can be a smooth, positive and uneventful one. Here are a few expert tips to keep in mind.
The pressure to fill a vacant property can lead many property managers to cut corners and miss red flags. It’s important to remember that finding a tenant is only half the battle. Locating (and keeping) quality tenants is the key. That’s why thorough screening is so critical. Otherwise, you could end up in a worse situation than you are now. But what happens if you have a prospect that isn’t honest on his or her application? The good news is, there are ways you can spot fake references right away, saving you time, money and aggravation in the process. Let’s take a look at a few of these strategies below.
According to Pew Research, 88% of adults ages 18 to 29 use social media regularly. Among those ages 30 to 49, that number falls slightly to a still-impressive 78%, and then to 64% for those aged 50 to 64. In fact, even 37% of those aged 65 and older are using social media. The numbers don’t lie. Social media has become an integral part of our lives. And regardless of what age group you are trying to connect with as a property manager, it’s clear that social media should be a part of your strategy.
Running a successful property management business involves projects, and lots of them. Without the proper structure and planning in place, however, these projects can easily end up negatively impacting your budget and your company as a whole. Good business practice requires that any and all projects be set up, monitored and managed properly so they don’t end up going off the rails. Here are four project management tips to help keep you on the right track from start to successful finish.
When it comes to running a successful property management business, there’s a lot to consider. For instance, there’s maximizing client experience, streamlining operations, managing staff, increasing revenues and more – all while keeping expenditure as low as possible. It’s a challenging feat, to say the least. Fortunately, technology can make things infinitely easier, enabling you to automate tasks, avoid errors and optimize your end-to-end processes for a more efficient business model.
Running, managing or even just working at a property management business can be stressful. With so many different tasks to keep track of, deadlines looming and the pressures of such a competitive industry weighing on your shoulders, it can feel like a never-ending battle. To assess the current landscape, the folks at Unicom recently conducted a survey of 100 property managers. Here’s a rundown of what participants said their biggest challenges are today.