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.
There’s a lot of talk about how we, as property managers, can help our clients. What we don’t talk about nearly enough is how our clients can actually help us. Customer feedback is necessary for healthy growth and it’s a reliable way to discover what’s working with your business (and more importantly - what isn’t).
These days, there are lots of different ways to interact with people, from Slack and texts to emails, calls and good old face-to-face. Regardless of your preferred method, however, in order for you to be effective, your communication skills must be strong. In fact, how well you communicate – either with your colleagues or your property management clients – can impact efficiency, trust and ultimately your future success. That being said, here are five essential communication skills everyone should master.
Leading a successful property management company is no easy feat. There are literally dozens if not hundreds of things on your to-do list and people in every direction vying for your attention. This can make finding the time to set and achieve goals seem next to impossible. The good news is, with the right approach, you can not only plan for success in the coming months, but absolutely crush your objectives in the process. Here’s the secret formula.
You probably already know that in order to maximize occupancy, you need to make your properties stand out. But coming up with marketing tactics that set you apart from all the other property management companies can be challenging. The good news is, thanks to an ever-increasing number of channels, there are more ways than ever to reach your audience. That means there are also a variety of different strategies you can take that will help catch the eye of your ideal tenants and reel them in.
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.