Think your property management company is too small to need a board of directors or advisors? The truth is, even smaller corporations and LLCs can benefit from the guidance of a well-compiled board. Not only can these folks help your business reach its goals, but having a board can also provide some decent financial incentives. If you’re still not convinced that this is a path worth exploring for your company, here are four things that might just change your mind.
A recent stat revealed that an incredible 93% of all online experiences begin with a search engine. Where your property management company ranks on those search engines can mean the difference between success and mediocrity. This is why search engine optimization (SEO) is so important. But what if you’re just starting out and have a limited budget to work with? The following SEO tricks are both simple and, more importantly, cheap to implement.
Is your property management company ready for the next step? Is growth consistently on your radar? Maybe you know it’s time to start expanding, but are unsure of which direction would make the most business sense. When it comes to growth, the options are many. To follow are five strategies that might help get you from where you are today to where you aim to be tomorrow.
Over the next 20 years, 3 out of every 4 homes will be broken into. And while as a property manager, you may not be responsible for replacing a tenant’s stolen belongings, you are expected to provide residents with a dwelling where they can feel safe. In fact, home security is an important factor for many when deciding on a rental property, which means investing in the safety of your residents could give you competitive advantage over other property management firms. Here’s how to do so without going broke.
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.