According to a recent survey, one of the biggest challenges property management professionals face on an ongoing basis is keeping operating costs at a minimum. Obviously, the less you spend to run your business, the more profitable it will be, but knowing that and actually accomplishing it are two entirely different things. Thankfully, we’ve been at this for quite some time and have picked up a few expert tips and tricks along the way. Let’s take a look at a few areas where you can start cutting costs and run a leaner operation moving forward.
The term property management may seem simple, but it encompasses a vast number of duties and requires a variety of skills and expertise. In order to be successful, property managers must wear many hats, handling everything from customer service and maintenance requests to inspections, collections, legal disputes, emergencies and more. Considering these hefty demands, it’s easy to see why those in the industry strive to optimize their business practices as much as possible.
Toxic employees can drain all of the productivity out of even the strongest organization. Not only do they cause headaches for their managers and coworkers, but they can also make your customers unhappy, which could potentially impact your bottom line. The answer may seem pretty straightforward: just fire them. The problem is, many employees who exhibit toxic behaviors also happen to be extremely talented and have the potential to be a huge asset to their employer.
It may seem pretty straightforward, but making sure your property management company has more money coming in than going out is the fundamental foundation for success. As simple a concept as this may seem, however, it’s often easier said than done – especially when it comes to newer companies. Keeping tabs on income and expenses is the key to ensuring your business has the resources it needs to grow. That said, here are three specific tips for managing cashflow and reaching your goals.
Keeping customers satisfied is a given. Providing an amazing customer experience, on the other hand, is what will help make your property management company stand out from the competition. So what’s the secret? While there’s no magic formula for success, there are certain practices you can employ that will improve how your clientele feel about working with you (and in turn, increase the likelihood of getting some decent word-of-mouth referrals as well). Let’s take a look.
As a business leader, one of your most important tasks is keeping those who report to you happy, engaged and plugged in. But motivating employees who have different backgrounds, personalities, skillsets and struggles can be quite the challenge. Thankfully there are a few tried and true strategies that can typically be applied to any situation. Here are five proven methods for motivating everyone on your property management team.
Your website is the virtual front door of your business and often the very first impression prospective clients will get of your property management company. The problem is, the content contained within probably doesn’t change too much, and since SEO is based largely on fresh, relevant content, having a blog that you can update frequently is essential. In fact, your blog is what will draw people in and hopefully keep them coming back for more.
Just a few short weeks into the New Year, you may still be in the process of defining and setting your goals for the coming months. With a stronger economy and much optimism for the future, most property management organizations are striving toward becoming more profitable.
With the start of 2018 upon us, now is a great time to start thinking about what your strategy will be for the coming months. As you’re already well aware, marketing comes in a wide variety of options and not every approach will yield the kind of results you’re after. If you’re in the process of developing your property management marketing plan for next year, here are a few important things to keep in mind.
When it comes to running a successful business, nothing is quite as powerful as a well-oiled, highly productive team. What a group of skilled, dedicated and disciplined individuals can accomplish together is far greater than what any of them could do on their own. But great teams don’t always come together naturally. In fact, blending different personalities, abilities and agendas into a cohesive, high performing team can take a great deal of effort. If your property management company could use some improvement in this area, here are a few tips.