These days, people turn to the internet for almost everything. And when they’re considering buying a product or paying for a service (like property management), one of the first things they’ll typically check is the online reviews. It’s a convenient and, for the most part, trustworthy way to determine whether a particular company is worth doing business with. For this reason, it’s essential that you proactively manage your online reputation. Here’s what we recommend.
Managing properties often involves managing people to some degree – at least when it comes to keeping the peace. Conflict is a part of life and when people with different values, lifestyles and personalities reside in close proximity of one another, there are bound to be occasional issues. Here’s how to handle these situations in an objective, professional and positive manner.
The commercial properties in your portfolio are only as good as the revenue they produce. Commercial property management isn’t a “set it and forget it” venture. You have to be proactive about filling vacancies and providing exceptional support and service. Are your commercial properties as profitable as they could be? Let’s explore three key ways to improve property and portfolio performance and increase your ROI.
Defining and tracking key performance indicators – or KPIs – is one of the most effective ways to leverage data for the improvement and growth of your property management business. KPIs also enable you to determine your budget for things like marketing activities, as well as helping to make more informed decisions about the future. Let’s look at the four most important KPIs for the property management industry below.
Screening prospective tenants is one of the most important functions of a landlord or property manager. If you can weed out the bad apples in advance, such as those who might have the propensity to not pay their rent or damage your property, you can save yourself time, money and aggravation in the long run. That being said, there are a number of myths and misconceptions surrounding the process of tenant screening. Let’s take a look at a few of these so you’ll know what to avoid.
Communication is an essential component of being an effective property manager. Not only will it enable you to build rapport with your residents, but that relationship will allow you to better understand issues, set expectations and resolve disputes. Unfortunately being a good communicator isn’t a skill that comes naturally to everyone. Whether you struggle in this area or could just use a little improvement to your existing skills, here are a few tips to keep in mind.
To say the property management business can be chaotic is an understatement. Property managers were dozens of hats and are being pulled in multiple directions at any given moment. From showing units and screening tenants to managing maintenance requests to running reports and balancing books, there’s never a dull moment in our industry. Thankfully, there are some areas where precious time can be saved and optimized. Let’s take a look at four things to focus on below.
Managing a few residential properties is one thing, but when you start expanding your portfolio to add other property types, such as commercial properties and community associations, the process becomes much more complex. That’s because each sector comes with its own unique needs. Below, our property management experts share some advice on how to overcome the three top challenges that come with managing a multi-faceted portfolio.
One of the most important jobs of an HOA manager is maintaining a balanced budget. Accountability and transparency for every dollar spent are critical to a successfully run community. Fortunately, financial management doesn’t have to be a major hassle. Here are some steps to help you stay on or below budget every time.
New to property management? With so many moving parts, it’s easy to feel overwhelmed. But given the level of competition in the industry, being at the top of your game is essential to your survival. To give you a better foundation for success, here are a few best practices as shared by our team of experts.