It’s no secret that the economy is a fickle thing. One year you may be raking in the profits, the next you could be struggling to keep the lights on. While there’s no way to prevent economic downturn, there are things you can do proactively to ensure that if and when the market starts to go south, your property management company will be well prepared to ride out the storm. Here are a few tips for protecting your business so you’ll not only survive, but even thrive despite the grim market conditions.
As a property manager, maintenance requests are part of daily life. Even the best-kept property will inevitably require some type of attention from time to time, whether it’s a routine service call or an unexpected repair. Having a plan in advance for how you will handle these requests can minimize stress, move things along more efficiently and ensure that your tenants stay happy and loyal. If you haven’t yet done so, here’s a simple strategy to make the property maintenance process a breeze.
Are you an innovator? Perhaps. But as with any soft skill, being one and recognizing that ability in others are two different things. As a property management leader, part of your job is to find new or improved ways to do business. Having a tribe of like-minded individuals also championing this cause is a much better way to achieve your company goals, but you have to find those individuals first. So, if identifying innovators isn’t your strong point, here are a few tips to guide you in the right direction.
Your property management website is capable of being so much more than just a placeholder for your business on the web. When properly optimized, your website can take visitors and turn them into qualified leads. Of course, all businesses want these results, but most fail to implement the appropriate measures to actually make it happen. If you want to turn your website into a conversion machine that will get you more engagement, inquiries, referrals and new clients, here’s what you need to do.
When it comes to female talent, the stats don’t lie. Not only do companies with an equal proportion of women to men outperform their counterparts, but studies have consistently shown that female executives are much more effective at reducing company expenditure. Better performance and lower costs mean a better bottom line for your property management company. Yet, attracting top female talent isn’t always as easy as it may seem. If you’re looking to balance the scales a bit, particularly in your C-Suite, here are a few tips to keep in mind.
With buzzwords like IoT, Mobility, Business Intelligence, End-to-End Integration, Sustainability and Proactive Management flying around almost every industry these days — including property management — it’s getting a whole lot easier to argue the case for why you need property management software.
Never too high, never too low
You probably already realize that there’s a delicate balance to be achieved in pricing your rental units to ensure long term profitability. You don’t want to charge too much for rent, because it will make it more difficult to fill vacancies and will cause an increase in tenant turnover when leases are up. Turnover costs you money, as does having a unit sit vacant. At the same time, you don’t want to charge too little and leave money on the table — or worse, lose money on a unit or property.
It’s no secret that there is a lot of competition in the property management field. But as they say, a little competition can be healthy. It keeps you striving to perform at your best. However, when it comes to winning over new property management clients, the key is to convince them that you are the best. Here are a few ways that you can do just that.
In last week’s blog post, we reviewed the challenges that existing condo and multifamily communities face in their efforts to accommodate the growing number of electric vehicles on the road, while looking ahead to these challenges being compounded once autonomous vehicles hit the mainstream.
It’s clear that the landscape of personal transportation is rapidly evolving in most major urban centers from coast to coast. This is largely driven by the Millennial generation, who place less importance on car ownership and are looking for ways to be both fiscally and environmentally responsible — which includes turning to such transportation alternatives as:
1. Electric and Autonomous Vehicles
2. Bicycles & Scooters
3. Car & Bike Sharing Services
4. Walking & Public Transit