You cannot be successful in property management if you don’t have enough occupied properties to manage. But keeping vacancies as low as possible can be quite challenging, particularly in heavily populated areas where there are plenty of options for renters to choose from. A solid marketing strategy can help position your properties in the best possible light and increase your rental and retention rates. Here are a few tips from our experts to get you started.
Good financial practices are a critical component of success in any business, including property management. Accurate numbers enable timely and data-driven decision-making. The more soundly you run your business, the more your clients will grow to trust you, which means greater longevity and a better bottom line. Let’s take a look at five best practices to not only keep your books in the black, but also maximize profits as much as possible.
A barrier to entry is an obstacle a business must incur to enter a marketplace. Barriers to entry can vary from one industry to the next. The property management industry boasts an overall low barrier to entry which enables higher market saturation. Because of relatively easy entrance into the industry, there are over 280,000 property management companies operating in the US and more than 31,000 are active in Canada, meaning the number of industry competitors in North America exceeds 300,000.
The property management industry is unsurprisingly a competitive across North America. More and more companies are popping up and crossing industry verticals, serving mixed portfolios therefore giving existing businesses a run for their market share. According to Statista, the property management industry dipped from reached $75.82 billion USD in 2019. With a low barrier to entry and high opportunity it’s no surprise the amount of new businesses entering the industry. Currently there are hundreds of thousands of active property management companies across North America.
In a 2018 survey, approximately 26% of property management companies indicated that growth was a challenge they faced. To help expand their portfolio, organization’s can focus on improving brand recognition, credibility, and trust. By developing a recognizable brand, prospects deciding between your company and a competitor will have more reason to choose your company based on feelings of familiarity and trust.
User-generated content (UGC) is content that promotes a brand that is created independently by customers not commissioned by a company itself. UGC is created by consumers and customers who genuinely believe in a product or service. The type of content created can range anywhere from websites, blogs, photos, videos, testimonials, or social media posts.
Having vacancies for too long can be bad for business, they can reduce cashflow, customer satisfaction, and employee morale. No matter how well you advertise or how well you maintain your customer relationships there will be turnover and vacancies. While it’s less than ideal, it’s not an impossible situation, here are 5 strategies to reduce the time units spend vacant.
Mobile CRM (customer relationship management) technology is a platform that enables frontline staff to conveniently access CRM software and functionality from any internet-enabled mobile device from smartphones to tablets. The CRM market has experienced unprecedent growth globally, by 2023 Satista projects the CRM software market to grow $40.26 billion USD. Mobile CRM allows remote workers to interact with customer and prospect data to execute from marketing and sales to customer support.
The state of the environment impacts business and business impacts the environment. As environmental concerns become more dire, customers are more concerned about how their spending decisions effect the planet. A 2018 Futerra survey found that 88% of customers want businesses to help them achieve a more sustainable lifestyle, but 43% of respondents said that businesses make it harder to live sustainably.
Extended reality refers to all the immersive technology or new realities. The relatively new technology marks a point of disruption in the world of real estate and property management.