With the economy finally recovering, now is a great time to sit down and figure out what your property management business is worth. Whether you plan on selling or not, it’s always good to have a clear, accurate and up-to-date picture of your company’s value. If you’ve never done a business valuation, this task can seem overwhelming. Here’s a step-by-step guide that should make the process a lot less cumbersome.
If you’re just starting out in the property management industry, gathering as many new clients as possible may seem like a wise idea. If you’ve been in the business for a while, however, you already know there are some clients who simply aren’t worth pursuing. Knowing what red flags to look for can help you avoid the hassle and headache of working with problem clients and keep your book of business running smoothly. Here are three types of clients to steer clear of.
As a savvy real estate investor, you’ve probably made sure that you have plenty of insurance coverage to protect your assets. But what about your residents? Renters insurance isn’t just a tool to save money for your tenants. It also saves time, money and aggravation for property owners.
The ability to negotiate effectively is a key element in establishing successful and mutually-beneficial business deals. Without strong and strategic negotiation skills, whether it’s with potential business partners, vendors, customers, or even employees, you’re likely to come out of a meeting with a deal that only satisfies a fraction of what you wanted. While not everything in business can be done completely on your terms alone, insufficiencies can have rippling effects on your goals for business.
According to Pew Research, approximately 10,000 baby boomers will retire from the workforce by 2030. This means there will be thousands of projected vacancies to prepare for within the decade, however research finds that only 35% of organizations have formal succession plans in place.
A positive work environment or workplace culture is a key factor in team performance, customer reception, and overall organizational success. People in management roles directly influence employee morale and job satisfaction, so it’s important that managers can, not only understand the job in terms of customers or functionality but step up and be leaders. As it turns out, most managers are promoted because of their skillset pertaining to the job, studies found that 58% of managers had zero training in managing people before taking on a leadership position.
When hiring a new employee, a manager’s first consideration when handed a CV or resumé is to look at previous job experience to determine whether the candidate has the skillset or background knowledge to preform as expected. What’s sometimes overlooked is a candidate’s soft skills, but when ignored it’s quite possible that the opportunity to bring onboard a valuable member to the team is missed. Placing weight on soft skills can help your organization cultivate a team that is cooperative and productive.
Many may not realize it, but the workspace your team is given can significantly impact their performance. Investing in a positive work environment means you’re investing directly into your business’s and employees’ success. From productivity and profitability to employee health and retention, the office environment is likely to play an influential role.