An AGM (annual general meeting) is a mandatory meeting held between a condo corporation and its owners/shareholders. According to the condominium act, at least 25% of owners need to attend their AGM, either physically or by proxy, to reach quorum. If quorum isn’t reached, AGMs are delayed until enough people can attend.
In multi-family residential complexes, interpersonal friction between owners and tenants isn’t uncommon. In 2019, people spent an average of 2.8 hours of their week in conflict with someone else. Whether they are minor disagreements, noise complaints, or neighborly spats, it’s important that property managers are able to minimize altercations as soon as possible by deescalating tensions.
One of the hard realities of property management is that sometimes you have to be the bearer of bad news. It’s important that property managers maintain a positive relationship with their tenants so, delivering negative news can be intimidating. No one ever wants to be in the position of telling tenants about rent increases, large maintenance projects, or repair issues. Ideally, property managers will rarely have to deliver this kind of news, but when they do, it’s important to be tactful and honest.
An HOA board of directors is the governing body of a residential community. The purpose of an HOA board is to make and oversee decisions regarding community assets and regulations. Most HOA boards are non-profit organizations where each board member serves based on trust. Fiduciary duty requires board members to uphold that trust by acting in the best interest of the community.
Texting may seem too casual for businesses to engage in but sending alerts to owners and tenants via text message can be more effective than any other form of digital communication. As long as contacts aren’t being overwhelmed by the volume of texts being sent and property managers have explicit consent to contact owners on their cell phones, text messaging can be very beneficial.
The on-demand economy has been on the rise for over a decade, growing with the popularity of Uber and Airbnb. Since 2008, it has brought in billions of dollars from consumers who want instant access to services. Over 42% of Americans have used on-demand services, a number that research suggests won’t be slowing down anytime soon.
The purpose of professional networking is to build business relationships within the parameters of your industry. In-person networking has stood its ground despite the growing popularity of social networks that facilitate professional networking online like LinkedIn.
Email marketing is one of the most effective forms of direct engagement, it’s more than twice as effective as social media marketing. With over 246 billion emails being sent every day, 79% of Americans want marketing emails to be more tailored to their interests. By implementing a segmentation strategy, the ROI of email marketing can grow up to 77%.
Going into 2020, customer service is a top-of-mind focus to virtually every organization today. According to a 2019 HubSpot Report customers’ voices are more powerful than ever before. With more resources and outlets available, customers are increasingly inclined to share their opinions. HubSpot found that 87% of people trust reviews and recommendations and factored them in their spending decisions.
Owner portals extend property managers’ ability to serve customers beyond business hours. According to an ApartmentRatings and StatisFacts report, the importance of property management portals reached an all-time high in 2019. The report shows that owners highly value portals because they centralize maintenance, payments, and community in one location.