Any good marketer will tell you that not every prospect is worth pursuing. This is certainly true in the property management industry. Not every landlord or property owner will be worth investing your time and energy. To optimize your efforts, you should focus on the demographic that is both most likely to avail themselves of your services, as well as most likely to be a good, long-term client. Here’s how to identify and target these high-quality prospects.
A successful condo or homeowners association is one that is well-maintained and relatively conflict-free. It’s a community where the residents feel safe, heard and content. And it’s the job of HOA or COA management to ensure that this remains the case. Whether you are a newer association looking to set up some best practices or an older community that could benefit from an overhaul, the following tips are for you.
Keeping your rental properties is tip-top shape is the key to running a successful and profitable property management business. Not only does ongoing maintenance keep your tenants happy, but it can also help to prevent costly repair bills. As the old adage goes, “an ounce of prevention is worth a pound of cure.” In terms of rental property management, a few dollars in preventative maintenance can save you hundreds or even thousands down the road. It’ll also help you maintain a stellar reputation.
It doesn’t take much to destroy the trust of a tenant. Not only is the right to adequate privacy something that your residents want and deserve, but it’s also something that is regulated by law. To avoid accidentally crossing any boundaries and ending up in potential hot water legally, keep the following five tips in mind.
Nobody’s perfect, and property management professionals are no exception. Making mistakes is something that happens in business. Thankfully, those mistakes don’t have to be yours to make. By identifying and understanding some of the most common blunders made by property managers, you can hopefully sidestep them in your own career. Check out our list of the top five property management mistakes to avoid below.
One of the nicest things about residential communities is that they feature a diverse collection of personalities and opinions. Of course, this can also be one of the biggest challenges, particularly for association managers. In addition to their mountain of other responsibilities, community managers face the monumental task of keeping a melting pot of temperaments happy, all at the same time.
Like it or not, where there are neighbors, there will inevitably be disputes. Homeowner A doesn’t like the way homeowner B cuts his shrubs while homeowner C is growing increasingly annoyed by how loud homeowner D plays his music, and so on and so forth.
Residing in a community that’s managed by an HOA can have many advantages. Properties are typically well-maintained, safety is a top priority and there is usually access to several attractive amenities. That being said, however, there are some downsides to HOAs. In particular, conflict can sometimes arise. Let’s explore some of the most common HOA disputes and how to best resolve them.
Your business exists for two main purposes: to fill a customer need and to be profitable. As it turns out, these two goals can be attained collectively by investing into customer experience. Research confirms, time and time again, that organizations that have better customer service are profitable. A study conducted by Temkin Group found a moderate increase in customer experience warranted an average revenue increase of $823 million over 3 years for a company with an average $1 billion annual revenue.
Property managers have a lot of responsibilities but if they can’t effectively collect fees from their customers then they can’t do much else. While it may be cliché, it’s true – cashflow is the lifeblood of any business, so property managers find effective, efficient, and convenient methods to collect payments to enable growth, enhance customer service, and optimize planning.