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.
When you’re ready to kick off a vendor-guided software implementation, one important question to ask is ‘who should be involved’. For every property management company and every software application the answer could vary. But for an ERP there are some key choices for an implementation team that can facilitate the experience and ensure ongoing success throughout the lifetime of the relationship.
According to research conducted by Gartner, 75% of all software implementations fail. A new software ERP that fails to go live means that the time and money invested into selecting a system was wasted and the process needs to begin again. It also leaves teams who were excited for the additional support in their roles disappointed.
Positive reinforcement is one of 4 kinds of operant conditioning, also known as instrumental conditioning – a form of behavioral psychology popularized by B.F. Skinner. In theory, operant conditioning is essentially a method of strategic reward and punishment to shape future behavior. The term “conditioning” itself can be alienating to many people, but in practice positive reinforcement is a system of validation that’s meaningful to people on the receiving end.
Email is ubiquitous, it’s heavily relied on by businesses for internal communication, external communication, and marketing. There are expected to be 4 billion email users worldwide by the end of 2020 and that number is projected to climb to 4.3 billion by 2023. Adopting the right email practices can improve connectivity between teams, collaboration, and productivity while helping to foster positive work relationships.
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.
Internal communication is an indicator of overall cohesiveness within an organization. High level communication internally, leads to effective communication externally. More often than not, organizations succumb to communication silos, which can diminish internal collaboration and alignment between departments.
Deciding to invest in property management software is a big spending decision. Organizations need to ensure that they will see a significant return on investment. When evaluating a software platform, executives should heavily consider the system’s effect on internal communication, because the state of team connectivity and collaboration can influence performance in every other area of the business for better or for worse. Mismanagement of communication can result in a loss of up to $420,000 annually for small businesses and up to $62 million annually for large enterprises. The best property management software systems provide users with various clear, accessible, and integrated lines of communication.
There are many key factors to a well-performing business and high profitability, what you may not know is your team is one of those key factors. A highly engaged team can help to keep customers loyal and profitability up, which is one reason it’s important to keep a focus on your employee experience as well as your customers. Training, opportunity for growth, and regular feedback (both positive or negative) are key investments in your team, that when executed effectively build trust, create respect, and grow your bottom line.