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5 Tips to Improve Tenant Retention

Posted by Mitchell Vinnitsky

Minimizing turnover in your rental units does more than just keep money flowing on a consistent basis. It also helps to reduce the other costs associated with vacancies, including cleaning, repairs, advertising and showings. But renting out your units is only half the battle. It’s finding those good tenants and keeping them for the long term that’s the real key to success. Whether you’ve struggled in this area or would just like to make sure you’re maximizing your efforts, here are five pro tenant retention tips.

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Topics: Productivity, Technology, Property Management, Customer Service, Tips, Business Growth, Engagement, Leasing, Profitability

5 Finance Tips to Keep Your Property Management Business Profitable

Posted by Mitchell Vinnitsky

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.

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Topics: Productivity, Technology, Property Management, Tips, Branding, Sustainability, Profitability, Real Estate

5 Simple Tips for Tracking and Managing HOA Violations

Posted by Mitchell Vinnitsky

Dealing with violations is an essential part of HOA management, and depending on the size of the community, it can be quite a tedious task. This is especially the case if you’re recording and updating violations manually. Developing a system and utilizing the tools and technology available today can simplify the entire process and make this necessary task much more manageable. Here are a few tips to get you started.

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Topics: Technology, Property Management, HOA, Profitability

How to Become a Property Manager – 4 Steps to Success

Posted by Mitchell Vinnitsky

Property management can be a very lucrative field. According to the Bureau of Labor Statistics, individuals in the property, real estate and community association management professions earn an average annual salary of just under $60k, with potential to make far more. If you’re considering a career in this industry, the best way to set yourself up for success is to plan ahead. Here are a few tips from our experienced team.

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Topics: Productivity, Technology, Property Management, Business Growth, Profitability

5 Simple Maintenance Tips to Keep Your Rental Property in Excellent Shape

Posted by Mitchell Vinnitsky

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.

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Topics: Technology, Property Management, Customer Service, Business Growth, Rentals, Profitability

5 Ways to Grow Your Rental Property Portfolio in 2021

Posted by Mitchell Vinnitsky

Rental property ownership can be a very lucrative investment, but as your business expands, finding additional properties that fit with your long-term goals can become increasingly challenging. To improve your odds of landing the best properties before your competitors do, here are five resources you can leverage.

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Topics: Productivity, Technology, Property Management, Tips, Business Growth, Profitability

How to Enable Goal Progression at Work

Posted by Angelica Diaz

Internal business goals are dynamic. Strategy, time, data, and labor are poured into establishing achievable goals for an organization, whether it’s company-wide, departmental, or individual. Sometimes even with all the data on their side, companies don’t reach their goal within the projected timeframe. When this happens, it can be disappointing for everyone involved, but it should not be less motivating. In fact, missed goals are an opportunity for teams to leverage retrospective failures, shaping new goals and outlook.

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Topics: Productivity, Blog, Technology, Property Management, Tips, Communication, Profitability

5 Simple Steps for Successful Succession Planning

Posted by Mitchell Vinnitsky

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.

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Topics: Property Management, Communication, Business Growth, Hiring, Profitability, Business

4 Reasons Why You Should Focus on Customer Service to Drive Profitability

Posted by Mitchell Vinnitsky

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.

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Topics: Productivity, Property Management, Customer Service, Budgeting, Customer Satisfaction, Profitability

How Capitalization Rate Provides Insight into Your Properties

Posted by Tricia Gopi

The capitalization rate, sometimes referred to simply as the “cap rate,” is a concept that’s fundamental for anyone buying into real estate for commercial purposes. The cap rate is used in real estate investing to provide a clear ROI of properties. It’s typically depicted as a percentage and its value can vary over time.

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Topics: Productivity, Property Management, Tips, Business Growth, Budgeting, Economics, Profitability

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