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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

6 Reasons Property Managers Should Cash In On Maintenance

Posted by Angelica Diaz

Maintenance is inevitable in the property management industry and every company takes a different approach to managing areas that fall within the maintenance realm. All these elements that demand attention, require different skill sets to be managed effectively, which often results in partnering with contractors to do the job. However, contractors can be expensive and run up costs.

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Topics: Property Management, Profitability, Maintenance

6 Elements to Understanding the ROI of Your Team

Posted by Mitchell Vinnitsky

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.

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Topics: Property Management, Business Growth, Employee Satisfaction, Budgeting, Economics, Profitability

Price to Profitability for Property Management Companies

Posted by Mitchell Vinnitsky

Research shows that pricing is the element of the marketing mix with the greatest impact on profitability, in one study a 5% price increase led to an average 22% increase in earnings. While it might seem obvious, your profitability depends heavily on your service fees and product pricing. If prices are not optimized, organizations often end up selling themselves short, cutting out the opportunity for profits. On the other hand, if prices are set too high, profits can be put in jeopardy due to overselling your value. Pricing is a delicate balance, so here are a few considerations for companies reviewing their rates.

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Topics: Productivity, Property Management, Business Growth, Profitability

Growth vs Profitability: Does your Business Need to Pick a Lane?

Posted by Mitchell Vinnitsky

When small to medium sized property management companies are looking to strengthen their industry foothold whether they’re just starting out or revaluating their strategy, businesses often have to choose between growth or profitability focus. Because of the crowded nature of the property management industry, selecting one or the other can be particularly daunting, so it’s important to think long and hard about the best option for your company.

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

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