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.
A barrier to entry is an obstacle a business must incur to enter a marketplace. Barriers to entry can vary from one industry to the next. The property management industry boasts an overall low barrier to entry which enables higher market saturation. Because of relatively easy entrance into the industry, there are over 280,000 property management companies operating in the US and more than 31,000 are active in Canada, meaning the number of industry competitors in North America exceeds 300,000.
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.
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.
Cutting costs is one effective way for property management companies to turn revenue into profits, but eventually, they’ll run out of costs that can realistically be cut. Another option can be to raise prices but at a certain point, raising prices can alienate customers and increase churn. A third strategy for increasing profitability is to monetize additional services provided by your organization. This method grows revenue without a significant increase to operating costs.
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.
Manual data entry of hundreds of numbers every day can make accountants and administrators more susceptible to errors. Data entry of invoices, bank details, account codes can be stressful, it’s very easy for numbers to become distorted especially when being inputted repeatedly. When mistakes are made in accounting the result can be inconsequential or cause a domino effect impacting the result of numbers and books.
Automation is sometimes a scary word, often associated with robots and dystopian future. There’s a common fear that automation and robots will take over jobs and displace people which is actually not what technology is on track to do. Less than 10% of jobs can actually be fully automated, however automation can be a great help to office workers when leveraged by companies to help improve their staff performance and overall reputation.
As your property management grows in terms of portfolio size, staff, or revenue, it is increasingly important to have the right protocols in place, especially within the accounting department to ensure that every transaction, task, and process is done consistently and securely. Organizations with data monitoring controls in place had 54% less loss than other organizations and more than 50% faster detection time. Internal controls and compliance protocols regulate workplace transactions and avoid internal errors by minimizing the risk of fraud by maintaining data integrity as well as user accountability.
Having vacancies for too long can be bad for business, they can reduce cashflow, customer satisfaction, and employee morale. No matter how well you advertise or how well you maintain your customer relationships there will be turnover and vacancies. While it’s less than ideal, it’s not an impossible situation, here are 5 strategies to reduce the time units spend vacant.