Admittedly, the property management industry has been somewhat slow to respond when it comes to technological advancements. The uncertainty and disruption of this past year, however, has pushed many businesses out of complacency and forced them to look for creative ways to remain profitable.
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.
There are many metrics property management companies can use to pinpoint the value of their business, increase the profitability of their service, and decrease costs to their operation. Leveraging software that facilitate these measurements or regularly run property management reports allow organizations to actively improve or maintain profitability and increase cashflow to continue to grow their business. Collecting and analyzing data are key element of planning so businesses can stay financially healthy. If you operate a property management company and intend on growing, here are some strategies to effectively measure your profitability.
Of the 2.7 billion smartphone users and additional 1.35 billion tablet users worldwide, people are spending 90% of their time on apps rather than web-browsers. By offering employees access to their property management software from a mobile app creates, companies are providing a platform that is more adaptable to both their job and lifestyle. Apps available on smart devices provide additional efficiencies to users and can also facilitate a new and improved standard of productivity.
Converting leads to customers is essential to success but once you have established a strong customer base, it’s important to keep those customers coming back, continuing to choose you over competitors time and time again. According to research by Temkin Group in 2018, loyal customers are 5 times more likely to forgive issues, 4 times more likely to refer new prospects, and 7 times more likely to try a new product or service from that company. When customer decide that they prefer one company to its competitors, that customer’s repeat business is considered loyalty, sustaining that loyalty is essential to enduring success.
The pressure to operate your business using sustainable practices has existed for quite some time. General concern about the environment has been growing since the 1950s, now at its peak, businesses are making changes that reduce their impact on their environment. The decision to be more sustainable has many push factors but one main reason companies choose to “go green” is because it resonates with their customers and attracts new prospects. Once your company starts implementing their new strategy, you must then ensure your customers know about the changes, for it to affect your customers.
In Canada and the USA, we produce waste at an exceptional rate. Food, water, and other resources are being consumed far beyond our actual use for them. When they are used, they aren’t being used sustainably. The World Bank predicts that the amount of trash in the world will increase up to 70% by 2050. Reducing waste in your offices by creating a culture centered around sustainability can help cut costs, enhance brand reputation, and improve employee morale.
Technology and business have long held the promise of the paperless office. Despite the countless resources available and new software, many companies have not yet made that transition. The use of paper and physical files is still rampant among office workers and shows little signs of slowing. In an Edelman Berland Survey, 59% of companies said they would like to be more digital, yet only 2% of offices use no paper for business contracts and transactions.
Communication has gone through an evolution following the advances of technology in general. The way we’ve communicated as individuals, groups, and organizations have all been disrupted by innovation. Property managers often act as a liaison between customers, colleagues, vendors, and others, which makes optimizing communication incredibly important. Being able to send documents like letters, notices, or even invoices electronically and en-masse can offer a multitude of benefits for your company.
An important part of business is communication. The ability to stay connected to partners and customers at any given moment, can affect the efficiency of your operation. Traditionally writer correspondence and physical mail was the most common way to communicate, especially when communication was sensitive. Direct mail is still frequently used but there are now alternative methods of communicating that prove to be better options. Relying on traditional mail for important business matters can actually be unfavorable compared to newer, more effective options.