Find out what modern, smart property managers are currently doing right to improve the flow of business, getting and keeping more customers, and staying efficient in their work!
Smart Pricing: Stay up to date with current market prices, use tools that can help you quickly compare competitor pricing, and learn about pricing strategies that will make your property look even more attractive. For example, using anchors that includes “before” and “after” prices will not only make your property look extremely better in quality, but even more attractive that the price is cut by an entire 15%! In today’s market, being the cheapest isn’t always going to help you the most. You need to convince your customers that by committing into business with you, they are getting the best “deal”!
Be Social Media Proactive: Stay connected and updated by position yourself on all different social media channels. This not only helps you as a means of free marketing, but also shows your future tenants that you are easy to communicate with and modern. Another smart move would be to softwares and online platforms, such as AbodeStory, to dynamically interact with your tenants. With a quick means of reaching someone, you will easily give updates on things big and small, from trash days to snow day sweeping updates!
Go Paperless: One of the first steps towards modern property management is to convert everything electronically. This will make your business run more efficiently and also reduces chances of losing documents and information. Storing information and documents through platforms such as AbodeStory is the best method of bookkeeping – with a few clicks, you always have full accounting records, receipts, and maintenance records at your finger tips.
Adapt Your Screening Procedures: With the market changing year to year and season to season, stay competitive when you are better prepared for these changes. That could mean a reflection in your screening procedures to make the process more efficient. When markets are off the ground and running, adjust your screening procedures to something more rigorous, and vice versa. For example, adjusting the deposit required in order to select tenants who are more willing or in need of the property. The key is to have somewhat of a fluid screening procedure in order to most quickly yet effectively select the most suitable tenants.
Marketing Spending Analysis: It is critical for business, as they move forward, to know which marketing strategy works for them, so having spending analytics is extremely important. Some figures for rough references are as follows: about 29% of companies spend between 0-2% of their revenue on marketing, 1% of companies do not spend any money on marketing (for example, use AbodeStory’s free platform to get the word on your property out!), and 3% spend more than 20% of their revenue on marketing. There are many tools out there that can help you keep track of these analytics, including the ones already part of the service for the advertising medium you are using.