Accelerating Through 2023
Now that we’re leaving the Covid pandemic era after 3 years of tough business conditions, you might be looking to establish good goals, get tasks done, and find ways to grow.
Perhaps you have a list of tasks to accomplish this year with a few brought forward from 2022. 2023 brings a fresh new marketplace, technological changes, and a new spirit of competition.
Yes, business is competitive and those property management companies who set goals and make sure they achieve them are more likely to be successful. A little planning and strategy along with some good management tools, marketing tactics, along with persistence, and there might be little that can stop you.
Transition to Strategy and Profitability
You have to marvel at the resilience of property managers and landlords. You tackled a lot of negativity, scrambled for cash flow, negotiated with bankers and tenants, hacked for improvements and survival, hung in there with little hope, while reassuring everyone that all will be well.
You are a gifted, competent manager to arise from the pandemic mayhem. You’ve shown your character and quality, but now it’s time to evolve further with new tools and perhaps even switching to a new property management software solution. Because these systems can make a difference.
3 Stages to Renewal
Most businesses are gearing up for 2023, and it really comes down to 3 essential steps:
- understand the new rental marketplace
- optimize business operations and profitability
- discover and implement new digital service innovations
What are Property Manager’s Priorities?
The chart below from the pre-pandemic years shows growth, automation, cutting waste, raising rents, and improving online services were on property manager’s list of to do’s.
Fast forward to 2023, and it’s back to the way it was: profit, efficiency & growth are the big three every year. Staffing, resident experience and marketing are usually not seen is critical to business profitability and meeting owner’s expectations. Yet the labor market has changed and staff are an investment. Marketing and building a brand pave the way for continuous leads and budget growth. And the tenant experience is the real deliverable, which marketing and tenant communications can make profitable.
List Your Key Business Goals for 2023
Big goals aside, landlords and property managers have more specific tasks and goals to realize in 2023.
Here’s a short list of just a few, since we know the real list is endless.
- reduce work, errors and rework
- reduce rent arrears
- manage leasing and releasing more effectively
- making the transition to rent collection online and bill payments online
- do more of everything virtually to cut costs and increase responsiveness
- automate accounting and banking as much as possible
- switch to a more simplified, easy to use property management software that also provides top grade data security (because hackers are everywhere)
- support sustainability in operations and construction
- grow local visibility and market share
- become more mobile, reduce your leasing expenses, and be present at your properties more
- improve staff communication for work collaboration
- communicate more professionally with tenants to promote and support your value proposition
- inform owners with richer property reporting on all accounts
- reduce staffing and operating costs and empower your key staff
- increase rent prices and cash flow
- reduce accounts receivable
- attract better quality tenants and screen out risky ones
- discover new services and create a brand advantage with them
Forecast: What Will Change in the Next 12 Months?
1. Virtual Management Will Increase in 2023
Everyone found out this year that technology isn’t so bad. You can advertise, show, lease, onboard, collect rent payments, conduct communications, and manage accounting all online. With this kind of efficiency, the growth outlook for your property management company looks much better. And you’ll still have time for higher quality face to face interactions if you’d like.
2. More Doors for More Revenue
Whether multifamily or apartment and house rental portfolios, more doors mean more revenue and profit. Yet acquiring new doors is no easy task. More property management companies are appearing each month. Yet homes are sitting on the MLS market a long time, and owners must have their properties bringing in revenue, as interest rates climb further. Luckily, you’ll see more rental properties in your city, and good marketing and social listening tools might help you get first wind of them.
3. Management Gets Simplified
Yes, your new modern management platform simplifies all aspects of managing properties. The software is the foundation which integrates/streamlines your business and helps you cut operating costs. And this efficiency and real time competence impresses rental property owners.
4. Online Marketing is King
Generating new landlord leads and attracting better tenants can be done via your property management website. From writing better ads to staying top of mind with tenants to keeping a continuous stream of high quality rental owner inquiries gives you the ability to grow and raise your revenues.
5. Fully Digital Accounting
If you haven’t yet, do automate all of those accounting transactions and rid your staff of tedium and costly errors. Take your financial management to a professional level which will reassure landlords, and boost your brand image as a truly professional property management company.
To summarize, you need to adopt all in one virtual digital solutions to improve how you work, improve service, and raise your profit margins.
Speak directly with a solution expert helps you learn faster and launch past your challenges and inhibitions. Accelerating your decision making and improving your choices is what it’s all about.
Read more on property management business models, property management branding, property management tools, rental advertising, and what makes the best property management company.
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We cover a multitude of valuable property management topics here on the ManageCasa Blog. From trends, to ad writing, to rent price setting, to selecting a property management company. They’re all under the umbrella of a comprehensive property management strategy to grow profit and make landlords/owners satisfied.
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