Accelerating Through 2021
You’ve likely watched formula one racing events where race cars commonly accelerate out of corners to rocket down the straightaway.
It’s a simple matter of physics, by using centrifugal force which adds forward motion as the car straightens out. In business too, we can accelerate out of these short term economic wrinkles to explode forward for more sales leads and revenue — turning a negative into a positive.
And the business of property management has presented some tight turns this spring and summer. Unfortunately, a number of property managers/landlords have seen their business progress come to a halt as they skidded off the race course.
But we’re all coming out of the turn in this economy and which companies will enjoy increasing profit and growth?
Nightmare 2020: Technology, economic shifts, unfair government financial rules, election worries, riots, vandalism, crime growth, renter anger, rent debt, cancel rent, renter migrations, housing regulations, reduced profit margins, housing crunches, and a viral pandemic
Transition to Strategic Innovation
When you think of all that’s occurred this year alone, 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.
2021 is Looking Much Better
And yes, the economy is turning around. News about vaccine progress is becoming more of a daily event now. The vaccines might be a reality, and it appears people are being more responsible about avoiding spreading contagion. Covid’s grip on us is weakening.
Profitability for 2021
The outlook is for continuing growth, higher rents, more rental units to manage, higher revenues and new tech driven efficiency that raises profits. Why don’t summarize your goals and then consider what might bring success faster?
3 Stages to Renewal
Most businesses are gearing up for this business revival season, and it really comes down to 3 simple steps:
- understand the new rental marketplace
- optimize business operations
- discover and implement new innovations
What are Property Manager’s Priorities?
What might change in 2021, is more emphasis on marketing and leads because competition and turnover will rise.
List Your Key Business Goals for 2021
Before you accelerate, do a roll call of everything you need to achieve and then prioritize them.
- reduce work, errors and rework
- manage leasing and make rent collection online
- do more of everything virtually to cut costs and increase responsiveness
- automate accounting and banking as much as possible
- grow local visibility and market share
- become more mobile, reduce your leasing expenses, and be present at your properties more
- communicate better and more professionally with tenants
- inform owners with richer 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 2021
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. Tech solutions can help you manage them all more efficiently, keeping onside with rental laws, and offer new services which can command higher rent prices.
3. Management Gets Simplified
Yes, your new modern management platform simplifies all aspects of managing properties. The software is the foundation and core thread that 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
Yes, automating all of those accounting transactions and ridding your staff of tedium and costly errors. Take your financial management to a professional level that reassures landlords, and helps you 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. You’ve likely forgotten that you’re in business to make money, not to go through the motions. Let your property management solution go through the motions while you embrace these new innovations and grow professionally.
Subscribing to a simplified but powerful all in one solution which is secure and cloud powered takes away all the annoying IT related problems. You’ll have a business management solution you’ll feel confident in.
Don’t Think, Act
We learn best through action. Speaking 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.
Check out ManageCasa now and Book a Demo of this Amazing Platform. This is the best way to educate yourself on how this pivotal business technology will help you accelerate through 2021.
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.
More Property Management Topics
See also: Choosing Property Management Company | Write Apartment Rental Ads | Find Property Management Services Near Me | Property Maintenance Checklist | Rental Property Software | Property Management Industry News | Switch Software Companies | Managing Property Expenses | Property Management Market | Safe Maintenance Service Calls | Mobile Property Managers | Landscaping Company | How to Increase Property Management Profitability | Jobs in Property Management | Property Management Companies Los Angeles | Set Best Rent Price | Best Cities for Rental Property