Power Up Your Property Management Business
Are you limiting your company’s potential by doing business as usual? How about a new approach to increase value for owners while ensuring your company’s future?
Property managers should never assume their clients know all there is to know about the value proposition of their rental properties, how demand is actually generated, how asset cash flow is grown, how to use technology to increase asset value, lower costs, and get on top of the local market.
Get Rid of Limitations
You have the powerful property management software with its helpful financial reporting features, along with your knowledge of the real estate market. Combine that with better communication and trust with owners, and leverage good tactics to grow asset value as though you were a professional real estate asset manager.
An asset manager advises on important property investment decisions to ensure the owner’s investment doesn’t depreciate and is less exposed to risk and loss.
All those risks aren’t the point of this article, but rather to help you erase limitations in how you build value and grow opportunities.
Think Like an Owner
You’re the perfect person/firm to help with NOI, ROI and new investment decisions. The beauty of thinking more like an owner is that you’re more in tune with the housing market, management techniques, technology, finance, and what makes a difference to owner value. Then you can build a multifaceted strategy to build revenue and asset value.
Weigh these 12 great ways you can help your clients understand their asset values and grow their wealth and cash flow:
- get to know their investment & asset portfolio, and ROI intimately. How do these assets compare with others? How do they really feel about them, and what do they believe they should do? Ask about their goals, expectations, financial constraints, tax burden, fears, and forecasts. Pry into their business so you can see better where you can add value and help them with buying/selling decisions. Without insight, it’s difficult to predict what will work to raise their asset value.
- maintain asset values — help owners with tax strategy, rehab planning, upgrade choices, energy conservation, insurance, utilities, and new technology
- use financial software to provide revenue and profit forecasts — get into NOI and learn how you might optimize financial performane and help them with investment planning
- improve communication with owners — do more than an ocassional phone call because you need more accurate information about their willingness to improve, learn and grow, evolve their property portfolio, and then how to position your own property management services to add value. Chatting and listening are two fundamentals of being a advisor/consultant.
- position yourself as trusted advisor/consultant — a competent manager is what they look for, yet they need more. Be that special advisor and you’ll better protect your relationship and future business with them. Considering the compexity of property investment and management today, they need your expertise. It’s a branding thing that positions you as more likely to grow their asset value.
- speak the language of finance — read up on property financing and what’s happeing in that industry. Use ManageCasa’s financial reporting tool, filter transactions by property, type and date to access insights and uncover patterns and trends, along with the most profitable assets, tenants, and property services.
- be the local expert — your knowledge of fair Housing, Local, State and Federal Laws, along with trends in demand are vital to owners who don’t have the time and who may run into some costly errors.
- be a Proptech expert — know how important new software technology, apps and iOT connected systems can save money, extend services and increase benefits, optimize operations, and reduce costs.
- do more than the usual day to day admin — Don’t just be administrator, be innovative in thought, so owners see the path to better returns. Owners are looking to your leadership.
- get to know your tenants better — hold a tenant party or get together so you can learn more about them and what they might like and get them engaged via your tenant management software — know what your managed properties look like to tenants, because it’s all about the tenants. Owners have shallow insight into their tenants picture of value and their intentions.
- be more stategic about how you’re going to keep your tenants leased — use the insights from ManageCasa’s reporting tools to keep on which assets are losing value.
- find specific tactics to grow ROI.
Powerful Property Management Branding
“We think like owners“, is a fairly powerful slogan and it’s the hallmark of a powerful property management company. Owners see quickly that you can focus in on what they really want to achieve, not just on collecting rents, and take an active role in their investment goals.
Such a branded message tells them they’re in good hands and that you’ll continue to foresee threats and consistently grow value over time.
It’s one of those big picture perspectives that makes the details magically align and makes your work easier.
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