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How to Run a More Profitable Property Management Company

Optimize Your Company’s Performance

Being good at property management doesn’t necessarily mean you’ll be adept at running a property management company.

And the best practices management techniques you learned in property management school might not make you competitive. If you’re a newbie property manager looking to grow, this post offers a different look at managing tasks.

Building the best property management company is a process. Optimize the process and you could solve the nagging micromanagement that’s plaguing you and your staff.   This is easier if you’re aware of how each part is profitable and efficient.

And what if you can make some changes which results in work being more fun with less wear and tear on you and your staff?

It’s time for a quick look at running your business better.

 

Optimize, Automate, Delegate, and Communicate

 

Beating the Pandemic with Smarter Management

Given the cramping challenges of the current recession and social distancing rules, every property manager would benefit with better processes. This recovery creates big challenges for some landlords to protect margins against competitors scaling up with lower rents and more Milennial friendly services.

Going digital with the best property management software can help you identify failing points and automate tasks. But what to look for?

What Do Your Financial Reports Say?

Can you improve without being too technical? Yes, although with your property management financial reports, you’ll discover what’s wrong quickly against industry performance benchmarks and meet your own profit expectations.

Improving your Property Management Business comes down to 6 Criteria:

  1. optimizing money and operating costs using data — be guided by your financial reports and then compare to industry benchmarks if possible. Do you need more money, or are your daily operations out of date?
  2. write and manage leases well – standardize your leases across all units to save time and automate all lease related activities.
  3. manage time as a precious resource – eliminating micromanagement is simply the act of respecting what you need to focus on the most. Delegate, automate, or outsource.
  4. optimize tenant communication – make communications professional by automating, creating consistency in messages, and allowing tenants to inform themselves via tenant portal.
  5. grow and improve your services mix – adding services and improving them (e.g., online rent payment, tenant portals, and adding digital amenities) impresses tenants and reduces turnover.
  6. market your business professionally – hire leasing agents who know their marketing and maximize your marketing efforts. Sustained business is marketing. Online marketing is absolutely essential. Your company website and lead generation sources should be market leaders always providing a rich source of landlord leads and renter leads.

What are Your Biggest Challenges?

Property Management Challenges

Property Management Challenges. Screenshot courtesy of Google.

A Passion for Surmounting Challenges

All business managers have vexing challenges today amidst this enduring pandemic slowdown. What might separate each property manager is the passion they have for understanding their challenges and conquering them.

Once you establish where your business is uniquely lacking, you can reorganize to fix operational weaknesses, marketing, accounting procedures, leasing, or other time and cash flow problems.

Assess and Optimize How You’re Doing Business

Like most property managers, you’re heavily focused on what you’re doing day to day. But that kind of focus gives you tunnel vision.

Today, you would be wise to reassess how you’re running your business. You’ve likely suffered reduced profit margin on all your units. Given the economy, you’ll be forced to improve what you’ve got even further.

Streamlining, improving profitability, increases services, buying more rental properties, improving maintenance, and lowering staff and contractor costs are all part of thriving in property management into 2021.

A Few More Management Tips:

  • use software messaging tools to communicate well with your staff and tenants
  • communicate with tenants with a plan, and make it easier for them to listen to you and pay you
  • automate any work that can be automated to free up your time
  • grow your profit centers and entertain the idea of digital amenities
  • create a mission to minimize work and effort and convince staff of the process
  • use a simplified property management software platform – an online management platform streamlines your work raising efficiency, while enabling convenient services for tenants, and helping you avoid the losses of your bad business habits
  • keep your work and personal life balanced so you have quality energy
  • advertise your available units well on your marketing website — build its power to create visibility via Facebook and Google and show rental suites
  • market your business consistently and strongly for market leadership
  • establish a property management brand that says you offer the best property management company

To wrap up this segment of improving your property management company, let’s talk about small business excellence.

Check out some other property management companies in Hawaii, Los Angeles, Phoenix, Miami, and Denver to understand their hanlding of processes.

A Passion for Excellence

Successful SMB owners have a passion for what they do. Their desire powers their intent to succeed and surmount obstacles. It gives them optimism to look at their firm differently to build their brand and run the business better. It can help you make the mundane, boring, tedious, and difficult a stimulus to improve and take chances to grow.

With a new, better business model and attitude about efficiency and automation, you’re creating a company your staff will like too. That could solve your staffing issues. Happy staff do more and better work, and they learn faster.

With your challenges identified, you can bring more resources to bear on them to turn them into your greatest strength.

This process will help you refine your business mission and vision, making it easier for all the parts to work together, including your staff.

Is there any one asset or tool that can help you run your business better?  Yes, it’s called ManageCasa.  Take a good look at this simple and powerful system for managing rental properties.

Schedule a Demo to See how ManageCasa makes operations, finance, leasing, and rent collection so easy.

Property Management Topics: Property Management Software | Simple Property Management SoftwareProperty Management Companies |  New Property Management Software | Switch Property Management Software |  Landlord Software | Landlord Apps | Property Management Apps | Apartment Management Software |   Property Management Solutions | ManageCasa Pricing | Software Comparison

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