In my previous blog post, I talked about how technology can help to establish best practice workflows for property management and free up the time required to manage more proactively. Today we’ll explore how you can use the extra time gained to be even more proactive and make your property management business extraordinary.
The best place to start is at the beginning. Being proactive in property management is certainly not limited day-to-day operations. It’s just as important to consider the future of the industry as a whole, and what developments are taking place in your market.
Lead the charge vs. running to catch up
Evolution and change in the marketplace is inevitable. And being proactive means taking the time to stay on top of trends and disruptions in your specific sector(s) and geographic area. If changes are taking place and you are unaware of them or are unprepared, you will certainly fall behind and have to work even harder to catch up.
Also, staying on top of industry developments and the evolution of your target market — with a clear, un-frazzled mind — can open the doors to some very creative thinking. Maybe you’ll be able to spot an opportunity before your competitors do, and capitalize on it with great success.
Here’s a real life example: The budget challenges faced by universities caused them to shift away from providing student residences, to focus their resources purely on education. This opened the doors for developers and property managers to take over, providing very lucrative opportunities. Imagine getting in on the ground floor of that developing trend. (Maybe you did!)
Get to know your target audience inside out
Social media provides a fantastic opportunity that did not exist before — and that is to really listen to your target audience through their online interactions and conversations. So take the time to discover who they are on a deeper level. Pay close attention to how they communicate, what they care about and what motivates them to act.
Your proactive goal should be to learn what they want and need, and then figure out how to give it to them — before they even ask for it.
Use available tools to analyze your business
Taking the time to review trends and spot red flags in your operations will help you to manage more proactively — which in turn will reduce costs and provide better customer service.
For instance, when reading a report generated by your property management software, you may notice that light bulbs are being replaced more frequently at a particular property in comparison to all of your other properties. This raises a red flag that there could be an electrical problem, so you send an electrician to investigate. The issue is repaired, which pre-empts any safety hazards, saves money in maintenance over the long run and provides a better experience for residents/tenants.
Remember that being proactive is about taking time to anticipate aplan for the future, to ensure that you are not left behind.
Get your free copy of The Property Manager’s Guide to Proactive Management — And make the time necessary to plan for an extraordinary future.