They say imitation is the sincerest form of flattery, and when it comes to business, this has a particular ring of truth. Do you want to be innovative and groundbreaking? Of course. But that doesn’t mean you have to reinvent the wheel in every area of your business. In fact, figuring out what other successful property managers are already doing right can help you better position your own firm for similar success. To kick things off, we’ve rounded up three proven ways to be profitable in the property management industry.

Successful property management companies hire well.

Regardless of whether you’re running a small operation or a major enterprise, hiring ‘A’ players is absolutely critical to your ongoing success. Even just one bad hire can prove costly, both in terms of your internal culture as well as your ability to delight your customers.

Property management companies that outperform their competitors know the importance of hiring and retaining the right employees. They are careful and methodical with how they interview and screen potential team members and they work hard to ensure that anyone coming aboard is a good fit before extending an offer.

If you want to emulate the best of the best, optimize your hiring practices. And if you discover that you’ve got a bad apple in the bunch, take action to rectify the situation as swiftly as possible. Live by the motto: hire slow, fire fast.

Successful property management companies utilize systems.

One of the keys to profitability in any industry is consistency. Once you find something that works well, you need to stick with it. This is what successful property management companies do. They identify and develop best practices and turn them into systems. They document everything to reduce liability, empower employees and deliver a consistent experience to customers. As a result, their businesses run like well-oiled machines.

If you’ve noticed that employees keep knocking on your door with the same questions, it’s time to create some systems.

Successful property management companies let technology do the heavy lifting.

If you could hand off the majority of your “busy work” to someone else on your team, wouldn’t you? What if you could transfer that manual work not to another employee, but instead to a robot? Not only would you eliminate the risk of costly human error and end up with fast, consistent output of work, but you’d be free to focus your valuable skills and experience on more important business initiatives.

This is exactly what successful property managers are doing. They are leveraging the power of automation to streamline their workload and optimize their time so it’s spent on things like growth and revenue.

If you or your team are wasting valuable time on repetitive tasks, you simply won’t be able to keep the pace with other savvier players in the industry. The good news is, turning things around is as easy as adopting a tool like property management software.

Experience the power of technology for yourself and see how it can position your company amongst the best by requesting an online demo.