New to property management? With so many moving parts, it’s easy to feel overwhelmed. But given the level of competition in the industry, being at the top of your game is essential to your survival. To give you a better foundation for success, here are a few best practices as shared by our team of experts.
Establish your web presence.
These days, just about every business transaction begins with an online web search. If you want to compete with the big dogs, you have to make sure your property management company is present and visible on the internet. At the very least, make sure you set up the following:
- A professional website
- Social media accounts
- Search engine business profiles
- Regularly updated blog
These things will enable prospective customers to locate and engage with you online. It’ll also provide a central place for you to point people to as you begin to grow your network.
Invest in property management software.
We’re not just saying this because we happen to be a property management software company. Technology is the one key differentiator that will help get your business off the ground and running smoothly. It will also save you a tremendous amount of time and enable you to do more with less.
A few of the many tasks and workflows you can use software to assist with include:
- Easy communication with tracking for compliance purposes
- Property maintenance scheduling and tracking
- Reporting and document management
- Online payment processing for better cash flow
- Automated accounting activities
Put it this way: your competitors are most certainly leveraging technology to do their heavy lifting. If you don’t do the same, you’ll inevitably get left behind.
Get legal and tax representation.
Running a business is a complicated process, regardless of industry. The most successful property management companies are those that have planned ahead to protect themselves from potential issues down the road. For example, there are any number of laws and regulations that govern real estate and property ownership. Likewise, handling taxes for a multi-faceted business can prove incredibly complex. And mistakes made in either of these areas could cost you in terms of both time and money.
To prevent this, we strongly recommend enlisting the help of professionals. Going the DIY route might save you a bit upfront, but one minor error and you could end up in legal and/or financial hot water. In some cases, it’s best to leave some things to the experts. Unless you have experience in things like taxes and the law, hire someone who does. Your peace of mind will make it well worth the investment.
Being successful in property management is entirely possible, but only if you do things the right way early on. By following the three expert tips above, you will give yourself a much better chance of not only surviving in the industry, but being able to thrive and grow for many years to come.