Most online business resources focus primarily on what you can and should do to achieve similar results. In the real world, however, we understand that sometimes it can be just as important (if not more so) to recognize and consider what not to do. That being said, let’s delve into the 5 critical things that successful property managers never do so you can know what practices to avoid in your own career and organization.
Market Only the Traditional Way
In years past, property managers were very successful using traditional marketing tactics, such as advertising in the newspaper and relying on offline word-of-mouth from existing clientele. In today’s digital world, however, these techniques have been all but replaced. Today, successful property managers focus on other avenues, such as social media, blogging and mobile marketing.
Live Primarily in a “Paper” World
Keeping track of endless paper applications and other physical documents is not only cumbersome and a huge waste of productivity, but it’s also an incredibly outdated way to do business. Professionals who are at the top of their game today have made the shift toward paperless living.
Find out what more you can do to boost productivity with The Property Manager’s Guide to Maximizing Productivity.
Favor Payment by Check
Waiting for payments to come in through the mail and then clear the bank can negatively impact cash flow. Offering only physical payments can also make your business appear out of touch. A savvy property manager knows that online payments are not only faster, but they can provide a distinct advantage in such a competitive industry.
Manual Labor
Think about all the things in your day to day operations that are still handled manually, such as batching invoices, stuffing envelopes and reconciling accounts. These routine and repetitive tasks can slow down productivity and leave your firm vulnerable to costly human errors. Today’s successful property management organizations leverage automation to improve efficiency, reduce errors and cut costs.
Work On-Site Only
Being tethered to a desk all day was something professionals in just about every industry once knew as the nature of office life. With the tools available today, from software to mobile devices and the cloud, this is no longer a limitation. In fact, one of the things profitable property management companies have in common is the flexibility to work anywhere, any time.
Related Post: 5 Key Characteristics of a Good Property Manager
To remain competitive and profitable in today’s day and age, a property manager must recognize which practices he or she is using that could be hindering ongoing growth and future success. By eliminating the 5 things listed above and adopting a better, more efficient and effective way to work, you’ll position yourself and your organization as a leader in the property management field.
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Find out what more you can do to boost the productivity of your property management business. Download a free copy of The Property Manager’s Guide to Maximizing Productivity.
