Property management companies play a critical role in the owner-tenant relationship. Not only do they oversee operations and respond to tenant and owner needs, but they are also laser-focused on continuously improving the resident experience.
With so much hanging in the balance, the job of a property manager isn’t always easy. In fact, it often requires dealing with difficult tenants, organizing repairs, and solving complex problems.
Although there are many factors that you can’t control in this line of work, there are several things you can do to position yourself for property management success. Keep reading to learn six key attributes that all successful property owners share to see how you stack up.
Six Keys to Property Management Success
1. Understand that people are your primary resource.
If you intend to grow your business, you need to rely on people for tasks like landscaping, painting, and construction.
In light of this, it pays to invest in people and foster good working relationships. Create a fun and positive environment so people like coming in and helping. This will increase employee retention and encourage better work.
Consider that employees who report being happy at work take 10 times fewer sick days. Additionally, 36 percent of employees would give up $5,000 per year in salary to be happier at work. The better an atmosphere you create in the office, the more effective your staff will be.
2. Use technology to empower yourself and your customers.
The property management industry is changing, with companies increasingly using technology to save time, lower operational costs, and drive profits.
For example, many providers use property management software to streamline tasks like reporting and payments. Technology can help foster innovation and provide more time to focus on solving customer problems and undertaking proactive maintenance.
3. Market your property management business.
When your business is just starting out, it’s easy to get by on referrals and word-of-mouth advertising. But to survive in this competitive industry, it’s necessary to build a steady stream of leads. You can do this by investing in a mix of content marketing, digital advertising, and print advertising campaigns.
A successful marketing campaign enables you to build a public profile and gain a reputation as a trusted local provider. This is critical for attracting new owners, growing partnerships, and padding your bottom line.
4. Be customer-obsessed.
Property managers need to please both owners and tenants — which can be immensely difficult. After all, customer expectations are continuously rising year over year.
For this reason, property managers must be laser-focused on providing customer service. Success requires proactively looking for ways to make peoples’ lives easier and avoiding problems before they arise.
By paying careful attention to detail, you’ll gain a reputation as a customer-centric provider. As a result, you’ll receive better reviews and more recommendations.
5. Communicate effectively.
The best property managers prioritize communication and use it as a strategic advantage.
For example, when issues arise, it’s necessary to be transparent and let tenants or owners know as soon as possible. In addition to asking for feedback, you should maintain a friendly repertoire by checking in and maintaining a presence around the property. Position yourself as an advocate, and let your team know that you are there to advise and help solve challenges that arise.
It also helps to offer robust communications tools across text messages, emails, phone calls, and social media. Property managers should also have 24/7 communications channels to handle after-hours requests and emergencies.
6. Think outside of the box.
Every day is full of new challenges. To make it in this industry, you must always look for ways to optimize your business and improve outcomes. Property management will put your creative thinking and problem-solving skills to the test.
As such, it pays to build a culture that prioritizes innovating and thinking outside the box. Listen to suggestions from team members, and don’t be afraid to try new strategies to solve daily problems.
Enhance Your Property Management Business with Netintegrity
Technology can be particularly helpful in bringing your property management company to the next level. With the right software, you can solve problems more efficiently, improve customer service, and strengthen your bottom line.
When searching for technology solutions, look into platforms that deliver multiple services through one pane of glass. In doing so, you can reduce app overload and streamline workflows.
For example, Netintegrity provides everything you need to run your property management firm in one easy-to-use platform. With Netintegrity, communicating with customers, paying bills, processing payments, and running reports is a breeze.
To experience what Netintegrity has to offer, request a consultation today.