8 Habits to Avoid for Better Property Management Success
- Don’t forget to share this post!
Updated June 10, 2022
Bad business habits can ruin productivity and send valuable clients to another property manager in your market. However, sometimes business owners don't realize they're making critical mistakes without coaching!
If you struggle to keep your clients or add more doors to your business, what steps can you take to experience more property management success? Through our experience as a property management coach, we pulled together our eight best tips to kick those bad habits that slow growth and keep you from being the property management leader in your market!
Master The Right Skills, Not Just "Any" Skills
You probably do a lot of things well as a business owner—but without the help of property management coaching, you could be overlooking valuable insights that can take your company to the next level. An experienced coach recognizes where your property management business is thriving (and where it's struggling to deliver the best services to owners and tenants).
Property managers don't have to master every skill to become one of the most successful property management companies in the market. However, mastering the right skills can boost your business success! If you find yourself engaging in any of the following bad habits, it's time to recognize that these behaviors could be holding you back. Work with a coaching consultant to correct these issues sooner rather than later.
1. Offering Rent That Is Too Cheap
High occupancy rates can be an attractive feature when real estate investors look for professional managers to take care of rentals. However, the quality of the residents you place in properties makes a big difference—and the wrong rental rate could minimize success for your clients and reduce your bottom line.
It can be easy to attract tenants when you have rental rates that are below optimal rental rates. Remember that rental income is the primary source of income for investors! Selling your property management clients short on monthly rent amounts that are too low will lead to income loss for property owners. You also risk placing low-quality renters that create expensive problems for landlords.
2. Inconsistent Messaging
High turnover with your team and unclear processes can lead to inconsistent messaging when communicating with property owners and residents. If you don't have documented workflows and business guidelines, new team members might communicate different things to clients about services and fees.
Learn how to communicate as a property manager and strengthen your brand in the marketplace with consistent policies, communication plans, and messaging.
3. Hidden Fees for Your Property Management Business
Real estate owners want to increase their return on investment. They want transparent pricing when looking for professionals to manage rentals. While hidden fees can make property management company owners feel like they're making more money for additional services, it's a habit that can cost you valuable clients in the long run.
4. High Full-Service Costs
While examining your fee structure, take time to evaluate your costs compared to other property managers in the market. Are you more expensive? Arbitrarily making your company the highest-priced service provider in the area doesn't also communicate that you deliver quality services. Overpriced services also turn property owners away.
Set a reasonable and competitive price point for your services that covers your operating costs and communicates an excellent value to investors. You'll find more real estate rental owners willing to join your portfolio of managed doors when your services fit more budgets!
5. Ineffective Reporting and Communication
Good communication skills are critical to the success of any rental management company. From tenants and owners to employees and contractors, company owners must break bad communication habits.
Work with a coach to develop a property management communication plan with better quality and clarity of emails, phone calls, texts, documents, and financial reports for owners.
6. Overpriced Maintenance Costs
Real estate investors turn to property management professionals to reduce maintenance costs and improve repair quality and reliability. Whether you have an in-house team of professionals or you outsource the work to contractors, overpriced property care will turn property owners into "former clients" quickly.
Help investors maximize returns (and keep more clients longer) with competitively priced maintenance services.
7. No Property Inspections
Skipping rental inspections can lead to significant repairs (and those higher upkeep costs that you need to reduce)! Property management experts need to keep an eye on the rentals they maintain during each lease term. Scheduling routine inspections to check on properties and resident behavior should be part of your standard processes.
8. Letting a Bad Tenant Move In
Expert property management requires placing excellent tenants. When a rental owner suffers from bad residents who don't pay the rent or damage properties, they lose money.
You are the gatekeeper to every rental under your care. Successful property managers know that a habit of placing bad renters impacts success for your clients. If you struggle to place quality residents (every time), coaching for your property management business can help you create a thorough process for every applicant.
Coaching Helps Property Managers Avoid Bad Habits for More Property Management Success
Now is the time to start fixing bad habits that hold you back from more success as a property management professional. A property management coach is the best resource to identify unhelpful habits and create profitable behaviors!
Real-Time Consulting Services delivers training for property managers and their teams to overcome the things that don't work well for them and implement habits and processes to get back on track. Schedule a free consultation to get started!
How does your company feel? Find out when you download the "10-Point Inspection of Your Property Management Company Checklist" today!