What Does Property Management Success Look Like?
Updated June 10, 2022
If your property management company is not doing well, it could be unhealthy! However, understanding the health of your company is the first step to determining how you can experience more property management success and how professional help from a property management coach can get you on track and a path toward growth.
So, is your property management company “healthy?” Here's what business owners should look for to recognize a healthy organization—or problems to address.
High Rental Vacancy Rates Indicate There Is a Problem
What's your vacancy rate? A good property management coach will help you analyze the percentage of vacant rental properties compared to the market average for the rentals under your care.
The higher your rental vacancy rate, the unhealthier your property management business could be. It indicates that you may have issues attracting tenants or that something needs improvement when caring for properties. Poorly-maintained properties turn good renters away.
Perhaps improvements to your screening process can help you find better tenants that renew their leases (and reduce vacancies). No matter the issues that contribute to high vacancy rates for doors under your management, clients won't stick with you if you don't deliver competitive occupancy rates in the market.
A property management coach can help you improve processes that boost retention rates and keep property owners happy!
Ineffective and Inefficient Communication Causes Misunderstandings
Your ability to communicate with property owners and tenants also affects the health of your property management company. What you say or write should be clear and professional. Timely responses are also important!
Miscommunications and delayed responses can lead to misunderstandings—and mistrust. If you find yourself losing new business opportunities or current clients and tenants, it's time for a better property management communication plan across all channels—phone calls, texts, emails, and video meetings.
Also, be sure to tailor your landlord-tenant communication to meet their needs and comply with laws. Do you have owners or renters who prefer text over phone calls or emails instead of texts? Make sure your messages reach their intended recipients in a way that they'll find them and understand what you're saying.
Ensure that you stay in touch with property owners and renters regularly. How often do you communicate with them for reasons other than in response to a problem? If you think you have a communication problem, you and your team can benefit from expert property management training to improve communications and the health of your company!
Poor Customer Service Leads To High Levels of Dissatisfaction
How people perceive the way you do things can make or break your business. About 80% of customers would switch to another service provider if they were unsatisfied with the level of customer service.
As a property management company, providing excellent customer service to tenants and property owners is a top priority. To do that effectively, you need the right staff with local and industry experience. A well-trained and seasoned staff helps a successful property management company manage all types of properties in a client's portfolio, including multi-family and single-family properties.
A healthy property management company also has a high-quality professional network of contractors to help you maintain the rental properties under your care. Every person who represents your company—full-time staff, virtual assistants, or contractors—should be an extension of the high level of customer service you provide.
If you recognize a high volume of service complaints from owners and tenants, it's time to review the quality of your employees, contractors, and processes. Applying the right kind of property management training can help improve your customer service and boost your organization's health!
Outdated Technology Causes Business Inefficiency
To what extent have you embraced technology within your property management business? We now live in a digital era, and the property management industry is no exception. If your company doesn't apply the latest property management software and technology, you won't keep up with the competition in your market.
Updated technology and processes help reduce inefficiencies and redundancies that keep you from serving clients well. Property owners look for property managers that understand the latest trends and apply the best technology solutions to minimize costs and maximize returns on their rentals.
If you're using outdated tools and processes for everyday tasks like accounting, financial reports, and rent collection, it's time for a technology upgrade! A property management coach can help you with the right automation tools to boost productivity and develop a healthy company that's ready for more growth.
A Property Management Coach Improves the Health of Your Company
If you aren’t sure how to evaluate these aspects of your business operations or determine your company’s health, it’s time for a property management coach! Real-Time Consulting Services helps property management business owners review operations and implement tools, training, and processes to improve the health of their companies. Schedule a free consultation to become a healthy organization!
Learn more about what to look for in a healthy company! Download our 10-Point Inspection of Your Property Management Company Checklist.