How To Improve Property Management Success!

Before we dive into some of our top property management tips, it’s crucial to understand the signs and symptoms of an unhealthy property management company. Being able to detect when things go wrong can help you dominate your market because you’ll recognize problems and know what to do to get back on track.

Lack of Clients

One key sign that a problem exists with a property management company is a lack of clients. If your business operation is not running smoothly with quality staff and technology that makes clients’ lives easier, you will lose property owners and tenants. Rental property owners want to connect with a property management company that meets their needs efficiently and promptly. Clients won’t stick around if the business isn’t up to par.

Faulty Communication Flow

Poor communication can also cause failures with the success of your business. From personal to business relationships, communication is essential to keeping everyone on the same page. When there’s a communication breakdown, misunderstandings arise, and difficulties follow.

When you think of communication, you might think of only verbal communication. However, when it comes to how to communicate as a property manager, communication may encompass your emails, texts, and marketing. In fact, communication often involves what you don’t say—not only what you do say. When there isn’t a clear strategy or process for communication, it leaves the door open for miscommunication. You can resolve this with property management training from a qualified consulting coach!

Poor Vacancy Rates

Take a look at your vacancy rates, and you’ll understand if your property management company is doing well or not. If the vacancy rate is high for properties under your management, clients aren’t happy. Whether the rent is overpriced for the area or the house or your team struggles to keep good renters and maintain lease renewals, vacancies can be a symptom that your processes, maintenance services, or teams need help.

If you recognize any of the property management problems we’ve mentioned so far, these signs can indicate deeper problems. Property management consultants will tell you that ignoring these signs can significantly impact the health of your business! When your company begins to show symptoms of unhealthiness, it’s time to dig deeper to get at the root cause of the problem. Identifying the issues and solving them can restore health and help you shift trajectories toward growth!

What can symptoms of poor company health really mean? Watch out for these underlying issues.

Property Management Methods are “Behind the Times”

Staying ahead of the competition means staying with the times. If you find yourself or your property managers still using pen and paper to do much of their daily work, it might be time to reassess your system.

Savvy property managers need to update to keep on track in today's competitive industry. Using top-quality property management software is one step in the right direction. Your clients deserve an easy way to pay, communicate, and access a tenant or owner portal. Plus, having up-to-date technology in place makes your tasks easier and more profitable, too.

Disorganization Rules the Office

When things are out of order, it can lead to additional sets of problems. A disorganized business can result in lost information and missed opportunities. What if the lost information happens to be an important phone number or address? Missing an opportunity or an appointment for a big client can leave you without a bigger share of your property management market?

A disorganized environment is also not conducive to good company morale and productivity. Chaos makes it difficult to think and organize thoughts or follow through with processes that can’t afford delays. If you’re feeling the pressure of disorganization within your company, find solutions to optimize your company’s processes with the help of a property management coach!

Your Property Management Team Isn’t Learning from Their Mistakes

We all make mistakes! Even the best leaders in the industry made mistakes along the way to where they are now.

The question is, what do you do when you make an error? How does your team respond? The biggest problem often isn’t the mistake you made—it’s making the same mistakes over and over again. A failure to learn from a mistake leads to a property management company plummeting in sales and referrals. Your business will struggle to win over the competition if you can’t recognize mistakes or patterns and make corrections. Instead, use your mistakes as a stepping stone to learning!

Lack of Property Management Skills

It’s no secret that the most successful property management companies need to have skills—but not just any skills. Your team members need to have specific skills that maximize business operations and take them to the next level.

Without the best talent and experience, property management professionals can’t deliver better services than other companies in the market. When assessing your company's health, review your team members, their skills and experience, and provide the training and resources they need to be the best in the business!

After identifying the symptoms and difficulties of a struggling property management company, it’s time to look for solutions. A property manager can turn a business around and find great success with the right property management consultant and insights! Here are a few habits of successful property management companies to incorporate into your growth goals.

Create a Plan

If you want to win at the game of property management business, you need to plan to win. In competitive markets, business owners can’t just sit back and “hope” it happens. Being passive leads to disorganization, missed opportunities, and plunging results.

Instead, take action by making a list of what you need to accomplish. Check the items off, one by one. Write down the areas that the company needs to move up the ladder, and then make a plan to see it happen.

Streamline Your Work with Time-Saving Practices

Successful property management companies optimize their business effectiveness by implementing practices, methods, and technology to save time and money. These streamlined practices might include installing updated property management software or upgrading your vendor management network.

When the right property management coach comes onboard with advice, they will do more than scratch the surface! You’ll go into a deep dive on ways to amp efficiency.

Create a Thriving Company Culture

When clients leave, morale can go out the door right along with it. Whether they leave because they’re selling rental properties or aren’t happy with your performance, their departure can affect how your team handles the news.

However, no matter the reason, the morale in the office can suffer. It’s vital to help uplift the atmosphere in the office and build a company culture that thrives, even when clients don’t stay. Positive energy is an essential element in any business because it creates a better atmosphere for learning and working.

Stay Relevant

Relevance means that your company isn’t overlooked for the “other” company. It means you are at the top of your game because you know your stuff and deliver services to meet client expectations.

However, staying relevant in the property management industry isn’t easy! It requires work, learning, and adapting to new changes. As we mentioned earlier, property managers must keep up with the times—not only when it comes to technology but also industry trends and changes. This can involve attending conferences, networking, and staying connected with the best contractors and leaders in your market.

Don’t Procrastinate!

Don’t wait to overhaul the health of your company. Procrastination means leaving the steps you need to take until tomorrow! Putting off the changes you need to make is tempting because you might think you’re not rejecting the idea to move to the next level yet. Instead, you’re just delaying what you need to do until you “feel” ready.