Highly successful property managers have habits that make them more efficient and capable than most property managers. They set high standards for themselves and have strategies that allow them to meet them. The best property managers keep up with daily tasks using effective systems and technologies that allow them to automate certain tasks so they can focus on building relationships and growing revenue. These five key habits can help you boost your success in property management.
1. Automate Your Communication
You probably spend a great deal of your time communicating with tenants, maintenance workers, inspectors, owners and suppliers. Many of these communications can be automated, allowing you to save time. You can use software that reminds tenants about their due balance and alerts tenants who are late on rent. You can also write email templates for emails that contain the same information you send over and over again. This not only saves you time, but also ensures your information stays consistent.
You can save your templates in your email client, such as Microsoft Outlook, or you can use a property management software that deploys preloaded templates when certain tasks are actioned.
2. Automate Repetitive Tasks
Document your routines in step-by-step playbooks employees can use to ensure consistency and boost efficiency. These playbooks reduce the time you take to train new employees, and it gives them a guide they can refer to over and over again without having to ask for instruction. You can write up a playbook for all standardized processes in your business, such as rental listings and syndication, rental applications, tenant induction, routine inspections, maintenance updates and reporting for owners. Keep these playbooks on a â€œcloudâ€ where employees can access them from any device, by using apps such as Dropbox or Google Drive.
3. Keep Residents Safe With Leading-Edge Technology
As a property manager, itâ€™s your job to make sure your tenants are safe while theyâ€™re at home and that their living space is kept secure while theyâ€™re away. This is hard to do without a surveillance system. Install a security camera system that provides clear and detailed images, like the 4K IP camera system from Lorex Technology. These cameras are equipped with larger image sensors, giving you quadruple the definition of a 1080p HD security camera â€” that means better color, contrast, low-light performance and overall image.
4. Set Goals and Follow Through
Goal setting is invariably part of success in any industry, and property management is no exception. Create short-term and long-term goals that are well-defined, time-constrained and challenging but realistic. Break down long-term goals into daily, weekly and monthly tasks so that you can go directly into action. Make sure every goal you set is measurable, and track progress to keep yourself and your team accountable.
5. Market Your Listings to a Digital World
Most people today are looking exclusively online to find their next rental. To get your property noticed, you need to do more than list on a few listing websites. You want to establish an online presence using a company website, as well as social media accounts.
Property management is an aggressive industry, but is very rewarding for those who see success. In addition to the ambition and persistence it takes to rise above the pack, you also need certain practices in place that ensure your business meets higher standards. Effective and timely communication, consistent protocols and goal setting can help you succeed in this competitive niche.