4 Tips to Become the Best Property Management Company in the Industry
Why should a resident or property owner choose you as the best property management company to work with? For your business to be successful, you need to work on incorporating these critical tips.
Tip #1: Communication is Key
As a property manager, having positive and consistent contact with your residents, internal techs, vendors, and property owners is critical. Streamlining your communication in your daily operations will ensure efficiency and accountability. Without it, your key players are in the dark — leaving work requests unscheduled and vendors unaccountable. Hang up the phone and develop an organized system by implementing a web-based platform so it’s easy to communicate with residents, vendors, and your owners. There are many accounting systems that incorporate a form of communication, so finding the right one should be a priority. Find a system that has the ability to communicate with unlimited characters inside a work order so conversations aren’t restricted. Plus, easy access to digital records will protect you from disputes and support your decision-making process.
Tip #2: Meet Your Residents and Owners Where They Are At
Times are changing and your customer is too. Stay one step ahead of your competitors and embrace the ever-evolving industry. According to the Real Estate Investment Report, 55% of millennials said they are interested in investing in real estate. This generation is leading the changes in our industry. Millennials are interested in instant gratification and care about speed and convenience.* What you did 5 years ago won’t work today. How can you get better results through new tools or technology? Be open to change and accept that your traditional process can be better.
Tip #3: Market Yourself with Good Reviews
Bad reviews are worse than no reviews at all. With heads down and on the web, your property management company should be where your customers are looking. But if you are showing up, do your reviews accurately reflect your level of customer service? Your online reputation matters. In fact, only 7 positive reviews will be written for every 11 negative reviews. Online reviews are currency — 78% of prospective residents said reviews are the number one factor when choosing where to live. You can fix this by having built-in maintenance process checkpoints and ensure your residents stay satisfied before their reviews go mainstream.
Tip #4: Stay Ahead of Maintenance
Regularly perform maintenance and have a less likelihood of your assets failing. When you leverage data, you can be proactive and prolong the lifespan of an asset. With software, you can look at past data and set up recurring work orders. You’re losing money if you’ve been relying on reactive maintenance, and only addressing repairs after they fail. Putting programs in place that trigger regular inspections on equipment before they break down will help you and your owners avoid profit loss.
According to research, experts predict the “new normal” will be more tech-driven by 2025. *** Technology is here to stay. More and more people are embracing the use of tech to work, learn, and communicate. When you implement property maintenance software, you will simplify communication, increase resident satisfaction, and review real-time progress and documentation. Have redundant tasks that don’t need your direct attention? You can simply create templated responses to save time. Or, you can hire a virtual assistant to dive into the software, assign work requests to vendors, and chat with your residents!
Using property maintenance software can help you save time and money. If you’re ready to explore the smarter way to coordinate maintenance, we are prepared to help you become the best property management company in the industry. Let’s do this!
** Source – Pewresearch.com
**Source = Journalism.org