Top Ways For Property Managers To Optimize Their Business Processes
How you conduct your business operations can mean the difference between high productivity and slow, grueling property management. If you're not optimizing processes, you might feel frustrated and experience low profitability despite doing a ton of work daily.
As a property manager, you have to deal with humans daily. And it's essential to be in your best spirits when conducting showings and managing tenants; otherwise, you risk putting them off and crippling your business. By optimizing your business processes, you can free up so much agonizing workload so that you can give your clients the best experience.
Below are practical ways to achieve that:
1. Take a flexible approach for peak periods
Being able to manage fluctuations in workload during peak periods is a crucial challenge for property managers. They often find themselves strapped for time with multiple property showings and tenant and owner requests, while other times, they have nothing to do and feel bored at their desks. Although the summer season is typically the busiest, workload fluctuations can occur anytime throughout the year.
To optimize property management operations, create a flexible approach to managing workload increases without hiring extra staff. One way to go is to find on-demand agents to assist you during such periods.
2. Set clear expectations
If you want to reduce the number of calls your team handles, it's best to set clear expectations with property owners. Give them a realistic idea of how long it might take to rent out their property depending on factors like the season, location, demand, and pricing.
You can also manage owner expectations around how quickly you'll be able to respond to their inquiries, whether it's for urgent issues or just general questions. This way, everyone is on the same page, with fewer surprises or misunderstandings.
3. Make sure you’re using a robust software
While changing software can be a time-consuming process involving researching and comparing different options, signing up for trials, testing them out, and training your team, it's important to ensure you are using the best tools available. A robust property management system should be able to manage tenant payments, screen potential tenants, property reporting and track, manage maintenance schedules, and list properties quickly.
Such software will be closely integrated with property management operations, significantly impacting your overall efficiency and effectiveness.
4. Optimize your tenant screening process
The best way to avoid potential issues with tenants is to rent to only the best tenants–tenants who aren’t a handful. One way to go is to stay updated on the latest tenant screening techniques by attending industry conferences and reading industry publications.
For instance, you may discover that conducting criminal background checks and credit checks could be beneficial. But you can make things easier by using a property management system that makes background and credit checks easy.
5. Try to keep tenants for longer
If you want to ensure your renters stick around for the long haul, being proactive is important. Of course, some situations are beyond your control – people's lives change, and they may need to move for various reasons. But you can also do plenty of things to encourage residents to stay put.
One important factor is pricing - ensure your rental rates are fair and in line with the market. It's also important to be responsive to your tenants' needs and quickly address any issues, including repairs. And these days, offering digital rent payment options is a must.
If you want to get creative, you could also offer incentives or rewards for long-term renters. For example, you could give gift cards to a local restaurant or movie theater to celebrate every 6 or 12 months a tenant stays with you.
6. Avoid losing employees frequently
One way for property management companies to improve business processes is to keep employees for the long term rather than having them leave frequently. To do this, it's vital to communicate well with employees and address their concerns before they decide to quit.
Make sure your employees aren't overworked or burning out. One way to help with this is to get additional help with property showings when the team is too busy. Also, consider offering non-cash benefits, like a monthly house cleaner or food prep subscription, and regularly recognize employees for their hard work. Appreciation goes a long way.
Conclusion
Following the tips above might surprise you at how efficient your property management business becomes. You could do more work and attend to clients while experiencing less stress than before. Then, and only then, can you fully have pleasure in the work you do.
As a property manager, you have to deal with humans daily. And it's essential to be in your best spirits when conducting showings and managing tenants; otherwise, you risk putting them off and crippling your business. By optimizing your business processes, you can free up so much agonizing workload so that you can give your clients the best experience.
Below are practical ways to achieve that:
1. Take a flexible approach for peak periods
Being able to manage fluctuations in workload during peak periods is a crucial challenge for property managers. They often find themselves strapped for time with multiple property showings and tenant and owner requests, while other times, they have nothing to do and feel bored at their desks. Although the summer season is typically the busiest, workload fluctuations can occur anytime throughout the year.
To optimize property management operations, create a flexible approach to managing workload increases without hiring extra staff. One way to go is to find on-demand agents to assist you during such periods.
2. Set clear expectations
If you want to reduce the number of calls your team handles, it's best to set clear expectations with property owners. Give them a realistic idea of how long it might take to rent out their property depending on factors like the season, location, demand, and pricing.
You can also manage owner expectations around how quickly you'll be able to respond to their inquiries, whether it's for urgent issues or just general questions. This way, everyone is on the same page, with fewer surprises or misunderstandings.
3. Make sure you’re using a robust software
While changing software can be a time-consuming process involving researching and comparing different options, signing up for trials, testing them out, and training your team, it's important to ensure you are using the best tools available. A robust property management system should be able to manage tenant payments, screen potential tenants, property reporting and track, manage maintenance schedules, and list properties quickly.
Such software will be closely integrated with property management operations, significantly impacting your overall efficiency and effectiveness.
4. Optimize your tenant screening process
The best way to avoid potential issues with tenants is to rent to only the best tenants–tenants who aren’t a handful. One way to go is to stay updated on the latest tenant screening techniques by attending industry conferences and reading industry publications.
For instance, you may discover that conducting criminal background checks and credit checks could be beneficial. But you can make things easier by using a property management system that makes background and credit checks easy.
5. Try to keep tenants for longer
If you want to ensure your renters stick around for the long haul, being proactive is important. Of course, some situations are beyond your control – people's lives change, and they may need to move for various reasons. But you can also do plenty of things to encourage residents to stay put.
One important factor is pricing - ensure your rental rates are fair and in line with the market. It's also important to be responsive to your tenants' needs and quickly address any issues, including repairs. And these days, offering digital rent payment options is a must.
If you want to get creative, you could also offer incentives or rewards for long-term renters. For example, you could give gift cards to a local restaurant or movie theater to celebrate every 6 or 12 months a tenant stays with you.
6. Avoid losing employees frequently
One way for property management companies to improve business processes is to keep employees for the long term rather than having them leave frequently. To do this, it's vital to communicate well with employees and address their concerns before they decide to quit.
Make sure your employees aren't overworked or burning out. One way to help with this is to get additional help with property showings when the team is too busy. Also, consider offering non-cash benefits, like a monthly house cleaner or food prep subscription, and regularly recognize employees for their hard work. Appreciation goes a long way.
Conclusion
Following the tips above might surprise you at how efficient your property management business becomes. You could do more work and attend to clients while experiencing less stress than before. Then, and only then, can you fully have pleasure in the work you do.
