Property Managers – Did You Know? Quick tips to help increase revenues and decrease expenses
Property management is a very dynamic industry, things change from day to day and they always will. I have met a lot of people over the years who get out of the “business” only to come back within a year ready to tackle it head on again. Why? It’s dynamic and a constant learning experience. If you like routine, the same thing every day then property management is probably not for you. If you like challenges, can function amidst a good amount of stress and change directions like the wind, then I encourage you to explore opportunities in this truly diverse industry.
Every property management company has policies and procedures, it’s a requirement (not to mention necessary). I am one who likes to try new reports, new ways of doing things, “spice” things up from time to time. I’ve discovered over the years you can get the same results by simplifying reports and procedures. It’s about efficiency and being able to empathize with the workloads my teams have and do my best to lighten the load as much as I can. Also, working in a dynamic industry almost dictates your policy and procedures manual needs to be a living manual, one that changes as our industry changes. You must be willing to accept that things change, and you may need to change your thinking as well to continue to be successful. It’s not a big deal, it’s just the nature of the business.
“Change is the law of life. And those who look only to the past or present are certain to miss the future.”
—John F. Kennedy
Over the span of my career I’ve discovered a few things that, while when first introduced to my teams met with resistance, made their jobs easier and increased the properties performance by considerable amounts. Within 3 months they were all on board and embraced the new policies and reporting requirements. Surprisingly, a few sent me a thank you email. Who knew that would happen?! I’m sure at first they were not happy about the changes, but being the troopers they are, they tackled the changes showing no fear (on the outside).
Now, I’m not going to give away the details / secrets to success (you can email me for a free consultation), but I’ll give you some highlights to help you start embracing the possibility that it might be time to shake things up.
Did you know by doing weekly inspections, you can:
- Reduce annual expenses an average 25%
- Reduce resident delinquents
- Reduce work orders
- Reduce overtime
- Reduce resident turnover
Did you know you can increase the revenue side of your financials by:
- Contacting your collection agency
- Reviewing your ancillary income mid-month
- Not making exceptions to policies
- Use a Bell Curve
- Review your leasing statistics
Did you know you can increase your closing ratios by:
- Having a Power Meeting
- Using a Plan of Attack
- Having remarkable and memorable mini models
- Increasing and improving your listening skills
It’s the same thing when you change companies. You must change your mindset and get used to new policies, procedures, and reporting requirements. You have to get the old out and embrace the new. If you have a different way or report which has proved to be successful for you in the past, then talk to your boss about it. They might be willing to give it a try.
In the past I got hired to “clean” up operations at companies who were struggling. I learned very quickly I needed to watch and learn first before getting with my boss on changes which needed to be made to make things more successful and run more efficiently. However, I’m like a dog with a bone, you give me a task, something to fix, and I’ll tackle it and not let go until it’s done. I can tend to be a bit of a bulldozer at times, but in my defense, I was hired to clean up and reposition the properties, so let’s just get down to it and get it done. I learned while change is good and necessary in some cases, your delivery of the changes must be timed right so the players will be accepting of the changes. If you overwhelm the teams, they will put up a bit of a fight; however, if you involve them, get their input and make sure you let them know how it will benefit them…they’ll be on board from the start. Let the teams know the positive impacts the changes will produce not only for them, but for the continued success of the property.
My point is success is just around the corner. Don’t be afraid to try something new, you just never know how far a great idea will take you!
I think Benjamin Franklin said it best,
“Nothing ventured, nothing gained.”
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