For property managers to keep up with changes in technology and new demands from renters, they need to make some adjustments to their business practices. Adopting more automated processes (like electronic payments, better tenant screening and rent matching software) and looking for inefficiencies can boost your business performance and quality tremendously. In this infographic we outline 10 ways for property managers to stay competitive as well as a brief look at the future of property management.
Infographic: 10 Ways for Property Managers to Stay Competitive
#1 – Measure Owner Satisfaction
You need a good reputation with property owners, so survey them regularly.
#2 – Use Smart Pricing
Pricing your unit accurately for the market is critical. Use tools that compare your unit to the rest of the market.
#3 – Track Your Marketing Spend Effectiveness
Know what marketing channels are bringing in leads and which are costing you too much money for not enough return.
#4 – Refresh Your Resident Screening Procedures
Have a clearly defined process for selecting the right tenants for your properties and be as objective as possible.
#5 – Revisit Internal Policies
Survey your employees often to see what processes are outdated and could be made more efficient.
#6 – Pay Everything Electronically
Eliminate things like petty cash and buying things like maintenance supplies with a credit card; there is much less risk associated with electronic payment methods.
#7 – Texting
Millennials use smartphones for just about everything—why not send important messages with renters via their preferred way of communication?
#8 – Automate Reconciliation
Pass your audits with flying colors with accurate and timely reconciliation.
#9 – Audit Your Staff and Accounting Records
Implement a verification system to catch any errors and hold staff accountable for data inaccuracies.
#10 – Collections Process
Competitive companies have efficient collections processes with clearly defined steps to collect unpaid debts from residents.
See why you should choose AppFolio to help you modernize, grow and automate your business.