Four Easy Ways To Reduce Property Management Expenses

With tax season quickly approaching, you are probably reviewing your finances for the past year. If you find that your profit margins are low because your operational costs are high, there are some ways you can scale back while still offering great service. Here are some simple ways to reduce your property management expenses.

 

1. Look Into Sustainability Solutions

Sustainability not only has the benefit of reducing your costs, but it is a key amenity that attracts new renters. Replacing your common space light bulbs with LEDs, improving your insulation, and installing energy star rated appliances can save you big on your utility costs.

2. Prevent Damage Rather Than Repair Damage

Investing in routine maintenance to prevent damage to your property can save you costly repairs. There are several ways to do this such as creating a checklist of routine maintenance checks, hire a handyman to fix minor issues, implement strong damage terms in your leasing agreements. How you implement this process depends entirely on the specifics of your rental.

3. Automate Business Processes

There are plenty of ways you can automate processes like payroll, rent collection, and even marketing. Automation can save man hours, leaving your employees free to cross-train and take on more duties. Automation is also very affordable and there are a ton of options available for nearly every job function.

4. Reduce Renter Turnover

It is much more cost effective to keep existing renters than finding new ones. Audit the costs of filling vacancies from marketing overhead to background checks to empty rentals and determine an average figure. With that figure as a baseline, you then can offer special rates, deals, and discounts when a renter informs you they are moving. Discounts will reduce turnover rates and save you money in the long run.

 

There are a lot of ways to reduce the costs of property management expenses. These are just four of the easiest to implement. For other money saving ideas, contact Occupancy Solutions. Our experts will review your current financials and offer ways to help you save even more!

 

Resident Retention And The Power Of Social Media

When residents renew their lease, you’re not left with an empty spot to fill in your community. Not only does this help your management team to preserve resources, it also helps to keep that desirable community feel as neighbors continue being neighbors for years to come.

Using Social Media More Effectively At Your Apartment Complex

Apartment complexes are an important part of communities around the country. But those who are in charge of overseeing them face some of the biggest challenges out there. From maintenance to safety issues to just attracting potential residents, there are a lot of different things that owners or managers must consider on a regular basis.

How To Turn Phone Calls Into Visits

What is the initial point of contact for most potential residents looking for a home? In many cases today, it may be an online search. But eventually, a phone call will likely be made. When that happens, it’s up to the facility manager or someone in a similar position to take control and make sure that the phone call turns into a visit.

Avoiding Liability Issues On Your Grounds

There is no question that property management can be a complex process, or that it offers numerous challenges to those who own or oversee a building. But one thing that you can’t afford to ignore is the importance of taking steps to avoid liability issues, and doing so is a must for any facility owner or manager.

A Closer Look At Curb Appeal For Apartment Communities

No matter the location of the facility, apartment communities can seem like an automatic draw for residents. But as more and more facilities are built, standing out and getting noticed becomes more important. Your website can be as slick and well designed as possible, but if the property itself doesn’t really wow them, it will be harder than you might think to fill up all of your units.

What Not To Do When Staging Residences For The Holidays

While spring and summertime are usually the prime times for attracting new prospective residents, there are plenty that will be looking for communities around the holidays as well. Staging residences for tours around the holidays can be a fun and creative experience, and while you will enjoy getting into the spirit, it’s important not to go too far. A few things not to do when staging your residences for the holidays include:

4 Tips For Asking Prospective Residents All The Right Questions

Typically, at some point during the prospect leasing process, you’ll sit down with prospects and interview them. They’ve learned about your community, they’ve toured your residences, and they’ve gotten to know you – so now it’s your turn. This interview process can go very well, but it can also go very poorly, and you want to make sure you get all the information you need without turning off prospects and sending them off to another community.

How Can I Make My Follow Up More Effective?

When a prospective resident inquires about a tour, your effort doesn’t stop there. Leases have not been signed yet, the prospect may be looking at other communities along with yours, and this is your real opportunity to stick out. The way to hook their memory back is to nail the follow-up process, and we at OccupancySolutions.com are prepared to help you with just that.

Make Your Prospective Resident Tours More Memorable

Touring your residents presents to you a unique opportunity. You’re able to frame and provide the first impression, and the impression that is likely to last throughout the tour, the interviews, the application process, and the lease. Naturally, because this is such an important moment, it’s one that community management teams should prioritize getting right. Making prospective resident tours more memorable will ensure that you stick out in their minds, and in a positive way that puts you ahead of the competition in your general area.

Four Festive Holiday Party Ideas Your Residents Will Love

With the holiday season right around the corner, it’s a great time to start planning an event for your residents. A holiday party can help you connect your community, help increase resident satisfaction, and increase retention. However, throwing a holiday party people actually want to attend can be tricky.

The Tips For Showing The Best Side Of Your Residence

Photography and videography are two of your most important marketing and advertising tools for your residences. When done well, great photos and video will make visitors want to come to your complex, they’ll make them want to be part of your community. When not done well, it can lead those who would love your residences in person to turn away assuming a lack of quality or an ill-fit for their needs. A few tips can ensure you experience the former with interested residents, rather than the latter with potential residents being pushed away from what you could offer them. A few tips for showing the best side of your residences are:

5 Tips For Throwing The Very Best Block Party

Block parties improve resident morale, they bring people together, and they work wonders to form that important community loyalty and spirit. For this reason, we at OccupancySolutions.com fully support residents joining together to celebrate a great community party. For community management teams, however, the thought of throwing or organizing a block party can be overwhelming, but it doesn’t need to be. 5 tips for throwing the very best block party are:

Promoting Your Community Brand With Snapchat

Snapchat is one of the single highest growing social media platforms right now, with the millennial generation pushing in full force much of the 150 million daily active users. If this younger market is who you’d like to reach with your community marketing, Snapchat is a platform you can’t afford to avoid. This isn’t to say that it’s only those in their 20’s using Snapchat, as more and more active users in their 30’s, 40’s, and beyond have begun showing daily interest in the platform as well. At OccupancySolutions.com, we want to show you how to fully embrace this massive trend for your community brand as well.

How Important Is Mobile Friendliness For My Community Website?

One thing we see overlooked often at OccupancySolutions.com is mobile accessibility. Once considered a secondary aspect of marketing your community brand, mobile availability is more important today than ever and this importance is only expected to grow as time goes on. Nearly 60% of all website traffic comes through mobile devices, more than half of all organic visitors, and you want a website that will cater to those you want to experience it most.

How To Convert Calls Into Property Tours

One of the biggest challenges property managers face is how to take qualified leads and turn them into occupants. One of the most common qualified lead is when a potential occupant calls you to learn about your rental. This is a huge opportunity and you have to use some clever sales expertise to convert that call into a property tour then ultimately to fill a vacancy. Here are some tips on how to convert your calls into a tour.

Four Fall Marketing Ideas To Increase Occupancy

Fall is the beginning of the slow season in real estate. However, there are still plenty of potential residents that are looking for a new home. So it’s a great time to review your marketing strategy and add some seasonal marketing. Seasonal marketing is a perfect way to showcase your community’s unique personality and attract your ideal renters. Here are five fall marketing ideas to get you started.

Fostering Communication Among Your Team

The key to any successful business is communication. Improving your team’s communication and developing a sense of teamwork can help you improve processes, tap expertise, and streamline your workload. Here are some ways to develop good communication among your staff.

Five Simple Ways To Make New Occupants Feel Welcome

Forming a lasting relationship with your new occupant means both parties will have a vested interest in each other’s success. What this means for the landlord is that an occupant is less likely to avoid making their monthly payment, maintain the property, and is more willing to come forward in as soon as possible to warn about developing issues. One of the best ways to establish a good relationship from the start is with a welcome package. Here are five simple things to include:

5 Ways To Market Your Community In A Digital World

In today’s digital world, people are more likely to take to the internet to find their next residence than they are to pick up a brochure or search in a newspaper. What this means for community management teams is a need to go where the trends go, and a way to market your community in today’s world of all things digital. 5 ways to market your community in a digital world are: