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!

 

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:

Using Facebook To Build A Sense Of Community

For community management teams, Facebook is a tool you cannot afford to let go. While some may be wary of taking to social media, this tech savvy modern age we’re living in disallows ignoring social media if you don’t wish to fall behind the competition. Facebook is well known for its marketing power, but did you know that it’s just as powerful for building a sense of community as well?

Creating A Community Newsletter They’ll Want To Read

At OccupancySolutions.com, we know that a newsletter is a pretty great simple way to connect with your community. However, only a newsletter they’ll want to read is going to have the effect you’re looking for. So, how do you go about creating a newsletter that does what you want it to do? One option is asking around the community and gauging the interest of residents, seeing what they’re interested in and what you can incorporate into a newsletter format. A few other content pieces you may wish to include for an interesting newsletter include:

4 Ways To Stand Out From Competition

A big part of community management is establishing your personality as a community and using that personality to help you in standing out from the competition. Community management is a highly competitive industry in most areas, and you want your prospective residents to lease with you rather than checking out the other guy. 4 ways to stand out from your competition are:

4 Steps To Better Resident Relationships

One of the most important parts of resident retention is the relationship you hold with your residents. If residents don’t get along with or feel good about management, they’re less likely to feel loyal or content with their current living situation. Building this type of rapport not only keeps residents renewing their leases, but it also makes them more likely to tell others about your community and market for you as a first hand experience resource. 4 steps to building better resident relationships are:

Photography Tips For Instagram Ready Residence Marketing

When it comes to community marketing and branding, Instagram is becoming something of a big deal. Instagram is quickly becoming one of the fastest growing social media platforms, and this means that if you want to place your community where the people are, you’ll want to consider placing it front and center on Instagram. Instagram is a photograph based social media platform, and where you’re going to be placing most of the meat, in terms of your content, will be in your pictures. So, how do you ensure the photos you’re taking are Instagram worthy?

5 Low Cost Marketing Ideas For Your Community

Marketing outreach for your community doesn’t need to be particularly expensive or excessively time consuming. Getting the word out there really just takes a little creative and out-of-the-box thinking. 5 low-cost marketing ideas for your community are:

5 Low Cost Ideas For Staging A Touring Residence

When you stage a touring residence, you’re providing a space that will allow touring prospects a way to see your residence as their new home. For this reason, staging is important in showing visitors the potential of a space, and staging a residence doesn’t need to be difficult or expensive. 5 low cost ideas for staging a touring residence are:

4 Fall Staging Tips For Autumn Leases

Residence staging presents a really unique opportunity. The prospects you’re touring around your community have most likely toured other communities within the area, carefully picking and choosing before they choose the option that is best for them. With residence staging, you can give your residence the benefit of bringing the big “wow”, and looking like a place that is easy to call home. Staging can be accomplished in all sorts of ways, with plenty of low-cost options available, and one way to make a big impression is to stage along with the season.

Staging Residences For The Summer Visits

When prospective community members come for a visit or tour, your sample or show residence is what is really going to make the final call. When they see this residence, they’ll know right away whether they’re seriously interested in leasing with you, or whether your community may not be for them. For summer tours and visits, these residences should be staged for the season, and there are a few ways to stage specifically for the hot weather months.