How Property Managers Help the Bottom Line
As a commercial property manager, it is important to do everything in one's power to improve the bottom line. You want to make sure you are achieving the results you want to optimize your assets.
A good property manager knows how to be proactive and are skilled at thinking like the property owner so they can run a more successful business.
Here are a few ways a good property manager can help the bottom line.
Business Minded Management
When you are running a commercial property such as an apartment complex, you are looking to drive assets and increase revenue. When there are problems, you must step in and approach the issues with a more businesses minded approach.
Improving Resident Retention
In the business world, it has been said that it can cost five times as much to gain a new customer than it does to keep an old customer. Currently, only about 18 percent of companies are focused on customer retention.
When you are running an apartment building and want to increase revenue, you want to ensure that you have solid resident retention and no vacancies.
To improve the bottom line, improve resident retention.
Screen Potential Residents
When screening residents, look for employer and landlord references and make sure that they make at least three times the rent in their income. The more you screen, the less likely it is that a resident will face eviction.
Prioritize Maintenance Tasks
Maintenance is an important aspect of property management, and it also helps improve the relationship between management and residents. When it comes to maintenance, you have the opportunity to impress the residents. Make sure you communicate effectively and have necessary repairs followed through.
Build Resident and Management Relationships
Learning how to properly communicate with residents can help the bottom line by improving resident retention as well. Approach each relationship with professionalism and respect and boost a sense of community. Even if a resident approaches with anger, be firm and never accusatory. Work on finding a solution that is good for everyone.
If you follow these tips, you will see an improvement in resident retention, directly affecting your bottom line. Resident retention is also a critical aspect of property management to keep in mind.
For more helpful information on how to grow your occupancy, contact us at Occupancy Solutions, LLC today.