Property Management & Consulting Blog

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.

Key to Finding the Best Residents for Your Community

As a property manager, you may find the notion of renting a space quickly favorable because it means you are putting money in the bank faster. While you don't want any space to remain vacant, you also don't want to have to evict a resident in the near future. For this reason, it makes more sense to take your time and find a good resident for your community.

The Importance Of Resident Testimonials In Marketing Your Apartment

There is nothing more convincing than the testimonies of people who have actually experienced the best things about your apartment. You would be surprised at how much other people value these opinions when looking for a new home! That is why if you have not gathered any resident testimionials yet, now is the time to start. To help you, here are some things to keep in mind.

Training Your Team To Handle Challenging Community Members

Many different personalities will make up a community, and not all of these will be easy. Training your team to be able to handle conflict or more challenging personalities effectively and positively is important to maintaining that authentic and harmonious community feel. A few points to include in your employee training are:

Simple Ways To Create A Personalized Guest Experience

A personalized guest experience is a major want for many travelers today. Whether traveling for business or leisure, they want to feel like they’ve stepped into a home away from home even if it’s their first visit to a particular hotel. They want that comfort, relaxation, and attention that shows that they’re being well cared for.

How to Onboard Employees for Your Small Hotel

Since the start of the pandemic, the hospitality industry has definitely gone through a few changes. Cutbacks and layoffs were common, and now that things are going back to normal, smaller hotels are finding it hard to reopen as they have problems finding people to hire.

How Recaps Can Fill Out a Team Meeting Agenda

For more effective management, you should provide team members with a recap of the day at the beginning and end of each day. This can go a long way in improving effectiveness and efficiency. Let's take a closer look at the value of these team meeting agendas and how they can help.
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