Property management is a challenging, yet rewarding career. These five tips for better management practices will help you increase revenue and improve client satisfaction with minimal stress. Happy clients are more likely to refer others and help you increase portfolio holdings.
1. Start the day strong
Whether it is the boost from caffeine or just natural rhythms, studies show that people are more energetic and productive in the morning. Make use of that energy by calling a team meeting and creating an agenda for the day.
2. Stay in touch with your team
Set regular check-ins throughout the day with staff to ensure tasks are being completed in a timely manner. Property management often involves overseeing several departments, including housekeeping, leasing agents, and customer service representatives. As requests come in, delegate as much as possible.
3. Use a telephone answering service for off hours
As mentioned above, better management practices require properly delegating tasks. Consider using a telephone answering service for weekend and evening phone calls rather than putting that additional burden on your employees or yourself. Letting an outside service handle these calls will decrease staffing expenses and increase revenue.
4. Seek client feedback
Offer comment cards and surveys for your tenants. If possible, set up an online portal to make it easy to submit requests. This will help you see what works and what doesn’t as you increase portfolio size.
5. End the day by planning for tomorrow
At the end of each day, sit down and make a list of everything you need to follow up on in the morning. This will help you hit the ground running and avoid being blindsided by a forgotten task. Once the list is complete, hand over the phones to your telephone answering service and enjoy some much-deserved relaxation.