If you are a property manager, then handling the challenges of the industry is not easy. While you might take credit for making it look like a breeze for the owners or investors in the property, you know that this is a result of overcoming issues on a daily basis. Still, you can conquer challenges without as much stress by following this advice:
Look at Comparables
You are not living in a vacuum. Your property is not the only one in the world that people can live in. They will simply go to the next best apartment if you don’t have amazing value to offer.
Make a habit of looking at your competitors. Visit their property. See if they have something unique of value to offer. This could include pools, trash services, or even just landscaping. Then, make a plan to emulate it on your own property.
Don’t Get Romantic About the Future
A great way to make sure that the next market crash crushes your business is to look romantically into the future. When you sit down with your investors, you might start talking about how excited you are for your projected earnings and expenses.
The reality is that projections are illusions. People are notoriously bad at predicting the future. Stay focused on your cash flow right now. Sure, you want to grow your income and reduce costs, but don’t bet on that happening as much as you think it will. Instead, always have a backup plan and strategy for navigating the market for when it is not where you want it to be.
Hire Great People
If you spend on the best talent, you could be doing worse. Getting great team members on board is a surefire way to make yourself stand out from the competition. Walt Disney used to train his janitors to always be polite to their visitors, even if they were littering. Think of that next time you bring a new maintenance worker into the fold.
When you manage a property, you are taking on a role of a leader. You might not get as much credit as other people involved in the market, but you know that you have to value for the residents, the investors, and employees of the property. Let that motivate you, and let the tips above help you overcome challenges so you can enjoy more profits and less frustration in the long run.