Should Property Management Companies Let Owners Handle Their Own Make Ready?
Let’s get one thing straight: Deciding whether an owner can handle their own make ready is NOT the owner’s decision—it’s yours.
That might sound counterintuitive. After all, it’s their property, and they’re hiring you, right?
But here’s the reality: You define the scope of your service, not the owner.
The Rental Price Illusion: When Expectations Collide with Reality
No one has a magic formula for renting overpriced properties faster than anyone else. If a property isn’t renting, it almost always comes down to one of three factors: location, condition, or price. We can’t change the location, and most owners aren’t eager to spend $30,000 to $50,000 on renovations just to increase their monthly rent by $250 to $300. So, the most effective lever we can pull is pricing the property correctly.
How Much Does Your Pain Cost?: Navigating Pain Thresholds in Property Management
Severe pain must be met with severe responses - you either say no to it or charge an unreasonable amount of money to do it. This means setting a fee for the work that makes it worth doing or makes it unlikely clients will request it. This is the epitome of charging for our pain. The threshold must be high enough to create a true barrier to entry.
The Dilemma of Over-Collaboration
Many property management company owners I've spoken with struggle with role assignments. They say things like, 'It depends on who sees the work order first,' or 'Certain issues need to be escalated to me', and on and on it goes. This reflects a classic problem… 'When everyone is responsible for something, then, in reality, no one is.' This lack of clear responsibilities leads to over-collaboration, where tasks become everyone's job yet no one's responsibility, creating a cycle of inefficiency and frustration
Retaining Top Talent: The Power of Well-Documented Processes
In the dynamic landscape of employee retention, 50% of new hires continue their job search after accepting an offer, and that number increases to a staggering 80% if they are dissatisfied with their initial experiences at a company. Dive deeper, and you'll find that the key to keeping your employees lies in the intricate details of onboarding and training.
The Future of Property Management: Why Automation is the Key to your Companies Success
Property management is evolving, and automation is the game-changer you need to know about. It revolutionizes how companies operate, streamlining processes, delegating tasks, and freeing up valuable time for growth. With automation, tasks like tenant screening, leasing, maintenance, and more are completed faster and with fewer errors, allowing property management companies to scale, serve more clients, and generate higher revenue. Owners benefit by delegating tasks, focusing on strategic initiatives, and growing their business.
Take Your Processes From Your Head to The Heart Of The Company
Documenting your processes is not just a recommendation, it's a critical step for sustainable success. This procedure is invaluable.