When was the last time you really felt relaxed? For many Americans, they’re able to grab a few moments of breathe-easy time on a Sunday evening while catching a game or spending some quality time with loved ones. But for property managers, even that small moment of relaxation can be elusive.
In the back of your mind, as your team scores, your loved one opens a bottle of wine, or someone passes the gravy, you’re thinking, “How can I make sure my property owners are delighted with my services?” and perhaps, more pressingly, "How can I find new clients to delight?"
It’s natural to be concerned about how well you're doing your job of taking care of the investments you already manage—but it's an even more significant stressor to try and drum up new clientele. When the markets are less than supportive or are fiercely competitive, this can quickly lead to burnout when it's not handled from the right approach.
The mind can only take so much stress: like the body, it can reach a breaking point. Fortunately, there are property management tools available to help you avoid burnout. Here are some ways to avoid exhaustion by cleverly leveraging the modern tools of the trade available to property management businesses today!
Collect Rent Easier
As a professional property management business, you know that there is often a difference between tenants and responsible, paying tenants. When the income of the property owners you serve depends on your renters, it may make sense to spend some of your time trying to get tenants to pay. However, without the right property management tools, this can quickly lead to burnout.
- It’s tough to find a rent collection system that’s both effective and flexible.
- As soon as you think you have something in place, you get thrown a curveball, and your system starts to feel ineffective.
- Even though a delinquent payment is usually the tenant’s fault, there are things you can do to make a timelier payment more likely.
The key to an effective rent collection system is consistency: with automations in place to make rent collection a fine-tuned machine; your system is consistent from day one.
- You set up the parameters to suit your needs—and those of your tenants—and you let the software guide the process.
- Anytime you need to adjust, you can do so in a matter of minutes.
- There’s no need to devote hours or days to re-configuring your rent collection system! Consistent rent payments could be just a few clicks away.
Fine-Tune Your Turnover
- The occupancy rate of properties you manage is largely going to be a result of how well you convert applicants to tenants.
- If your day is packed with activity and obligations, keeping up with and staying in contact with potential renters may end up slipping to the bottom of the to-do list.
- However, when you partner your marketing with automations and self-showings, you can spend less time and energy worrying about where potential renters are in the lifecycle of the rentals you manage.
- Automation has the side effect of helping delight your current residents, too!
A lead management system can:
- Help manage contact information
- Keep track of when applicants were acquired
- Give you reminders regarding when to reach out
- Help you compose and deliver official messages to your prospects.
As a bonus, these exact tools can also be used with the other half of your business: your property owners! Automated communications and lead follow-up is a great way to make potential partners confident about placing their properties in your care.
These are just some of the reasons why a good CRM—our favorite is HubSpot—is one of the most effective property management tools. There are several facets to properly taking advantage of leads, and with lead software, you can streamline all of them.
Improve Your Marketing
- Without effective marketing, you’re rolling the dice in today’s property management landscape. This uncertainty can lead to a great deal of stress.
- If your area experiences an economic boom, your property owners might be more interested in a sale than in long-term rental payments.
- With strong marketing, however, you build up a “buzz bank” that you can withdraw from in the event that word of mouth and normal consumer demand aren’t getting the job done.
One of the more effective ways to manage this is by making your marketing automated. Keep in mind that this doesn't necessarily need to rely on outbound marketing techniques! Scheduled blog posts, tweets, and Facebook messages can still be powerful ways of drumming up interest.
Optimize Your Website
- Your website should be one of your primary property management tools.
- However, trends in website development fluctuate as a result of design trends, marketing principles, and advances in technology.
- Keeping up with all the changes can be stressful—and it’s easy to get burnt out when you’re worrying about whether or not your website is effective.
If you hand the development and management of your website over to professionals, you can rest easy and avoid the burnout bug! Perhaps your site just needs a few tweaks to make it more effective—or maybe a complete overhaul is in order. Regardless of how dire it might seem, a conversation with a professional can help you can outline your objectives.
From there, your website wizard can figure out how to make your site a better vehicle for accomplishing your marketing goals. Better yet, they can lift the burden of managing the site off your shoulders so you can spend more time doing what’s important for you, your family, or your property management business.
Thankfully, there's no need to go overboard trying to diagnose issues with your website! With our fast and free website audit, RentBridge makes it easy to diagnose weak spots in your site that could be costing you a better conversion rate. A great way to get started on resolving these issues is to reach out to us!