How Can Property Management Agencies Improve Their Bottom Line?
While landlord and tenant needs are your top priority as a property manager, there are multiple things you can do to support the growth of your business. Here are some surprisingly simple ways to improve your bottom line while holding onto, and attracting, great clientele.
The use of One Touch™ execution on General Tenancy Agreements (Form 18a) can greatly increase a property manager’s bottom line by offering the ability to drive agency revenue and significantly reduce associated administrative costs.
When asked about their One Touch™ execution (OTE) experience, Laura Valenti of Solutions Property Management (an early adopter of the technology) describes the process as an “easy transition with good support, and that it is very simple to use”. Further to this, Valenti maintains that “OTE has saved our property managers hours of admin time, and our tenants love the ease and transparency of this new way of signing leases.”
“Without taking into consideration any time savings, One Touch™ execution can reduce an agency’s administrative costs significantly by limiting the need for printing and storage; an expenditure costing some agencies upwards of $4,500 per year,” says Kayla Summers, Head of Customer Experience at Hutly.
Want to know how to Increase revenue when downloading a General Tenancy Agreement? Register for our free OTE Webinar here.
Property Stability = Success
Property Management Department Manager at Ray White Sherwood/Graceville, Aimee Carding recommends that property managers review the number of staff they have on a regular basis. This will ensure that all clients are well catered to, and to maintain a positive reputation in the industry.
“We always have one to two more staff members than what we need,” says Carding.
For Carding, smart businesses including property management companies should focus on maintaining a stable success rate, which in turn will help your bottom line.
“If we’re growing more than what we’re losing, we’re pretty happy,” she says.
Regular Assessments Are Key
When it comes to improving a property management’s bottom line, Carding explains that it’s a “forever changing” process, with new systems and new ways of doing things constantly being introduced.
Regardless of these “newbies”, she says she examines and reassesses her business figures on a monthly basis, and her profit and loss statements twice a year.
Less is Best
Carding says it’s easy for businesses to become overwhelmed by reviewing, and then trying to fix too much, too soon. She says this line of thought will result in property managers achieving nothing.
“I try to pick one or two things every three to six months that we’ll focus on,” says Carding.
“We then review it and think about what can we do to make things better next time.”