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Increased Profitability with Long Term Tenants


One of the main aims of property management should be to retain tenants, as that improves profitability considerably. When tenants stay longer, unit turnover is less, which means impressive savings on turnover costs. Doing everything possible to retain tenants is a fantastic strategy; however, this does not mean you need to keep the bad ones.

Time & Money

Turnover costs can add up, which can reduce profits to quite an extent. Even for a single unit the turnover costs are considerable even when the new tenant is moving in the next day. When tenants give notice about moving, property management has to start advertising, take calls of prospective tenants, show the unit, conduct background checks, draft a new lease, and collect security deposit. All this takes time and money, and if you are relying on estate agents to get new tenants, you will end up paying about a month’s rent as commission.  

The Costs Add Up

Apart from these costs, property manager will have to inspect the unit before the departure of the tenant, and will have to prepare a schedule for repairs, painting, and cleaning the unit. The old tenant’s security deposit will have to be finalized depending on the damages done to the unit. When the new tenant moves in, the property manager will have to document the condition of the unit, coordinate the changeover of utilities, and take any further repair requests from the new tenant. All this work will take several days, which is a big drain on resources and manpower.

High Morale

According to many surveys, the main reason for higher turnover is poor property management that is not attentive to issues of tenants. The main complaints will be not repairing things on time or poor maintenance of the property. When you consider the costs involved in properly maintaining the units and doing repairs on time, they will work out, much less than what you would be spending due to higher turnover of tenants. Therefore, it is good policy to keep existing tenants happy as much as possible, and to keep the property in decent shape.

A Negative Reputation

Profits will increase with longer retention of tenants, since turnover costs go down. Secondly, you do not want frustrated tenants terminating their lease and moving to other properties. The news of bad property management will spread quite fast through social media and by word of mouth. This will make it more difficult for property management to find new tenants, and vacancy rate can increase dramatically, leading to further losses.

Considering the added costs and the loss of reputation, it is far better to have a respectable and standout property management that is able to satisfy tenants and speedily take care of their issues. Satisfied tenants will not only stay longer, but even when they move, they will have something positive to say about the property.

Judicious property management has far reaching effects in not only improving profitability, but in also building good reputation and sustaining good tenants. Hence, the focus of property management should be a cost effective approach that pays striking dividends in the end, rather than short-term savings.

Using Facebook in Property Management

Facebook has over a billion users, which makes it a powerful social media tool for property management. Facebook can be leveraged for:

     Retaining Tenants: Facebook is very effect in communicating and building stronger relationships with existing tenants.
     Prospecting Future Tenants: Prospecting becomes very easy with Facebook, by using promoted posts and tagging features. It is as good as word of mouth advertising, and property management can reach out to friends of the company’s fans.
     Marketing: Sponsored stories and promoted posts are salient ways to find prospective tenants through Facebook.

Remember it is a Community

Facebook is primarily an online community and not a space for advertising. People access Facebook for chatting and hanging out. You could turn off people, if you simply post promotions and ads on you Facebook page. Hence, socializing should be the priority, and promotions can be worked into it. Secondly, people like to connect with people, and hence it is a magnificent idea to include photos of the property management team rather than images of only the property.

Choose the Cover Photo Wisely

The giant space available for a photo in the header is the main spot where you can compel people to explore your page further. Hence, make sure you use a photo that not only ideally represents the property, but also attracts attention.

Finding Fans

Finding fans for a property Facebook page could be challenging, as most people simply like to browse for information on the property website. Property management can encourage people to “like” their Facebook page by providing discount coupons or promotional offers.

Hosting Social Event

Property management can host social events to create a sparkling atmosphere to make their tenants or customers happy or for attracting prospective tenants. Using the Facebook page, the property manager can attract more people to the event, and promote the page itself. People visiting the property website can be directed the Facebook page for obtaining more details about the event. After successfully hosting the event, the property manager can post photos of the event and tag attendees. This way the photos of the event will also appear on the news feeds of friends of the attendees.

Improving EdgeRank

There are many ways for Property management to improve its Facebook EdgeRank. One of the most outstanding ways is to generate maximum comments. This can be done by asking questions and so on. However, you need to first sponsor or post an interesting story to attract attention in the newsfeeds. Secondly, people who comment on the posts can be tagged, and the conversation can be kept going for longer periods of time.

Using Retargeting

Retargeting through Facebook Exchange is still being tested, but the results seem to be quite promising. A property could focus on people who have visited the website, but not taken the decision to lease. If property management were mainly using Facebook for improving brand awareness, the ideal strategy would be to select sponsored stories and promoted posts. Retargeting can be the most effective when in the process of renewing contracts and to attract new tenants who are willing to sign a lease.

Skill Set and Qualities of an All Star Property Manager


Property management is not an easy profession and a manager requires a diverse set of skills and qualities. Here are some important aspects that should be considered while employing a property manager.

Excellent Communication Skills

A property manager has to deal with tenants, vendors, contractors, government officials, and many other people on a regular basis. Having excellent communication skills will not only provide clarity but also alleviate tensions and simplify situations. Effective and harmonious communication skills should not only extend to conversations but also to writing letters and emails.

Time Management

It is not possible for a property management to work always according to a strict schedule as many tasks can come up unexpectedly that need to be dealt with immediately. A property manager will not only have to prioritize tasks but also able to complete them within a suitable period. Procrastinations in performing difficult tasks should be avoided at all costs.

Finding Quick Solutions

A property manager has to face challenging issues that need to be dealt with speedily. Many times, traditional solutions may not work in solving problems, and the manager will have to improvise and design solutions on the go. It is also important to solve problems quickly, as postponing issues will only make matters worse.

Taking Right Decisions

Property manager has to deal with a very wide variety of issues, and therefore should have adequate knowledge about tackling various problems. Secondly, the manager also needs to take the right decision to get the job done most efficiently and speedily. For instance, when certain repairs have to be done, the manager will have to decide whether the job needs to be done by a handyman or does it require the expertise of a licensed builder.

Multitasking and Attention to Detail

Several ongoing tasks have to be dealt with at the same time in property management, and therefore a property manager should have multitasking skills. However, acting impatiently and making errors can prove very costly in the end. Hence, apart from efficient multitasking, a property manager should also be attentive to detail and get the job done right.

Efficient Administrator

Any manager being head of a department obviously needs to be a fantastic administrator. For a property manager administrative skills are very important for heading a team or office that is in charge of various aspects of the property. From basic tasks of allotting work, to designing a work schedule, the property manager should be able to run the office in an organized and efficient manner.

Diligence and Dedication

Building sound relationships with tenants, and everybody else connected to the property requires persistence and dedication to the task. Some people can be very difficult and building a cordial relationship might seem almost impossible. Nevertheless, the property manager must have a strong sense of perseverance and dedication to make things work out.

Proper Appearance

A property manager should look the part, and therefore it is important to pay attention to how one dresses and behaves. The manager should dress appropriately and neatly, and have a confident demeanor.

Using Yelp in Property Management


With increasing amount of people using online reviews to make a decision, it would be disastrous for any marketer to avoid Yelp. The same holds true for a property manager as well, and property management should take all steps to maintain and leverage their position on Yelp. For creating an effective Yelp marketing campaign, managers should use a maximum number of paid and free services offered by Yelp.

Using Paid Services

§    For driving more traffic to your business page, purchase search ads.
§    To improve conversion rates, include photo slideshow or video of the property units, by purchasing enhanced listings of someone’s profile.

Using Free Services

v    Use the free listing to the maximum by posting excellent photos and adding lots of personalized information about the property.
v    Target users who access Yelp on their mobile phones by posting check-in offers.
v    Extensively use the free response tools for reviews by addressing all reviews, especially the negative ones.

How Property Management can Leverage Yelp

Personalization on Yelp is the key to success. Create a business page and regularly add or update content. At biz.yelp.com, you can access a huge range of free tools for customizing your listing. These tools can be used for adding content and photos.

According to studies, Yelp visitors tend to spend more than twice the normal time on business pages that have photos, hence, make it a point to add good quality photos. Secondly, Yelp provides you with the section, “About this Business”. Here, you could give a detailed write up about the property. Include how efficiently it is managed, and why tenants should choose this property over others.

Gathering Research

Yelp also provides excellent research material for property managers who want to know about their competitors and why they are excelling in the field. Sort out the highest rated properties in your city, or in the locality, and read the reviews. This will give you an idea about the areas where these properties are scoring. See if you will be able to improve your own services in these areas, so that your property can get similar reviews in future.

Making Your Virtual Presence Shine

Lastly, it all boils down to providing excellent service and having satisfied tenants. This way you will build on sparkling reviews organically. The best approach is providing best experience for your tenants, who will automatically post a shining review. Find out from prospective tenants if they use Yelp in making a decision, and if they do, then keep a track of these tenants.

You could prompt them later to provide a review if they are satisfied with the services at the property. Studies show that Yelp users who mention “good service” in their reviews are five times more likely to attain a five star rating for their reviews. However, it is important for reviews to build up organically, rather than asking tenants to post a review. Simply mention that the property has a presence on Yelp and they could see other reviews and find more information about the property and its management.

Steps Property Management can take to Keep the Neighborhood or Complex Safe for Tenants


One of the duties of property management is to ensure that the property is secure and safe for tenants. Various security measures can be taken on the premises, but if the adjoining properties and areas are not safe, then your property will also be clubbed into the same category, and potential tenants will avoid it.

All marvelous and decent prospective tenants will first consider if the location is safe, and relatively free of crime. Therefore, property management should not only ensure security on their own property, but also take steps to make the neighborhood safe. Here are a few pointers that can help you achieve this objective.

Do Research

It is first important to know the crime rate in your neighborhood and the types of crimes that are typically committed. This research can be easily done online, as there are many websites such CrimeReports.com and others that provide accurate information. If you find there are many instances of theft in your area, you can inform tenants to be more careful with their belongings, and follow the usual precautions of not leaving valuables in plain sight, and installing better locking systems for their vehicles. It is also a prudent idea to know the proximity of sex offenders in the area and put up a notice informing tenants of such elements.

Knowing and Collaborating with Your Neighbors

It is fantastic to know your neighbors and to take collaborative steps to keep the neighborhood free of crime. Offer to help and keep a lookout for bad elements and any criminal activity in the area, and expect the same from your neighbors. People generally like to cooperate in such matters and you might even succeed in organizing a neighborhood watch, which is most effective and cost-efficient way of preventing crime in an area.

Maintain Access Points to Your Property

Maintaining the entry points to the property is not only important for curb appeal but also for security. Overgrown and large bushes provide excellent hiding places for thieves and stalkers; hence, the landscaping should be kept trimmed and neat. It is also necessary to clear all clutter and keep the common areas and entry points clean.

Proper Lighting

Entry points and common areas inside the property should be well lit, especially areas at the rear of the building where there is not much traffic. Bright lights will discourage criminals, as there are more chances of being spotted. To cut costs, you could consider installing motion sensor lights in such areas. Property management should also take steps to ensure proper lighting outside the property. Town or city officials should be approached for additional light posts, if the majority of the surrounding area is in darkness.

Perhaps the apartment complex can set up motion lights in certain areas to help people notice if someone is snooping or creeping around at night? Waiting for some bureaucrats to do something may take a while.

Emergency Notification

Establish a system where tenants are able to relay a warning or notify property management in times of emergency or when a crime is about to take place. Once tenants know that help is at hand, they will be more vigilant and help in keeping an eye on units where tenants have gone somewhere for the holidays.

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