empowering business owners: Is Your Property and Leasing Team Disney Ready?
- 10/17/12 11:33 PM
By Linda Day Harrison, theBrokerList, Chicago, IL How do management companies typically respond to new business inquiries? Phone interview with a request to tour the client's property. Follow up with a brochure and cover letter. Suggest the prospective client visit your website for more information. How about a lunch meeting to discuss the business opportunity? Or do you receive an RFI that requires you respond to a series of questions to be considered to bid? In any or all of these scenarios your properties and corporate office should strive to think that every time there is a new business inquiry, it … (3 comments)
empowering business owners: Have You Ever Considered a Budget Wish List?
- 08/14/12 05:19 AM
By Linda Day Harrison, theBrokerList, Chicago, IL It is a tough time of the year for us property managers as many of us are in the process of planning our budget for next year. However, it’s also a perfect time to poll all of your property owners, vendors, customers, and staff to see what might be on their wish list! What is a wish list you ask? Well a wish list is a reminder of all of the things your customers, staff, vendors, or property owners have wished for that can help your property to improve, save money, or maybe even … (4 comments)
empowering business owners: Are You Measuring Your Purchase Decisions?
- 06/25/12 12:13 AM
By Linda Day Harrison, theBrokerList, Chicago, IL You want to make a purchase, but what is driving that decision? Is it cost benefit analyses, the idea of getting more bang for the buck, impulse, or is it a high return on investment? And what does this all mean to us as property managers? When you are a property manager, one of the biggest roles you play on behalf of your client or property is purchasing! You purchase utilities, light bulbs, labor, services, marketing media, copy paper (hopefully less each day!), equipment, tools, professional services, and capital improvements or repairs. Each time … (2 comments)
empowering business owners: Property Management with a Smile!
- 05/17/12 06:35 AM
By Salvatore Friscia, San Diego Premier Property Management, San Diego, CA I recently read somewhere that property managers are slowly spiraling down the trust ladder towards the likes of lawyers and used car salesmen. I know this is a strong statement and no disrespect to lawyers and used car salesman, both honorable and needed professions, but once the public brands a group in that fashion it’s hard to shake the stereotype. So, has it really gotten that bad for us property managers? Well, that might be a bit of an exaggeration and I personally don’t believe it’s accurate. But if you … (1 comments)
empowering business owners: Turn Those Qs into FAQs
- 05/14/12 06:41 AM
By Linda Day Harrison, theBrokerList, Chicago, IL Ever call or visit a business, ask a basic question, and receive an answer of “I do not know?” To make matters worse, there is not even an offer of “I will find out”, or “Let me ask a supervisor.” It is rather scary and it is also profound. In business we work so hard to build our companies, market our properties, or create features and services, all to find out nobody in our own company has a clue! While visiting a business recently, I asked a simple question pertaining to a geographic location. … (4 comments)
empowering business owners: Property Management and Your Online Presence
- 05/07/12 07:06 AM
By Linda Day Harrison, theBrokerList, Chicago, IL When creating an Internet presence and building a new public website, the first thing you’ll want to do is identify a domain name as close as possible to your company or property name. Don’t bother searching in multiple locations for your potential site’s name — you’re too busy for that! Go straight to a search engine like namechecklist.com. Create your website on a platform such as Wordpress. Put in the time, effort, and money to design and plan the site. Consider paying a designer to create a logo and graphics. Add content to the … (3 comments)
empowering business owners: Understanding Your Property Management Team
- 04/24/12 11:48 PM
By Jo-Anne Oliveri, ireviloution intelligence, Brisbane, Australia There are many reasons why we need to recruit. We live in a world where there are unlimited opportunities for advancement and success. So, it stands to reason that your team members come and go based on their own personal career aspirations and opportunities that present themselves. It’s always wise to know individual team member’s personal goals. You should ask them what these are at the initial interview and then discuss it at monthly one-to-one meetings. By knowing what your team member’s long-term career aspirations are, you are then able to manage your team, … (2 comments)
empowering business owners: Training Your Property Management Staff
- 04/23/12 12:06 AM
By Linda Day Harrison, theBrokerList, Chicago, IL As managers and owners of property are we not supposed to deliver the best service, and keep our properties as safe and clean as possible? Is our staff learning and keeping on top of the current trends in technology and techniques? Do we empower our teams to deliver the best they can to maintain or lease our property? If not, why? What is your excuse? Are there not enough hours in the day? Are funds tight? Is an emergency, like bad weather or governmental changes stopping you, or giving you an excuse for not … (2 comments)
empowering business owners: Are Recruiting Agencies Paying Off?
- 04/19/12 11:25 PM
By Jo-Anne Oliveri, ireviloution intelligence, Brisbane, Australia Currently, there are many challenges facing the property management industry. I believe the property management industry is unknowingly creating many of these challenges because they are not identifying and addressing the real problem. I consider the real problem to be how principals operate their property management business. Problem number one comes when principals need to find a new team member, the “Property Manager”. Principals don’t seem to fully understand the roles in their property management business. Any available position is immediately referred to as a “property manager”. However, what skills, attitude, and knowledge are … (3 comments)
empowering business owners: Are You A Speed Bump?
- 04/18/12 01:50 AM
By Linda Day Harrison, theBrokerList, Chicago, IL Do you make decisions and move forward or do you contemplate things to the point that you become a speed bump? What is a speed bump? A speed bump is the person in an organization that stops progress and/or is afraid to make a decision out of fear of failure. In an organization, being the speed bump is not always a bad thing. However, day in and day out operations suffer when you are the property manager, supervisor, or property owner and it is your actions that delay or stop momentum. When managing teams, … (2 comments)
empowering business owners: Do You Really Please Your Customers?
- 04/13/12 12:00 AM
By Linda Day Harrison, theBrokerList, Chicago, IL In the history of property ownership and property management, as far back as the Stone Age (maybe not that far back), we have always called our customers “tenants” and for some reason it just stuck like glue. We can try to shake the term, but no matter how we spin it, turn it, or twist it the relationship comes back full circle to calling them “tenants” and not customers. It is rather maddening to say the least. Even though I preach this and believe it, I catch myself using the term because nobody understands … (1 comments)
empowering business owners: Operational Due Diligence - Investigate Your Critical Factors
- 04/05/12 12:12 AM
By Jo-Anne Oliveri, ireviloution intelligence, Brisbane, Australia I’m sure you are beginning to understand the vital importance of an operational due diligence being conducted prior to your offer to purchase a rent roll becoming unconditional. Once that contract is unconditional you are bound to proceed with the purchase regardless of how inferior the business is that you are purchasing. Yes, I understand that in most purchases there is a retention period, usually three months (again, this is a time period I do not agree with) whereby you have the opportunity to not pay for any managements that you may lose in … (0 comments)
empowering business owners: How to Use Due Diligence to Expose Business Landmines!
- 03/20/12 03:05 AM
By Jo-Anne Oliveri, ireviloution intelligence, Brisbane, Australia Sadly, when carrying out due diligences many agents buying a rent roll are not sure what they are looking for. This lack of understanding means most pay a hasty glance over files and computer reports. On the surface they all look fine, but it’s a bit like an iceberg, we need to understand what looms below. We are all in the industry because we are good sales people. Ultimately, isn't this industry all about our ability to sell? Yes, we promote the best features and benefits of our products and services, but as selling … (1 comments)
empowering business owners: Questions Are Nuggets Of Gold
- 03/07/12 04:12 AM
By Linda Day Harrison, theBrokerList, Chicago, IL When managing your property staff, encourage them to ask as many questions as possible. In general, people are afraid to ask questions because they think it makes them look less qualified. However, you must listen and treat each question like a nugget of gold. As a property manager you need to train your staff on the ins and outs of your business, but if they are not sure about something, encourage them to ask questions. Otherwise, acting without direction may have serious ramifications! Hearing questions before an action is taken should be like music … (0 comments)
empowering business owners: Does Your Property Manage You?
- 02/27/12 12:57 AM
By Linda Day Harrison, theBrokerList, Chicago, IL Do you manage your property, or does it manage you? This should be at the forefront of your mind every day. This question is meant to keep you on track and focused. Why? Because property management is an industry that can make or break you! As property managers we are the ultimate in multi-tasking. We know that anyone can become a property manager, but the ones that truly standout and differentiate themselves are the ones that manage their building. Not the other way around. There can be constant interruptions and challenges throughout any given … (2 comments)
empowering business owners: Never Put Off Until Tomorrow
- 02/13/12 05:14 AM
By Linda Day Harrison, theBrokerList, Chicago, IL Touch It Once is a mindset, a philosophy, and a management style. It is the antithesis of procrastination coupled with a smart way to work by stopping redundant behavior dead in its tracks; both of which are the enemy of any efficient and well run organization. The concept is simple – Touch It Once (TIO). Did you ever notice that each month the cycle is the same? Collect rent, send out 5 day notices, process accounts payable, cut checks, etc. So if this is something you know that’s going to happen, why is it … (4 comments)
All things property management is a one stop destination for folks interested in learning more about managing real estate. Broken down into a variety of targeted columns, the information that you are looking for is easily accessible — from investing tips and best practices in The Intelligent Investor to the real-life dilemmas of property managers in Stories from the Front Lines. We’ve brought on contributing writers from across the country to share their respective expertise with you, whether you’re a landlord, a professional property manager, or an association board member. Your feedback, participation, and comments will help us deliver the information you need most. Feel free to contact us if you are interested in contributing.
By Linda Day Harrison, theBrokerList, Chicago, IL
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