Why Your Property Management Agency Will Fall Behind Without Overhauling These 4 Key Areas in 2024
Sep 19, 2023
✍️ AUTHOR: Terri Handy ⏱️ READ TIME: 3 minutes
As we stare down the barrel of the first quarter of 2024, the property management industry is at a tipping point. Failing to adapt and overhaul key areas of operation could mean falling behind in an increasingly competitive market. The focus areas that absolutely cannot be overlooked are:
- Leasing Essentials
- Routine Inspection Essentials
- Vacating Tenant Essentials
- Lost Management Essentials
If these areas are not addressed, your agency risks losing clients, credibility, and even revenue. Let's explore these crucial components and discover how pmXcite's industry-renowned PM Essentials can be your lifeboat in these turbulent waters.
1. Leasing Essentials: Where First Impressions Count
The Risks of Complacency
If your leasing process still functions as a mere 'show and tell,' you're missing out on laying a solid foundation for a lasting relationship with your tenants and owners. Outdated leasing practices can lead to a revolving door of short-term tenants, ultimately costing you more in the long run.
How PM Essentials Saves the Day
PM Essentials transforms the leasing experience from transactional to transformative. The comprehensive module offers a new gold standard approach including a new foolproof Inspection Checklist and other resources that facilitate more meaningful interactions with potential tenants.
2. Routine Inspection Essentials: The Fine Line Between Mundane and Masterful
The Risks of Complacency
Routine inspections that fail to deliver insight and value are wasted opportunities. A subpar inspection process can erode trust with property owners and inevitably leads to contract terminations. Is your agency experiencing lost managements?
How PM Essentials Saves the Day
The Routine Inspections Essentials module is designed to elevate your inspection game. It instructs property managers how to focus on the details, offering downloadable resources to produce consistent and insightful reports and a video walkthrough of conducting the ultimate routine inspection.
3. Vacating Tenant Essentials: When Goodbye Doesn't Mean the End
The Risks of Complacency
A poorly managed vacating process can be a hotbed for negative reviews and potential legal complications. Ignoring the emotional journey of your tenants can damage your agency's reputation irrevocably.
How PM Essentials Saves the Day
With the Vacating Tenant Essentials module, farewells become an opportunity for relationship building rather than a procedural headache. Detailed guides and scripts for each stage of the vacating process transform farewells into an emotionally intelligent and streamlined procedure.
4. Lost Management Essentials: The Art of the Graceful Exit
The Risks of Complacency
Saying goodbye to a property owner without a well-crafted exit strategy could spell disaster. A poorly managed termination is not just a loss of revenue but also a knock on your agency’s reputation.
How PM Essentials Saves the Day
PM Essentials covers this critical area in the Lost Management Essentials module. The module focuses on maintaining agency health during the 'Fond Farewell phase', turning a potentially harmful situation into an opportunity for growth and future referrals.
Conclusion
If your property management agency isn't paying due attention to these four key areas as 2024 kicks off, you risk falling drastically behind throughout 2024. pmXcite's PM Essentials offers a comprehensive, up-to-date approach to property management that not only covers these four vital areas but six others to ensure your agency stays ahead of the curve in this fast-paced industry. Ignoring this call to action isn't just missing an opportunity; it's setting the stage for decline. Are you ready to evolve?
PM Essentials - 10 Easy & Fast Modules for Real Results: Dive into 10 fast-to-implement, easy-to-digest video-based modules containing 35 lessons that are ready to onboard, elevate, and thrill! Designed by Australia's #1 Property Management Consultant, Terri Handy, this industry flagship course will empower your agency to run ahead of the pack 🎈
