As a property manager, you understand the success of your property portfolio hinges on so many factors, but perhaps none more critical than the quality of your in-house team. These professionals are responsible for the day-to-day operations, ensuring your properties are well-maintained, tenants are satisfied, and your investments thrive. But to maximally leverage this indispensable asset to get the best result, you must be conscious about managing your team members.
Below, you’ll find 7 effective strategies to manage your property management team effectively.
1. Clearly Defined Roles and Expectations
The first step to building an efficient property management team is to provide them with clear roles and responsibilities. When roles are well-defined, there’s less room for confusion, duplication of effort, and misunderstandings.
For instance, maintenance staff should know exactly what tasks they’re responsible for, such as regular inspections or repairs. On the other hand, leasing agents should focus on tenant acquisition and retention.
Aside from roles, you should also have clear goals and expectations that each team member must be working towards. These goals should be Specific, Measurable, Achievable, Relevant, and Time-bound (SMART). For example, you might set a goal to reduce maintenance response times by 20% within the next six months. Ensure your team understands how their roles contribute to achieving these goals
According to a Harvard Business Review study, teams with a strong sense of direction have a 1.9 times higher likelihood of being high-performing.
2. Leverage Technology Wisely
Teams who aren’t leveraging technology nowadays are quickly left behind. Property management teams should be using property management software to collaborate, communicate with tenants, screen prospective tenants, manage property maintenance, and even market vacancies.
You may even reach a point where you need to develop a custom software solution unique to your company, for your team to collaborate or manage tenants. Aside from boosting the team’s efficiency, having custom brand software can foster your reputation in the property development space.
Well, if your team isn’t tech-savvy to build the infrastructure to support that, you can always look to staff augmentation companies to get the right software development talents you need. Use software to streamline rent collection, lease management, and maintenance requests. Plus, tenant communication platforms can enhance tenant relations by providing efficient channels for inquiries and feedback. Everyone likes their voice to be.
3. Regular Training and Development
Regular training keeps your team up-to-date with industry trends and best practices, ensuring they can confidently tackle new challenges. According to a LinkedIn study, companies that spend more on employee training and development have a 24% higher profit margin than those that spend less. Training your employees not only benefits them; it benefits your company just as much. It’s an investment worth every penny.
Encourage team members to pursue relevant certifications such as Certified Property Manager (CPM) or Certified Apartment Manager (CAM). Consider providing access to online resources, industry seminars, and workshops.
4. Effective Communication
You can’t take away effective communication from a well-functioning property management team. One Salesforce study found that 86% of employees and executives cite a lack of collaboration or ineffective communication for workplace failures. To foster better communication:
- Hold regular team meetings to discuss updates, challenges, and goals.
- Utilize digital communication tools like Slack or Microsoft Teams for real-time messaging and document sharing.
- Encourage an open-door policy where team members can voice concerns or ideas without fear of retribution.
5. Recognize and Reward Excellence
Recognition and rewards play a crucial role in motivating property management teams. A survey by Globoforce discovered that 89% of HR professionals believe that ongoing peer feedback and check-ins have a positive impact on performance. Recognizing and rewarding excellent performance
- boosts morale and motivation;
- encourages team members to excel in their roles consistently;
- increases overall job satisfaction.
6. Provide Adequate Resources
Your property management team needs access to the right tools and resources to perform their jobs efficiently. Insufficient resources can lead to delays, errors, and increased operational costs. Invest in:
- Maintenance equipment and supplies.
- Property management software and technology.
- Training materials and resources for professional development.
7. Emphasize Tenant Satisfaction
Tenant satisfaction is at the core of successful property management. Happy tenants are more likely to renew leases, reduce vacancy rates, and refer others to your properties. Most residents who enjoy excellent maintenance experience will go on to renew their leases.
So encourage your team to prioritize tenant satisfaction by addressing concerns promptly, maintaining a clean and safe environment, and fostering positive tenant relations. Also, consider implementing regular tenant surveys to gather feedback and make improvements.
The Importance of Hiring the Right Team Members
Let’s face it, you need to have the right team before you can even think of managing them well. If you have the wrong people, nothing you do will ever make things right. They’ll be more of a headache than an asset. So, let’s underscore why hiring the right team members is so crucial to your management efforts:
- Expertise and Skill Set: Your property management employees are responsible for handling a multitude of tasks, from maintenance and repairs to tenant relations and financial management. Having the right individuals with the appropriate expertise and skill set ensures these tasks are handled efficiently and professionally. Plus, managing experts is easier since they handle things without always needing your input.
- Tenant Satisfaction: Happy tenants are more likely to renew their leases and recommend the property to others. A team that understands the importance of excellent tenant relations can significantly impact your property’s reputation and bottom line.
- Cost Efficiency: Hiring skilled team members who know how to troubleshoot issues and maintain properties proactively can save you money in the long run. That’s because they will reduce the need for frequent repairs and replacements.
- Compliance and Legalities: Property management often involves navigating complex regulations and legal requirements. You so don’t want to face a legal battle with a client or their tenant. But the truth is, a wrong team member can land you into trouble, and it’s your company (and you, of course) that takes the fall.
- Adaptability: Like every other industry, property management changes and improves. A team willing to learn and adapt to new technologies and trends can keep your properties competitive in the market.
As you strive to manage your property management team rightly and improve their performance, don’t forget to conduct regular performance reviews. Team management is an ongoing learning process. It never stops. You keep learning about your team, their strengths, areas of improvement, and what you can do on your part to direct them in the right way.
Performance reviews provide an opportunity for professional growth and development, not just for your team but your management skills as well.