With 2020 just around the corner, everyone is frantically making their long list of New Year’s resolutions. For property managers, 2020 can bring about a whole host of new and exciting prospects. If you’ve got the drive to develop your career and grow your professional skills, now is the time. Here’s a list of New Year’s resolutions that all property managers should get started on.
Get a New Certification for Property Managers
The world of property management is dynamic. It seems every other day there’s a new development that shakes up the industry and leaves property managers scrambling to catch up. One of the best things you can do to stay up-to-date is to get the right property management training. No matter how long you’ve been a property manager, there are definitely new skills you could learn and new workflows you can adopt. Whatever you can do to make your job more efficient is definitely a worthwhile pursuit. Most often, training courses provide you with a new certification that you can advertise to clients and significantly boost your marketability. Envision yourself as a more educated and qualified property manager in 2020!
Adopt New Technologies
Pretty much every industry is undergoing massive structural changes because of tech. This is especially true for the property management industry, which has seen a recent surge in new technologies, tools, and services. For example, are you still accepting rent payments via cheque? Because new technologies actually make it much easier to set up automatic online rent payments. What tools do you use when finding tenants? Because a multitude of online services can help you find and screen the perfect ones. How about your filing system for contracts and lease agreements?
2020 should be the year you bring your property management company into the 21st Century and implement technology wherever it makes sense. Not only will you be reducing a workload on yourself, but also greatly maximizing efficiency across the board.
Market Yourself
Property management marketing is crucial if you intend to get your name out there, and this should be the year that you maximize potential. There’s plenty of marketing vehicles that you could either take on or otherwise devote more time to. For example, building a great website is a fantastic way to find more clients. But without spending enough time on Search Engine Optimization (SEO), your site may not get the traffic that it deserves. Another great outlet to use is newsletters, which often have a higher-than-average click rate. Sporadically offering deals or discounts to newsletter subscribers can provide a massive boost to any property management business.
Related: How to Get Property Management Clients in 2020
Use the Right Property Management Tools
Being a property manager involves a whole host of responsibilities. These range from the mundane to the monumental, and property managers need to be experts in everything, it seems. Using the right tools can go a long way to taming your to-do list and ensuring that you can manage everything with excellent results.
One of the best tools for property managers is Mashboard. Leading industry experts trust this advanced tool since it provides massive amounts of real estate data. This tool will help you find investment properties for your clients and leads. In your pursuit to be a better property manager, using the right tools is a must.
Another fantastic tool in 2020 is AI. Yes, we’ve been talking about it for years, and it’s finally here — and it’s very useful. AI is shaking up real estate investing and providing huge opportunities to property managers. One very exciting development is predictive analytics and their ability to provide trend data for any given region.
AI can keep track of rental trends in your region and provide you with powerful insights and analyses. One significant example is trends in rental rates and how they will increase over time. This can be very powerful for property managers since it will let you know the right time to instate a rent increase, and when to hold off. This is the first of many uses, and AI is bound to keep shaking things up.
Mashboard also uses the power of AI. It automatically matches leads and clients to the perfect investment property for them. Give it a try now.
Related: 6 Property Management Trends to Expect in 2020
Create the Perfect Network (It Shouldn’t Only Include Other Property Managers!)
Your job as a property manager depends very heavily on others. Most property managers will eventually have their own horror stories about contractors and partners who fell through and left a job undone. For 2020, you should be aiming to develop and maintain a comprehensive network of professionals to keep your rental properties running smoothly. Finding a trustworthy property management team is one of the best things that property managers can do in 2020.
Manage Your Time
Property management is a very demanding career. It can sometimes get out of hand, especially if you’re managing a large number of rental properties, each with its own to-do list, deadlines, and emergencies. One of the most crucial skills that all property managers need to excel is proper time management. This can be done by optimizing your workflows and finding systems that automate a lot of daily tasks associated with being a property manager. Automation is your best friend as a busy property manager.
Solidify Your Reputation as a Property Manager
The single best way to get more property management clients in 2020 is to enhance and solidly your reputation. There’s plenty of strategies you could utilize to make this happen. For example, you could request property management reviews from former clients who can attest to your robust skill set and positive qualities. By using the right tools, like Mashvisor, you could also advertise to investors how much you could boost their real estate business. Consolidate all of this across platforms, and ensure that your website shows off your qualifications. If you’ve already built an excellent reputation, make 2020 the year that you solidify it.
Related: How to Handle Bad Property Management Reviews
Bottom Line
There’s nothing like the start of a new year to spur your motivation. 2020 brings with it a lot of new opportunities and a lot of ways to grow your property management business. Most importantly, be sure that you’re up-to-date on the latest trends and technologies because 2020 will be dominated by new trends in the real estate industry.