Managing multiple properties requires an organized, intentional process in order to yield positive tenant experiences, repeatable profit margins, and growth opportunities. The market size for property management in the U.S., alone, was over $100 billion in 2021, according to Statista. As this industry continues to expand, finding effective ways to carve out your corner of the market is essential. Let’s look at three important elements to consider for long-term success in the multi-home property management industry.
Communicate upward, downward, and laterally
When thinking about managing multiple properties, it’s often assumed that this will entail continual communication with renters. Not only does this aid in keeping the property in its best functioning state, it also can endear you to tenants who are then more likely to continue new contract cycles—saving you time and money not needing to find new renters or risking a vacant property.
Additionally, it’s important to communicate regularly with property investors. These individuals are the lifeblood of growth for your efforts. Keeping investors aware of more than profit lines and unforeseen maintenance costs is important. By proactively remaining in contact with those above you, you demonstrate your ability in managing multiple properties effectively. This can, in turn, enhance opportunities to expand your opportunities.
An often-overlooked aspect of communication; however, is laterally. Others managing property within your industry are a good source for cost-saving tips, heads up on changes within industry standards, and even for expansion opportunities when other companies fold or reprioritize territories.
Explore thought leadership within the industry
Whether you’re looking to make more of a name for yourself, promote your brand, or connect with notable players within the industry, thought leadership contribution is an important exercise to engage in. This can come in the form of blogs and newsletters, submitting for presentations at relevant conferences, or even promoting insight materials like Covideo messages where you briefly touch on industry-relevant happenings.
Additionally, consider reading up on insights from current thought leaders in the industry. According to iProperty Management, 70% of property managers perform inspections, designate leases, and oversee advertising. Unless you have had a very unique professional path prior to managing multiple properties, it’s unlikely all three of those elements are in your wheelhouse. Soaking up knowledge from others who have found success before you can help guide your path.
Consider demographics when managing multiple properties
According to ParcelPending, 90% of Millennials are renters. Considering renters make up nearly 34% of the housing market of the U.S., identifying the needs, wants, hopes, and concerns of this population can allow you to better promote and manage properties that are met with higher demand.
Similarly, if you’ve chosen to focus primarily on senior living properties, the features and methods through which you manage such a property will differ. Not all three bedroom/two bath homes accomplish the same goals. While shelter is primarily evident, understanding the population you’re hoping to attract and what they expect and desire from a home can help your efforts tremendously.
The process of managing multiple properties effectively is never ending; however, this means that an intentional, prioritized, organized approach can yield you the most results for the limited time, energy, and other resources you have available. Effective communication, contributing to and benefiting from thought leadership, and better identifying and understanding your tenant population can all allow you to strategically focus your efforts.
Looking for find additional ways to move the needle with the multiple properties you manage? Get in touch with one of our experts today!