6 Keys To Become An Efficient Property Manager

As a property manager, you’re responsible for rent collection, maintenance request management, and property budget management. You manage property rentals, such as condominiums, apartments, townhouses, office buildings, and others. But property management involves several challenges, including finding tenants, managing tenant complaints, controlling costs, hiring quality staff, and growing revenue.  

It’s crucial to become an efficient property manager to handle all these tasks and challenges. Below are the essential keys to achieving this goal. 

1. Property Management Technology Expertise 

One of the essential keys to becoming an efficient property manager is being adept at technology trends in property management. Because of the high demands, changing landscape, and challenges that the real estate industry faces, property managers must embrace new technology to stay competitive and go above the edge. For instance, cloud-based tech solutions, such as Software as a Service, enable property managers to become more efficient. Using this property management tool, they can review rental applications, create client portals, and handle tenant requests anytime and anywhere to improve customer service and revenue growth. 

Aside from cloud-based solutions, property managers can become more efficient if they have expertise in the following technologies: 

  • Business intelligence 
  • Mobile technology  
  • Virtual reality 
  • Augmented reality  
  • Aerial drones 
  • Fiber optics 
  • Green technology 

So, how do you rate your expertise in the above property management technologies?

2. Good Property Management Workflow

Property-Manager

Property managers can become more efficient by adopting a good property management workflow. But the rental collection, handling renewals, marketing, and other repetitive tasks can be daunting without the right techniques and tools.  

But gone are the days when property managers must knock on each tenant’s door to collect rent or impose harsh rules that usually lead to heated arguments. A good property management workflow is now more objective and straightforward because of automation.  

With automation, you can handle many tasks at hand. Using a property management system with workflow automation enables you to: 

  • Process online rental collection and payments. 
  • Automate sales process with online marketing and lead generation strategies. 
  • Quickly schedule maintenance requests, such as furnace servicing, plumbing repair, and smoke alarm inspections. 
  • Send notification messages using online forms with just one click of a button. 
  • Automate the hiring and recruiting process to scan resumes and get alerts for recruit red flags. 
  • Automatically prepare and send renewal documents to tenants. 

Are you willing to elevate your property management workflow using automation? 

3. Streamlined Communications And Collaboration

The most efficient property managers have excellent communication and negotiation skills to provide excellent customer satisfaction. To avoid conflicts with your guests or tenants, ensure you know how to listen, consider, compromise, and collaborate.  

Everyday communication also involves interactions with management staff, maintenance personnel, and other significant people in your business. The influx of messages and requests can be a huge burden if you don’t streamline your communication process. Failure to track messages can cause problems, such as tenant frustration and eviction issues.  

As a property manager, you must establish a strong rapport with tenants, staff, suppliers, and property owners. Here’s how: 

  • Show and improve your listening skills to engage effectively.  
  • Respond to messages and requests promptly and prioritize urgent requests through auto-reply emails. 
  • Adjust communication techniques to align with your audience for clear understanding and to reach a mutual agreement. 
  • Stay calm, empathize, and work on a concrete solution to defuse a heated argument or confrontation. 

As you can see, streamlining communication and collaboration can help you become a more efficient property manager. 

4. Smart Delegation  

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Efficient property managers delegate tasks, such as administrative work. If you manage several rental properties, delegating tasks can help you become more productive and effective in prioritizing things that need your immediate intervention.  

You can entrust the following tasks to professionals to become a more efficient property manager: 

  • Bookkeeping: Hire an accountant to keep track of expenditures, income, and property fees if you manage a handful of properties and want to cultivate your property management business portfolio. 
  • Rental Billing: Take advantage of electronic billing services to save time and effort in collecting tenant payments. Rental billing services also allow you to deposit the collected payments straight into the right accounts. 
  • Marketing: Hire a marketing agency, consultant, or contractor to handle your marketing campaigns for open listings. You can delegate marketing tasks, such as content marketing, paid advertising, search engine optimization, and local advertising.  

Indeed, smart delegation can help make a property manager’s life a lot easier to avoid burnout and improve management efficiency. 

5. Proper Time Management

Do you feel like working eight or more hours a day isn’t enough to accomplish all your tasks as a property manager? If yes, you probably have some time management issues. This situation can harm your health, career, and the entire business.  

An efficient property manager has good time management skills. Check out the following tips to improve your time management skills to become an efficient property manager:  

  • Create a daily or weekly work schedule to keep track of time, tasks, and progress.  
  • Consider using time management tools, such as an oversized calendar, organizer, time management mobile app, or software program. 
  • Learn how to sort and prioritize tasks based on the urgency, nature of the problem, or required solution.  

So, how do you manage your time wisely as a property manager? 

6. Continuous Learning  

Property managers can become more efficient by continuously learning new skills, solutions, and strategies to improve their services and performance. Be updated with the latest trends, news, and events in your industry. Read books, subscribe to newsletters, and check other credible sources relating to real estate and property management. You can also take short online courses for sales and marketing, accounting, and other related topics that can help you with property management. 

Conclusion on Being a Property Manager

Become an efficient property manager by keeping the above tips in mind. Learning new techniques and utilizing technologies in property management can help manage several rental properties seamlessly. It can also help improve tenant retention and landlord-tenant relationships. If you’re a property owner or a property manager, apply the tips above to improve your overall management operations and business revenue.

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How To Protect Your Business From Security Threats

With billions of internet/social media users worldwide, putting up your business online can effectively widen your market reach and potentially increase your sales and profits. And when you run an online business, you have the flexibility to present your products or services online, without the constraints of physical stores. Protecting yourself from security threats is very important.

Although taking your business online does indeed offer some advantages, it also increases your risk of scams and security threats. Some companies tend to think that they’ll never be a victim of a cyberattack, considering that there are over hundreds and thousands of other businesses online. But as more businesses are pursuing their endeavors online, hackers and cybercriminals are keeping up their pace, continuously upgrading their tools to access and steal data.   

Remember that a single cyberattack is more than enough to ruin your company and its reputation. Thus, as a business owner, you should do your part to protect your company from security threats. Read on to learn how.   

  • Set Up All The Protective Software

Security-Threats

Before officially launching your business online, you and your staff must have anti-spyware ad anti-virus software on all company devices. Better yet, set up firewalls and data encryption as well. These tools will provide extra protection to your devices so that no hackers will be able to get their hands on private data.   

If you don’t have in-house IT personnel in your company, you can outsource reputable IT services and find a cyber security company in Chicago or in your local area where your business is based. Partnering with a cyber security company will ensure your business stays updated with the latest security features. 

For instance, a cyber security company will implement an endpoint protection system to block unauthorized access and malware. Endpoints are entry points of end-user devices, such as mobile phones, desktops, and laptops. Endpoint security systems aim to keep these endpoints in the cloud or on a network safe from malicious activities. 

  • Educate Your Employees  

Security threats don’t always happen online. Sometimes, your very own staff can be your biggest security risk. If some of your employees are careless in handling your business data, you’ll still be at risk of security threats, including data breaches, phishing attacks, and password attacks—even with the most reliable cybersecurity software. 

So, to enhance your business security, ensure that all your employees are well-educated about the security protocols. For example, use various strong passwords for your business accounts and social media platforms. Then limit access to authorized employees only. 

Another security practice is to use only company devices when accessing your business-related social media/online accounts. No employee should use their personal devices when doing or performing work-related tasks to prevent the risk of hackers finding their way to sensitive data through unprotected devices.  

But if your employees use their personal devices for work, emphasize which data they’re only allowed to access. The less data they can access, the safer and more secure your business data shall be. 

  • Backup Your Data 

Backing up all your data is an effective way to protect your business from security issues too. This step is crucial, especially if you haven’t set up any security protection on your devices yet. In case you encounter a cyber incident or some computer problems, you can still access your backup data from your cloud storage, external device, or portable device like a USB stick.  

If you’re backing up your data with cloud security storage, make it a habit to check and update it regularly. A cloud storage solution will use encryption to store or transfer data and provide multi-factor authentication for access. 

Meanwhile, if you back up your data using portable devices, such as the USB, make sure you don’t leave it connected to any laptop or computer when you’re not around. Most importantly, avoid connecting your USB to random computers, as viruses could infect it.  

  • Prepare A Response Plan 

Although no one would want to assume the worst, which is having a cyberattack harming their business, it’s still recommended that you prepare a response plan in advance. A response plan will ensure you and your employees know exactly what to do in case of security incidents, like data leak, loss of sensitive information, or ransomware attack. The more prepared your staff is, the easier it’ll be to contain the damage since everyone knows their roles and responsibilities.  

  • Consider Cybersecurity Insurance 

Typically, your general liability insurance won’t cover the damages and losses you’ve incurred from a cyberattack. However, the damages from a cyberattack can be just as devastating as robbery or fire accidents. Hence, consider getting cybersecurity insurance for your business’s protection. 

Dealing with a cyberattack could lead to significant financial loss or even bankruptcy. But when you have cyber liability insurance, all the costs your business may incur to recover from the cyberattack will be covered. 

  • Perform Regular Audits 

Security-Threats

One of the common cybersecurity mistakes some business owners make is that they automatically assume that drafting comprehensive cyber policies, training employees, and setting up security precautions will be enough to deter hackers. Unfortunately, cybercriminals continue to find ways to invade online systems and hack business data. 

Therefore, it’s recommended that you perform regular audits of your cybersecurity methods to check if they’re still capable of protecting your business in the event of any new type of attack. Moreover, you should continue to monitor, revise, or improve your current perimeter protection, such as your multi-factor authentication solutions, virtual private network, and intrusion detection systems.  

It’s also helpful to keep yourself in the loop with the latest types of cybersecurity threats, so you’ll know what to change or upgrade with your current cybersecurity methods. 

  • Protect Your Customers 

One of the most critical data you should protect is your customers’ information. Otherwise, if your customers’ data get lost, hacked, or compromised in any way, you could face legal consequences, and your business reputation will be permanently damaged. So, find ways to protect your customers and their data at all times, especially when they do transactions with your company.  

For example, you may invest in a secured online platform where they can do transactions with you. If you accept online payments, determine which payment gateway provider is the most secure or reliable to prevent online payment fraud. 

  • Perform Background Checks On Your Employees  

Some may think this step is unnecessary, but remember that security attacks can also happen from the inside. So, even if you think you know all your employees very well, it’s still advisable to perform background checks to determine whether they have any past criminal records or are associated with any cybercriminals. 

Conclusion on Security Threats

As security threats increase, businesses must stay proactive in continuously improving and tightening their security measures to protect themselves and their customers from malicious attacks. With these tips, along with the help of a reputable cyber security company, you’ll be able to prepare a strong cyber security plan and devise effective protocols.

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How Data Management Can Affect Every Aspect Of Your Business

Data-Management

The value of data in your business is immense because it allows you to learn about your customers through analytics tools. The more information you know about your customers, the easier it will be for you to improve your offerings. Aside from that, you can also make sound decisions that will affect the whole organization. Data management is very important, while running a business.

However, it’s best to manage your data effectively to ensure that your information is free from outside threats like data loss or breach. Thus, you must prioritize data management, a part of business intelligence that provides your company with the information it needs to make sound business decisions.  

When you have data management, you’ll have better control over your company, which might enable you to improve the seven aspects of your business. 

  • Regulatory Compliance 

Electronic health records (EHRs) are subject to strict regulations under the Health Insurance Portability and Accountability Act (HIPAA). These regulations require specific policies and procedures for protecting personal information from unauthorized access and cardholder data during all phases of acquiring it. If you don’t comply with these information safety standards, patients will receive incomplete care, and providers might not be able to manage their conditions properly. 

Data management solutions can help ensure compliance with these regulations by ensuring that only authorized users can access patient information. They can also protect sensitive data like Social Security numbers from unauthorized access or modification. In addition to regulatory compliance, knowing the difference between structured vs unstructured data in healthcare might enable you to save your patients’ lives. 

  • Cybersecurity 

Data-Management

Data threats like ransomware and malware are on the rise. Hence, you should keep an eye on suspicious activities that might threaten business information. Prioritizing cybersecurity to protect data can help maintain control over sensitive files at all times while having visibility into what’s happening in your network. As a result, you’ll have enough time to respond in real-time and prevent severe damage.

Data management is more than just storage; it’s about keeping your data safe and secure. So, one of the benefits of outsourcing IT services is that you don’t have to worry about the security of your data because they take care of it for you. They’ll perform regular backups, limit system access from unauthorized users, and monitor their systems for issues. Additionally, if a problem is discovered within your systems, they can quickly resolve it before it becomes a severe obstacle for your organization.  

  • Data Consistency 

Data consistency is vital for your company because it allows employees to make sound decisions when working on projects or responding to customer inquiries. For example, if you have a product in multiple colors, you want your employees to know what each item looks like and where buyers can purchase it. If they do so, they can answer the questions, saving time for employees and customers because they don’t have to guess what product someone is looking for. 

When you have an adequate data management strategy, you know what information you have on file for each customer or employee. Besides, your employees can easily access the correct details, whether they work from home or in the office. Additionally, your consumers will be able to receive the information they need quickly without having to ask for it repeatedly, which might boost their brand perception.  

  • Customer Experience 

Consumers want quick answers to their questions to continue with their day-to-day lives. A delayed response could frustrate the customers and take the business elsewhere if they feel you’re ignoring them. Furthermore, you might receive countless negative reviews online, which can affect your reputation. 

Data management allows your business to enhance customer experience by providing real-time information about your operations and customers. For example, if a customer calls with a question about an order they placed yesterday, you’ll be able to respond to them quickly. Since you use data management tools, you can immediately access their order history and provide them with answers. Instead of manually searching through files or calling other departments for assistance, you can exceed the expectations of your clients and move them through their purchasing decision. 

  • Product Development 

Data-Management

If your business wants to stay competitive in the market, you must develop new ideas and products that will set your business apart from competitors. If you have readily available information about what your customers demand from a product, you’ll be able to develop items that suit their needs. In turn, you encourage your target buyers to choose your brand over other businesses in your industry.  

With data management, you can make informed decisions about product development because it helps you identify the right opportunities based on customer preferences. As a result, you can create better products that appeal more to your target buyers, increasing your sales and revenue in the long run. Besides that, you might be able to stay ahead of the competition and boost your market share. 

  • Cost Reduction 

Data mismanagement can cause severe consequences to your teams, which might create chaos within departments. For example, if multiple teams work on the same project, but each team uses different tools to manage their workflows and processes, you’re creating duplicated efforts that costs time and money. On the other hand, if you standardize on a single system for all teams, you might eliminate these costs without compromising on business processes. 

You can save costs and eliminate redundant systems and processes with efficient data management. When you have access to all of the relevant data for your business, you have more control over how it’s used and accessed. That way, everyone can access the correct information at the right time, so they don’t have to look for it or duplicate efforts. Ultimately, you are utilizing and maximizing all resources accordingly.

  • Inventory Management 

Proper inventory management ensures you don’t run out of stock, resulting in lost sales and unhappy customers. Similarly, you also ensure that your business doesn’t end up with excess supply, which would result in huge losses. In turn, you can balance the existing inventory in your warehouse and stores without losing operational costs. 

With data management, you can create a list of your products and their current prices. Likewise, you can leverage these insights to check whether you charge a reasonable fee for each product. If you find any discrepancies, it would be easy to fix them to help you increase your business’s sales.  

Key Takeaway on Data Management

You should always secure the information circulating in an organization to avoid cyber threats. Therefore, you must improve your data management practices to gain these seven benefits. Once you do so, you might ensure your company’s success while staying ahead of the competition.

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