Adopting a pet-friendly policy in rental properties offers significant advantages for property managers. By accommodating tenants with pets, property managers can attract a larger pool of renters, improve tenant satisfaction, and create a stable rental environment. While managing properties that allow pets may require thoughtful planning, the long-term benefits often outweigh the challenges. Pet-friendly policies not only enhance profitability but also foster positive relationships with tenants. The Property Management Coach offers this helpful information. Expanding the Tenant Pool A conside ..read more

Ever seen the one-liner “Money talks . . . but all mine says is goodbye”? It’s easy to laugh at a statement like this when it doesn’t hit close to home. But when cash-flow problems and money emergencies become the story of your business, they’re anything but funny. No matter who you are, life will throw your business some curveballs. That’s a promise. A bad economy, busted equipment or, heck, maybe even a global health crisis will disturb your financial forecast at some point. But being hit with the unexpected doesn’t have to destroy your business. You can weather intense storm ..read more

Maybe as a kid you knew you were born to be your own boss. So, you started your first lemonade stand as soon as you got the hang of basic math. Or you might be an accidental entrepreneur living the dream (and sometimes nightmare) of a side hustle that exploded into a full-on business. Whatever your background and no matter what stage of business you’re in, one thing’s for sure, keeping up with the money side of business is freaking hard! One of the biggest hurdles to running a successful business is good financial management. On the one hand, you need to bring in money fast eno ..read more

Hurdles, mess-ups, and setbacks naturally come with running a property management business. It’s true: The only way to grow your business is to work freaking hard and learn from the uncomfortable mistakes you’re bound to make. Then one magical day, if you’re “lucky,” you’ll enjoy the fruits of success. But what if you’re making mistakes without even realizing it? The truth is, no one is born knowing how to run a property management business, so let’s take a look at six common small-business money mistakes and how you can turn them around—or completely avoid them—and aim for steady growth ..read more

The BRRRR (Buy, Rehab, Rent, Refinance, Repeat) strategy offers a dynamic pathway for real estate investors to generate sustainable wealth. You can leverage this method to scale your investment portfolio efficiently by navigating each phase. The Property Management Coach explains how you can maximize the BRRRR strategy across various facets of the real estate market: Scalability in Varied Market Conditions Evaluating the potential to scale your BRRRR investments is crucial. Different market conditions affect the feasibility and profitability of each strategy phase. Property acquisition costs ..read more

Is Property Management putting you into Time Bankruptcy? We don’t approve resident applicants who have a current bankruptcy on their credit report so why would we expect a prospective property owner to hire us if we are in time bankruptcy. As a business owner, time is your most precious resource. Yet, all too often, entrepreneurs find themselves stretched thin, constantly juggling multiple tasks, and struggling to keep up with the demands of running a business. It’s easy to fall into the trap of time bankruptcy – a state where you feel perpetually overwhelmed and short on time. But fear not ..read more

No one wins the Super Bowl by accident. It’s the same in business. To win, you have to set the right goals, track your progress, and work your butt off. You also need to make adjustments as you go to stay on target. Enter the KPI. And what does KPI stand for? Key Performance Indicator—aka your guide to understanding all the moving parts of your business in real time.  KPI isn’t just a buzzword you throw around, hoping to sound like you’re killing it. A KPI is a measurable metric that shows if, and how effectively, your company is hitting its operational and strat ..read more

Running a property management business without regular status updates is like shooting free throws in the dark and expecting to hit the basket. You might make a few lucky shots, but you’ll miss a whole lot of opportunities—all because you don’t really know where to focus. You work way too hard to play guessing games about what’s working and what’s not. So how can you make sure you have the information you need to make smart business decisions? Use weekly reports. The right reports, used the right way, help you see what’s really going on with your business and your team. They gi ..read more

Ever had a tenant skip town owing rent, leaving you scrambling to fill the vacancy and recoup lost income? It’s a nightmare scenario for any property manager. But what if there was a way to proactively mitigate this risk and ensure a steady stream of reliable tenants? In this article, we’ll delve into the crucial role credit monitoring plays in safeguarding your rental income and minimizing risk for your property management business. Understanding Credit Monitoring: What Is It? Credit monitoring refers to the ongoing process of tracking and analyzing an individual’s credit report for any chan ..read more

Do you struggle with setting boundaries? After coaching business owners for nearly 9 years now, I’ve found that many do, including myself. Here are some examples of boundary issues in business: An owner client continuously calls after hours and expects you to return the call. An owner client/resident pops into the office or calls and wants to discuss an issue now. A vendor keeps promising to drop off an invoice for a move out and deposit return but never shows up. Your priority is to get new property management agreements to owners, but every time you put it on your calendar, something else ..read more