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

As a property manager, you have a multitude of tasks on your plate. On any given day, you’re showing properties to potential tenants, collecting rent, scheduling repairs, finding properties for your clients, and the list goes on. This would be fine if you were managing only one property, but what if you’re overseeing several properties spread across different cities, counties, and states? We’ve compiled a few time-saving strategies to help you maximize your productivity, allowing you to find success, regardless of how large your portfolio grows. Start your day with a solid plan Creating a to ..read more

As we March to the end of Q1, the unfortunate failure of the Silicon Valley Bank (SVB) last week affords us another opportunity to highlight a few financial lessons to learn that you can apply today. 1. Don’t put all your cash in one bank…especially if you have more than 250K liquid. FDIC insurance only covers up to $250,000 per depositor, per banking institution. Pick a second bank. I suggest a regional, community or credit union. They offer more flexible lending terms, better rates and a personal customer relationship. Don’t put more than $250K in any one institution and be strategic w ..read more

According to Murphy’s Law, anything that can go wrong will go wrong. Though we prefer to see the world through a slightly rosier lens when it comes to property management (especially property maintenance), it remains true that things will inevitably “go wrong.” So utilizing our data, we compiled a list of the top 10 most common maintenance issues you can expect to encounter as a property manager. Whether you manage single-family homes or multi-family units like apartments, you are likely to experience at least one of these common building maintenance issues. 1. Air Conditioning (14.2% of all ..read more

Encouraging professional development among employees pushes them to improve their skills, gain confidence, elevate professionalism, and become experts in their field. Learning and developing the right abilities will also make them more productive and efficient, which opens better career opportunities and allows them to contribute to the success of their company. But in an industry as demanding as property management, it can be difficult for employees to pursue professional development while fulfilling their responsibilities. It’s up to the company to take the lead in encouraging worker progre ..read more

It’s getting harder for owners to invest in improvements for their rental properties now that inflation rates are increasing. The U.S. Department of Labor revealed that prices for all household furnishings jumped by approximately 9.3% in recent years, which is much higher than the price increase on all goods. In fact, the price of kitchen furniture rose by 19.9% over the past year, while appliances shot up by 8.5%. These price increases can be very concerning because furniture is vital in increasing your rental properties’ value. Remodeling the kitchen is included in our list o ..read more

Renovating a home is a large undertaking and one that is typically full of surprises. Though many property managers anticipate the unexpected, it’s impossible to fully prepare for unforeseen expenses and issues that may crop up during any given project. That said, some issues are more common than others. Use this brief guide from The Property Management Coach to brush up on what to expect during a home remodel, as well as top considerations. Top Concerns Whether you’ve renovated a home before or this is your first go-around, there are some issues you will run into for which you can never full ..read more