HOW TO I NCREASE PROF ITAB I L ITY WITH AN ELEVATED RES I DENT EXPER I ENCE Even though the pandemic created a lot of new challenges and forced pivoting for the entire industry, it has also brought new innovative paths to get closer to the vision of healthier growth without the burnout.
Most property managers have that entrepreneurial spirit which drew them into the rental industry with a vision of more freedom - more financial freedom, more freedom of time, and more overall control of their livelihoods. However, with all the relational and operational management involved, the reality doesn’t always live up to the vision. While real estate is an extremely
lucrative industry, property management is an industry with historically low profit margins (a 6% industry average), and a lot of hurdles to achieve scalability and higher profitability. By focusing more on the resident experience, property management companies have found 3 ways to achieve growth and that vision of freedom.
3 ways to fuel growth: #1 Create a new revenue stream that
drives overall profitability.
#2 Reduce the cost and time spent on
maintenance coordination.
#3 Increase resident retention and drive- up online reputation to boost marketing efforts.
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