getting back to basics
AnAlyzing ResidentiAl OpeRAtiOns And
diveRsifying seRvices Will stRengthen yOuR
cOmpAny in A chAllenging ecOnOmy
by Barbara Holland, CPM®
how does your bottom line look today? What about your clients’ bottom lines? A great number of economic troubles are facing the world of professional prop- erty management, including premature breakages of residential leases; tenant businesses closing their doors or asking for temporary reductions in rents; high turnover costs; increases in marketing expenses; forced reductions in staff,
decreases in management fees and leasing commissions, and more.
In order to survive the turbulence, “getting back to basics” involves improving your bottom line by diversifying your services, and analyzing your operations for ways to cut expenses. These tasks may mean the difference between
your successes and failures as our industry continues to meet the challenges of
a major recession.
FIT THE PROFILE
Many of the steps your property management company must initiate to survive
in these challenging times will be similar to the steps needed for your clients.
Stabilizing or increasing income will mean more hours working with your staff
to improve their marketing and leas-
ing skills, and it will require an analy-
sis of who your current residents are.
You can begin by finding out whether
or not you need to market to a differ-
ent resident profile.