tag:blogger.com,1999:blog-30333489917975940792012-02-16T03:33:10.914-05:00An ongoing post on the techniques the most successful Property management companies are using to be successful and profitable.Ben Pittmanhttp://www.blogger.com/profile/06271234042268361097noreply@blogger.comBlogger11100tag:blogger.com,1999:blog-3033348991797594079.post-69953365924648845412009-06-10T10:38:00.003-04:002009-06-10T11:27:17.224-04:00I have been hanging around the Property Mangement business for about 10 years now, first as a property owner, later seeking investment advice from and eventually (i suppose since the advice was pretty good!) becoming friends with the owners of the company I hired to manage my properties here in Florida. <div><br /></div><div>Working with my friends in the industry, we searched the market for a really well designed package that we could use to automate a lot of the manual processes in their business. We looked for 2 years, and ultimately I ended up creating Property Genie, a software product that serves the residential property management industry with an all inclusive business model, based on what I learned about how the most profitable property management companies operate. Selling the product into several clients and helping them implement the system taught me an important lesson: </div><div><b><i><br /></i></b></div><div><b><i>A lot of property managment companies don't know how to make money with their business.</i></b> </div><div><br /></div><div>They waste labor hours, do a poor job of tracking their communications and expose themselves to unnecessary liability, are constantly fighting crisises instead of proactively managing their tenant and owner relationships. these are the problems our software was designed to eliminate, yet even after installing our software and going through the training, when we go back and review their implementation progress, we find they have only implemented the low hanging fruit. The tools that would make them 20-30% more profit from their existing business are never implemented, because "that is not the way we do it". I am glad we sold the product to these accounts, but my goal is to make our clients wealthy, not sell product that people only get by on. </div><div><br /></div><div>Massive opportunity for wealth generation is being missed by a multitude of property managers simply because they are not taking the up front time to automate successfully and completely. this Blog is committed to educating anyone who wishes to listen how to maximize your profitability from your property management business! </div><div><br /></div><div><ul><li>Have Happy Owners</li><li>Have Happy Tenants</li><li>Be Exceptionally Profitable</li><li>Minimize the Stress</li></ul><div>These goals are NOT exclusive, on the contrary, I have seen multiple examples of companies that proves they are consistently linked.</div><div><br /></div><div>So if you have a Resisdential Property mangement Company in the US read on, I hope to present ideas here that you can implement, with or without my software, Property Genie, http://property-genie.com </div><div><br /></div><div>To start up this Blog I wrote up a list of recommendations, and I came up with 43 before I ran out of steam. I figure if I write up one a week I have plenty of material to keep me busy on this blog forever.</div><div><br /></div><div>So here is the first point:</div><div><br /></div><div>Be Organized:</div><div><br /></div><div>Every Property, every Tenant, every Owner, every Vendor is going to be a source of a dispute at some point in your businesses existence. If you are not organized when that dispute occurs, you will waste a tremendous amount of time and effort fighting, arguing, looking for documents, to justify your position. When you set up a new Property, create an electronic folder for all of the information relevant to that property. you will need to keep:</div><div><br /></div><div>all Written correspondence to the owner tenant and vendor, this includes all emails!</div><div><br /></div><div>Do not accept verbal instructions from owners to perform repairs on their property. Insist on written authorization and file it. </div><div><br /></div><div><br /></div><div><br /></div></div><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/3033348991797594079-6995336592464884541?l=successfulpropertymanagement.blogspot.com' alt='' /></div>Ben Pittmanhttp://www.blogger.com/profile/06271234042268361097noreply@blogger.com1