compliance
Leveraging Ben Franklin’s Wisdom in Property Management
The Timeless Value of Prevention: How Discipline and Process Can Revolutionize Your Property Management Business
Photo by Adam Nir on Unsplash
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In the multifamily space, success isn’t just about managing what’s present but about preparing for what’s coming. Leveraging the wisdom of Ben Franklin’s well-known quote, “An ounce of prevention is worth a pound of cure,” I dive into the critical need for discipline and meticulous processes in property management. Embracing these principles can transform your operation, minimize risk, and lead to lasting success.
The challenges in property management are multifaceted. Issues ranging from resident satisfaction to compliance, unexpected maintenance, and as of late fluctuating market conditions constantly demand attention. How do you stay ahead of these challenges? How do you turn potential problems into opportunities? The adage “an ounce of prevention is worth a pound of cure” holds a profound answer.
A Few Thoughts
- Strategic Planning – Strategic planning is the cornerstone of prevention in property management. Executives can set the stage for a more prosperous and stable future by carefully evaluating potential risks and forecasting future trends. The benefit of this approach is the ability to identify opportunities, allocate resources effectively, and sidestep potential pitfalls. At RADCO, we do this quarterly and annually using the Scaling Up Framework.
- Regular Maintenance and Inspection – Regular and systematic inspection and maintenance of properties can prevent minor issues from becoming costly disasters. Proactive maintenance is a cost-effective way to maintain property value, ensure tenant satisfaction, and comply with regulations. We use the HappyCo app to keep us on task.
- Robust Compliance Management – In an industry with ever-changing legal and regulatory landscapes, it’s vital to have a robust compliance management system. Doing so reduces legal risk, protects your reputation, and maintains good relationships with authorities. We use HappyCo and Acclaimant to track compliance-related concerns.
- Strong Resident Relationship Management – Building and nurturing resident relationships is more than good business sense; it’s a form of prevention. Understanding and anticipating tenant needs can prevent dissatisfaction, reduce turnover, and foster a strong community feeling.
- Embrace Technology and Innovation – Leveraging cutting-edge technology streamlines operations and offers insights into potential areas of concern. Using technology as a preventative tool, property management leaders can make more informed decisions and create a competitive edge.
- Invest in People and Training – People are the backbone of any successful organization. Investing in training and development ensures that your team can manage challenges proactively. A well-trained workforce is more efficient and can identify and prevent issues before they escalate.
Streamlining Eviction Management with Automation
Photo by Clayton Robbins on Unsplash
Eviction is an unfortunate aspect of the rental housing business. The process can be complex and difficult, especially for property managers juggling numerous other responsibilities. With averages exposing several percentage points of units/people each year, it is crucial to handle these situations efficiently to minimize their impact on the bottom line. And, most important – being graceful with the human element.
Navigating eviction laws is challenging, as regulations vary significantly between states, counties, cities, and municipalities. Keeping up with these ever-changing rules can burden property managers, and mistakes can lead to delays and frustration for team members, residents, and owners.
Automated eviction management solutions can be a game-changer for multifamily property management. By integrating with property management systems, these tools can manage eviction paperwork, from notices to rent suit filings to writs of possession.
This ensures compliance throughout the process while reducing the likelihood of errors and missed deadlines.
With automation, property managers can better see individual evictions and track them by property, region, or company-wide. Identifying pain points in the eviction process, such as sending notices, missed deadlines, or checking eviction status, can help determine which areas can benefit the most from automation.
The bottom line, property managers can save time and reduce frustration.
