FIVE WAYS TO RUN A MORE PROFITABLE

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1 PROPERTY MANAGEMENT FIVE WAYS TO RUN A MORE PROFITABLE BUSINESS Running a successful and profitable property management business requires dedication, hard work, perseverance, a bit of luck and, most importantly, adherence to the following key principles of growth. Whether you re already in the property management space or are still in the pre-business research phase, learn how to put more money in the bank and more happy residents in your properties.

2 #1 INCREASE THE NUMBER OF PROPERTIES Create an exceptional online presence (website, social media profiles, etc.) to ensure you re reaching the modern owner. One of the easiest ways to boost your property management business' profitability is to increase the number of properties that you manage. Here are 4 key ways to attract and retain more property owners to grow your portfolio in today s market. Offer an online owner portal that lets property owners self-serve their properties monthly statements, and other reports. Provide payment options to your residents such as online rent payment via credit card to give owners a peace of mind that payments are efficiently being collected and tracked. Implement a referral program to leverage your current customer base and capture new potential clients.

3 #2 ADD MORE SERVICES Property marketing on multiple platforms, including advanced vacancy posting that syndicates to all top sites on the Web with just a few clicks Online submission and management of maintenance requests Providing additional services to attract top-spending clients can result in additional profits, as long as your expenses for providing the services are lower than the revenues generated. Access to a network of licensed and certified professional handymen, plumbers, electricians, and painters Enhanced technologies, including accepting rent online, and digital lease signing

4 #3 KNOW WHEN TO OUTSOURCE Meet with new clients. Market a new rental property. Sometimes it s more cost-effective and efficient to outsource a job. By freeing up resources, outsourcing a job can give you the additional time you need to: Reconnect with loyal clients. While you might be able to fix many of the minor property repairs, hiring a handyman can save you time and money.

5 #4 FIND QUALITY RESIDENTS Online application submission and tracking Online lease agreements that can be e-signed from a mobile device When it comes to running a more profitable property management business, think quality over quantity. Resident retention and a streamlined leasing and screening process are critical to the health of your business. Consider these technology resources to help you optimize your leasing process. A F One-click screening, for fast and accurate tenant screening reports It s less costly to deliver a quality product, find a quality resident, and improve renewal rates than it is to have to market the same property every few months.

6 #5 TRACK PERFORMANCE Has your turnover rate improved? Has customer satisfaction gone up? As you begin to tailor your approach, remember to track and measure results. Be sure to benchmark key stats and compare as you continue to improve your processes and services. Ask the following questions. Are maintenance requests quickly being fulfilled? Only through proper analysis can you truly determine if your efforts have increased profit margins.

7 Combining these tips with dedication, determination, and professionalism will help you run a more profitable property management business. MODERNIZE, AUTOMATE, AND GROW YOUR BUSINESS WITH APPFOLIO S CLOUD-BASED PROPERTY MANAGEMENT SOFTWARE. Visit or call to learn how AppFolio can help you run a more profitable business.