How Knowledge Can Open More (Rental) Doors

Boost your education to boost your property management revenue.

The property management business is facing a time of great upheaval and opportunity. According to a recent report from Manage Casa, poorly managed properties are at risk of going under due to financing, churn, and eviction issues in 2022/2023. On the flip side, some renters are going to be willing to pay more for additional amenities and better services. Staying on top of these divergent trends and learning how to mitigate pitfalls while capitalizing on opportunities requires a willingness to expand your talents and rental know-how. 

Check out these tactics to help boost your property management knowledge: 

Knowledge Tactic 1: Look back to move forward.

According to this article in Forbes, growing your business isn't necessarily about reinventing the wheel with big innovations, instead it requires gradual, persistent, small adjustments to make it even better over time.  

What small steps can you take to gradually improve your business? Look back on what you’ve learned in the first half of the year. Take those learnings and apply them to your work for the rest of the year to create an even bigger success. 

For example, did you observe that certain renters seem to be more reliable and cooperative? What types of amenities attracted them to your property in the first place, and what additional amenities or services could you add to attract more renters like them? Or maybe you've learned that certain property management tactics, bookkeeping practices, or growth hacks can save time and money when you apply them. This is the moment to reflect and put all of those learnings into action. 

Don't be discouraged if you default to your old ways at first. Implementing a new technique or practice requires forming new neural pathways in the brain, and this can take time – this is how new habits are formed. Think of it like this: neural pathways are like roads. The neurons in our brains prefer to take the smooth, well-paved roads formed by old habits. When we try to change our habits, we're essentially asking our neurons to take unpaved, unknown pathways. That takes extra effort. But with intention and attention to the things we're trying to change, we can gradually retrain our neurons to drive down new pathways, eventually turning them into the type of nicely paved roads that we can navigate on autopilot. 

Knowledge Tactic 2: Courses, of course.

Most property management jobs don't require you or your team to take continuing education courses, but that's no reason why you shouldn't do it. In fact, staying on top of the latest property management practices can help you and your team deliver better service to tenants, run your business more smoothly, and find unique opportunities to boost profits through upselling.  

According to the Institute of Real Estate Management, Certified Property Managers have the potential to make more than twice the average property manager salary in the U.S. It's not just that property owners are willing to pay more for a manager with advanced qualifications, it's also because having a formal training in asset management, bookkeeping, and legal issues can help you maximize the profits earned from every property you manage. While the average cost for tuition, fees, and dues can run $7,500–$8,500, it may be worth it if you're able to boost your income by as much as $70,000 per year. If you're already certified, consider sponsoring tuition for one or more of your high-potential employees to build your talent pipeline. The skills they learn will quickly pay for themselves. More online training options in a variety of price ranges can be found in this article on The Best Property Management Courses of 2022. 

On the DIY side of development, check out these 12 Property Management Skills To Excel as a Landlord from TurboTenant and this list of 12 free online business courses you can't miss from the QuickBooks Blog. And for even more business-minded learning, take a look at these free, interactive lessons and free e-books from Harvard Business School Online.  

If it's quick and easy, bite-sized extra knowledge you're looking for, make sure you're signed up for our newsletter just for property managers, In the Mixx, and take a look at the In the Mixx archive for any past articles you may have missed. 

Knowledge Tactic 3: Branch in.

Expanding your property management business doesn't always require taking on more properties, sometimes it can mean offering additional services or finding ways to add value to existing properties to boost your share of revenue. 

For example, the pandemic has shifted the qualities tenants look for in property rentals, possibly permanently. If your previous rental strategy revolved around attracting residential tenants who frequently commute, you may consider upgrading units with amenities that work-from-home tenants seek, such as sound-proof walls, fast internet access, designated office areas, and smart home technology.  

If your clientele has traditionally been more commercial and office, you might consider guiding owners toward conversion to residential. This would require learning more about local zoning and permitting, but it could be a good safety net if commercial and office rentals fail to increase. 

 Or perhaps you've noticed a growing need among many of your tenants (e.g., laundry, parking spaces, storage, internet, or office services such as printing, shipping, etc). That's a signal that your property has additional revenue opportunities just waiting to be tapped.  

 Finally, consider your physical space. What can you learn about tenant preferences to upgrade new turnovers and attract even better tenants? Or how can you use color to drive employee morale and productivity? Reach out to a Dunn-Edwards Property Services Representative to boost your knowledge about how a fresh coat of paint and a change of hue could help your business attract better tenants, run more smoothly and keep your employees happy. 

 In short, the premise behind this knowledge tactic is simple: find new opportunities based on your observations, get additional training if needed, and then expand in these areas to push yourself even further. 

 Make a commitment to implement one of these knowledge tactics this month and see where learning can take your property management business!