Property management has become a hugely attractive proposition for many people in recent years, particularly since the pandemic altered both travel habits and the job market. A high growth industry with rising revenues, it offers people the opportunity to work for themselves (often from the comfort of their own home), learn new skills doing flexible, interesting and varied work. But if you’re wondering how to start a property management business or have recently just got started in this dynamic, exciting industry you may feel a bit overwhelmed with all that it entails. We’re here to take a dive into the tools, tips and tricks that will make developing your property management business seem a whole lot simpler.
Let’s start by exploring what we mean when we talk about property management. The industry has expanded to encompass everything from residential property management including onsite management rights to hotels, resorts, motels, B&Bs and vacation rental management. The challenge for many people entering the industry is that you quickly realise that you have to wear multiple hats! Even for longer term rental properties, the property manager’s role is far more than simply collecting the rent! You are responsible for everything from the maintenance and upkeep of the accommodation, managing the accounts, dealing with suppliers and contractors to marketing your property and ensuring maximum occupancy and revenue.
Automating as many of these processes as possible helps save you time and money and ultimately ensures you’re able to deliver a great customer experience. This is where a property management system (PMS) becomes an invaluable tool. The functions of a good property management system are wide-ranging and it can handle everything from the reservation process, front and back office operations, channel management, guest communication, housekeeping and maintenance management.
If you’re considering taking the leap into this exciting industry or have recently become a property manager for the first time, these are our top recommendations for making the learning process as easy as possible and growing your business quickly, efficiently and profitably.
Given the wide range of tasks and responsibilities and depending on the type of property management business you’re running you’ll want to easily be able to:
If you’re looking at how to start a property management business, the right property management software can make your life infinitely easier and save you time and money. And depending on your software supplier, you can pick and choose the elements you require now and add functionality as your business grows.
A property website is an essential tool for any business nowadays and particularly for property businesses wanting to stand out from the competition and attract people to book directly with them. It enables you to showcase your property in its very best light and is effectively your business ‘shop front’ that helps you to present yourself professionally.
When you’re starting a property management business, marketing your accommodation should be one of the most important elements of your plan. Start with a good basic website, ensure it’s optimised so that Google shows it to prospective guests and tenants when they search online and utilise marketing tools and channels such as a channel manager and social media to give you even better reach amongst your target audience. You can also source cost effective website design services and marketing support if you work with software specialists who have built their business supporting property management businesses just like yours.
Regularly monitoring your property business analytics is the key to growing your business’ profitability and efficiency. Many new property managers don’t invest enough time in looking at their own business data and the information available on their competitors.
Effective data analysis will help you craft a good business plan and understand everything from which channels are most effective at attracting the right kind of guest or tenant to which markets offer the best opportunity for your business. Look for a property management system that offers great reporting and analytics so that you can make informed business decisions that are based on fact and not just guesswork.
HiRUM Property Management Software was created out of the need from property managers to have increased control over the management of the apartments they controlled within their letting pool. Over the years the functions of a property management system have grown to encompass all aspects of business management including front and back office solutions, banking and reporting. It’s a far cry from a basic reservation tool to manage the letting of rooms on a day to day basis.
Having worked with businesses across the industry including real estate management, hotels, motels and resorts and strata managers, HiRUM have developed a fully flexible PMS and complete business solution that can manage just about every aspect of your property business including trust accounting. If you’re exploring how to start a property management business, give us a call on +61 7 5574 4990 or email: firstname.lastname@example.org
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