From Vision to Profit: A Blueprint for Property Management Success
Dec 20, 2023
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Join NARPM Radio as host Pete Neubig welcomes Paul Kankowski, Director of Systems & Operations for PURE Property Management. They discuss the importance of processes in property management, the benefits of scaling a business, and the power of automation. Learn how processes can reduce expenses, improve customer experiences, and increase profitability. Avoid common mistakes and discover the benefits of joining NARPM and the supportive community it offers.
Implementing effective processes in property management businesses can reduce costs and increase operational efficiency.
Transitioning from being a doer to a CEO requires learning new skills, investing in education, and attending conferences to gain industry insights.
Start small when implementing processes, focusing on one area for improvement and regularly revisit and adjust processes to ensure effectiveness.
Deep dives
The Importance of Processes for Property Management Efficiency and Cost Savings
Processes are crucial for property management companies as they help reduce costs and increase operational efficiency. By implementing effective processes, companies can manage more units with fewer staff or the same amount of staff. The cost of labor has been rising, and having good processes allows companies to hire remote teams, reducing expenses significantly. Moreover, as companies grow, chaos can increase, and hiring more people may not be the solution. Implementing processes helps companies manage growth effectively, standardize customer experiences, and hire non-experts who can be trained on the process. Additionally, there are now more affordable software and consulting options available to help build and automate processes.
Transitioning from Being a Doer to a CEO
Many property management business owners struggle with transitioning from being a doer to a CEO. It is important to shift the focus from day-to-day operations to analyzing the business and streamlining processes. This transition requires learning new skills, such as financial analysis and delegating tasks. It is crucial to invest in education and attend conferences like the PM Systems Workflow Conference, where property managers can learn about effective processes and gain insights from experienced professionals. By focusing on the economics of the business and maximizing operational efficiency, property managers can achieve financial freedom and growth.
Start Small and Document Existing Processes
When implementing processes, it is important to start small and focus on one area that needs improvement. This could be the application process, maintenance coordination, or any other area that requires standardization. Begin by documenting the existing process, involving team members in identifying areas for improvement, and making adjustments over time. It is important to understand that processes are not fixed and should be revisited regularly to ensure they remain effective. Hiring the help of consultants or virtual assistants can also be a valuable resource in creating and implementing processes effectively.
The Benefits of Automation for Property Management Processes
Automation is an advanced stage in the process of developing efficient property management processes. It should only be applied after thoroughly documenting and optimizing existing processes. Automating processes can significantly increase productivity and reduce errors. However, it is important to ensure that the processes are well-established and understood before automating them. Automation tools, such as Zapier, can be used to streamline workflows and eliminate manual tasks. By leveraging technology and optimizing processes, property management businesses can improve efficiency, save time, and provide a consistent customer experience.
The PM Systems Workflow Conference: A Comprehensive Workshop for Property Managers
The PM Systems Workflow Conference is a unique workshop-style event where property managers can learn about effective systems and processes. The conference provides a combination of teaching sessions, coaching, and hands-on workshops to help property managers improve their processes. Industry experts and experienced property managers share their insights and best practices. Participants have the opportunity to work on their own processes with the help of technology experts and receive feedback from industry professionals. The conference also offers networking opportunities and fun activities to enhance the learning experience. Whether you are a beginner or an experienced property manager, attending the PM Systems Workflow Conference can help you transform your business and achieve greater efficiency and profitability.
In this episode we call "From Vision to Profit: A Blueprint for Property Management Success," join NARPM® Radio host Pete Neubig as he welcomes Paul Kankowski, RMP®, Director of Systems & Operations for PURE Property Management and Owner of House Match Inc., as they explore explore the art of growing and profiting from a property management business. Discover the essential steps to becoming a successful BDM and gain insights into initiating and implementing effective processes for lasting success.
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