Property management has become popular in recent years. With the high demand for real estate, more and more owners are renting out their properties. By 2030, the market will reach US$39.32 billion in value, according to Next Move Strategy Consulting.
Property managers often rely on outdated practices despite the market’s growth. Many try to take in as much admin work on their own. The result? More disgruntled property owners. Instead of focusing on important business functions, managers often spread themselves out for other admin work.
This is why outsourcing is highly recommended. Outsourcing helps you focus on core tasks while your team runs in the background. STAFFVIRTUAL states that 32% of housing managers outsourcing their tasks for IT functions. Furthermore, 24% get external support for the skills that they lack.
But what happens when you don’t outsource functions like call center support? Let’s look at the six common mistakes you might experience below with real estate property management accounts:
1. Poor Communication
Real estate managers have a lot of responsibilities. But sometimes, juggling many things at once can make them lose focus on important tasks. One of them is communication duties, and missing this out can be a costly mistake.
Grammarly reports that businesses incur an estimated annual loss of $1.2 trillion. This reduction is due to ineffective communication.
In property management, poor communication not only harms your reputation but can also affect client experiences. Owners want to get up-to-date information about their properties. When your responses get delayed, owners may lose their trust and confidence in you.
You can avoid poor communication by using call center support services. Having a dedicated team to liaise with property owners entices your clients. It boosts their confidence in your land, rental, and realty business.
2. Losing Focus On Things That Matter
Don’t strain yourself too much on repetitive admin work. Focusing on things that matter can help you get the best outcome. In business, this approach is the “Pareto principle.” In easy terms, the principle suggests that 80% of your desired outcome will come from 20% of your efforts.
In property management, focusing on the following tasks is important:
• Proper tenant screening
• Maintaining properties
• Proper pricing
• Communication
• Knowing regulations
• Identifying market opportunities
Focusing on these tasks helps you bring out the potential of the property you are managing. It also helps you avoid costly mistakes along the way. For example, when you screen the right tenants, it helps you avoid tight situations. Examples of this are property damage, unpaid rent, and legal issues. Following a proper screening process can save you time and money. Hence, when you focus on things that matter, you are more likely to get the best outcome with minimal effort.
3. Missing Out On Sales Opportunities
Because of the high real estate demand, customers call property managers for inquiries. Some housing managers cannot manage this high influx of calls. There may be many unanswered customer inquiries.
Having a dedicated contact center support helps you ensure that no call gets ignored. This helps you ensure that you’re not missing out on leads. Remember, one call may be worth millions for your business.
4. Committing Administrative Work Errors
When you do many things at once, you are prone to committing errors. In property management, errors even in administrative work can be costly. Losing track of critical dates and inaccurate payments can cost you your business.
Having a dedicated team to do your administrative work for you helps you avoid these errors. A call center support can record important dates and contact important people. They can make sure that there is data accuracy along the way. It also helps you focus on managing your business and get a bird’s eye view of your operations.
5. Not Providing 24/7 Support
Many customers from different time zones may call you to inquire about a property. But running a 24/7 contact line can be exhausting. When you outsource this function, it guarantees human engagement with customers. This helps you elevate your brand to make it attractive to property owners.
6. Not Giving Property Owners Prompt Updates
Owners tend to get worried about their properties a lot. When property managers fail to give timely updates, it makes owners more apprehensive.
To avoid this, have a dedicated team to keep owners abreast about the status of their properties. This makes owners feel they’re always in the loop. This helps reduce owners’ anxiety and even improves your relationship with them.
Avoid These Mistakes With A Call Center Support Service
Using a contact center support service helps you avoid these common mistakes. It helps you elevate your client experience and build long-term meaningful relationships.
When you have a dedicated team for admin work, you can manage your business operations well. This helps you avoid costly mistakes and pour your energy into growing your company. Consider using a call center support service to transform your business now.
