Property - Income
Where does most of the income at a property come from?
Resident Rent / Occupancy
How do Management Companies make their income?
Owners pay a percentage or set price per property to the management company
What goals do site team members generally have?
To get promoted or make more money.
Are corporate staff positions hard to fill?
No.
What are additional ways to earn income at a property?
- Rentable items (carports, storage rooms, clubhouse rentals)
- Pets (pet rent, pet fees)
How can the Management Company increase their revenue?
- Help the owners purchase more properties
- Improve occupancy and decrease delinquency (many owners will give a "bonus" if the property is over-performing)
How can site team members show they're ready for a promotion?
- Helping at other properties
- Taking training courses through Gracehill, Entrata, or other online options
- Offering to take on additional duties
- Ask to learn outside of their scope
If a corporate position were to enter all invoices for the properties, what is the benefit?
- Saving onsite staff time
- Less site level employees are needed, which can save money in the property budget
- More streamlined processes with less mistakes
- Easier for corporate to approve invoices when they know it's entered correctly
How can residents earn income while also increasing property income?
Resident referrals
When reviewing budgets, what items would corporate recommend to cut in an attempt to save money for the owners?
Capital items that increase resident satisfaction, but do not increase property value. (bbq area, free library, etc.)
Why are employee goals important?
Many sites do not make employee goals. But it's important to improve moral, interest, and leads to longevity within the company.
How can corporate employees help their site staff, while also growing in their positions?
Mentoring others