Are your property managers ‘Market Speculators’? This means, they always have their finger on the pulse of the local rental market. Market Speculators are just like Stockbrokers- they know when markets change or are about to change, what caused the change, and the impact this will have. This knowledge is power and can boost results for both your clients and business. If you want to boost your results, here’s how your property management team can become Market Speculators.
Step 1: Weekly research
Your property management team must set aside two hours every week for market research. It’s not enough to rely on the information gained from preparing rental reviews; your entire property management team must have an all-encompassing knowledge of market trends, happenings and quarterly results. Knowledge is power and research is king!
Step 2: Interpret findings as a team
To ensure that your property management team provides the same consistent advice to all clients, it is important that research findings are interpreted as a team. Once a month, discuss research findings at a weekly team meeting so that every team member is informed and on the same page. For example, set this on the meeting agenda for the third week of every month. That way, your team can feel confident understanding and sharing market updates with clients.
Step 3: Extend your research scope
It is important that your agency’s research scope is broad, so that your findings are all-encompassing and no key data or statistics are left out. To ensure you cover this broad scope, assign each team member with different avenues for research. What’s more, make sure that you acknowledge the research sources so clients can appreciate the broad scope of data analysis and evaluation your agency undertakes.
Market Speculators are just like Stockbrokers- they are responsible for interpreting markets through speculation and forecasting. To be Market Speculators, your property management team must conduct ongoing weekly research, discuss findings each month, and give the same consistent information to all clients. That’s why, it’s important that research and interpretation form part of your team’s standard work week, so your agency can speculate market changes and remain ahead of the curve.
For more information about how your property management team can be Market Speculators, contact us.