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  • Writer's pictureJoani Schumaker

12 Powerful Strategies for Revenue Growth

As owners and operators, maximizing revenue is a constant goal. However, achieving sustainable growth requires a strategic approach that goes beyond traditional methods. Here are 12 powerful strategies to propel your revenue growth:

  1. Explore Additional Revenue Streams. Diversify your income sources by offering innovative services such as package delivery management, credit-building programs, or leveraging digital pet management platforms to increase pet revenue. Partnering with vendors who offer revenue-sharing programs can further augment your property's income.

  2. Analyze Unit-Level Amenities. Conduct a thorough of your property's amenities to uncover untapped revenue opportunities. Identify amenities that command premium prices and strategically enhance your property's value proposition.

  3. Conduct a Technology Audit. Evaluate your current tech setup to ensure it's optimized for efficiency and compatibility. Partner with vendors known for their ease of integration and collaboration to create a cohesive operational environment.

  4. Automate Business Processes. Streamline manual tasks like market surveys and reporting to free up time for your teams to focus on building resident relationships.

  5. Align Policies, System Settings, and Workflows. Standardize processes to minimize confusion and improve communication across your property management teams.

  6. Implement Revenue Management, even on Lease-Ups. Utilize revenue management to optimize pricing and lease terms, even during the lease-up, to instill urgency and maximize revenue.

  7. Initiate Weekly Strategy Calls. Hold weekly strategy calls to ensure agility in refining tactics and adjusting settings based on real-time market insights.

  8. Focus on ORA Score Improvement. Prioritize improving your property's Online Reputation Assessment (ORA) score, as it correlates strongly with revenue performance.

  9. Conduct a Wi-Fi Speed Test. Ensure residents have fast internet speeds to prevent turnover due to slow connections.

  10. Enhance Resident Experience. Prioritize building a sense of community among residents to increase retention rates.

  11. Revamp Your Resident Surveys. Shift the focus of resident surveys from the company to the customer to gather actionable insights for improvement.

  12. Implement Sustainable Initiatives. Appeal to environmentally-conscious renters by implementing sustainable and energy-efficient initiatives.

By implementing these strategies, you can optimize your property management operations and unlock new revenue opportunities for sustainable growth.

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