Free Resources for Property Managers

Creative Idea: Property Management Mnemonic!

163 views March 2, 2024 Karina Jugo 2

Mnemonics are among the most helpful techniques and strategies designed to improve memory. The tool helps one to remember multiple factors associated with a particular subject using a pattern of letters, numbers, or relatable associations.

There is this particular mnemonic device that helps folks develop new ideas to innovate products and processes across all fields of industry and life in general.  The means for doing so can be found in more depth in the original article, but we will apply it here to property managers specifically.  So, we encourage readers to visit the original article to explore the psychological explanations provided.

SCAMPER Mnemonic

Here is the mnemonic device and what it stands for:

scamper mnemonic

SCAMPER is based on the notion that everything new is some addition or modification of something that already exists. You take a subject and change it into something else. (E.g., drilled petroleum becomes chemical feedstock becomes synthetic rubber becomes automobile tires. Natural gas becomes polyethylene becomes milk jugs. Mined ore becomes metal becomes wire becomes parts of a motor.) You can take anything that exists and change it into a new idea.

Using SCAMPER in Property Management

Now, how can this be a property management mnemonic you may ask? What parts of your day to day activities in managing your properties could you change (applied to the types of changes below) to make your business more efficient and profitable?

S = Substitute 

  • Rent checks substituted by online payments.
  • Mail notices/general correspondence substituted by email contact.
  • Self-service portals for tenants and owners.  Let them get their own info when they need it and answer their own questions.

C = Combine

  • Combine tenant info, contact info, correspondences, work orders, etc. into a CRM platform that organizes and makes life easier for you and your employees (thus promoting greater efficiency and increased profitability).
  • Have all your information in one place where it can be shared and used between the various aspects of your business to allow for many new opportunities.

A = Adapt

  • Technology and new processes come to mind.  Staying on the leading edge with technology will help your company to remain the most efficient.
  • Use property management software to streamline your processes and simplify rent.

M = Magnify or Modify

  • “Magnify,” in this context, is a great concept.  All of these ideas for increasing efficiency and profitability can produce the capability to magnify the scope and volume of your business.
  • It would be up to the individual property manager as to how they would modify their activities and relationships in order to grow their businesses in the best ways they see fit.

P = Put to other uses

  • The first thought on this “letter” would be how you can put your employees to new/different uses to grow your business rather than using increased efficiency to cut back on the number of employees, and thus costs.
  • Find new uses for the employees you already have.  Maybe an internet savvy manager in your company could devote time to manage new internet marketing campaigns, new market research, prospective investments, etc.

E = Eliminate

  • This could be a great cost saver…AND NO…we do NOT mean eliminate employees (unless that’s what you have been looking to do in the first place).
  • Eliminate time spent on tedious, individual emails, calls, letters, unorganized file cabinets, etc.  This opportunity to greatly increase efficiency with property management software (that would also act as a CRM) could eliminate many of the time consuming, mundane aspects of your daily work, leaving time for you to build more personalized customer relations, or just extra free time.

R = Rearrange or Reverse

  • Simply put, rearrange the way your organization works by employing the suggestions above.
  • Online property management software can rearrange your files AUTOMATICALLY (contacts, tenant info, due dates and delinquencies, etc.).
  • Reverse your stress and struggle into enjoyable progress and greater profits!

Takeaway

What other ideas can you think of to apply to the SCAMPER device?  Have you already implemented some of these concepts into your business?  If so, how are they working for you?  Change isn’t always an easy thing to embrace in an organization, but when applied effectively it can dramatically improve efficiency.

Authors

  • Karina Jugo

    Karina Jugo is a content administrator at RentPost who works directly with real estate and property management experts to create resources and guides for property managers. She has more than 15 years of experience in content research and writing for various industries.

  • Jacob Thomason

    Jacob Thomason is the CEO and co-founder of RentPost, software platform providing property managers, landlord or owners with the tools necessary for property management. Jacob is a software entrepreneur with with a vast array of expertise ranging from business concept design to software architecture and development. He is running RentPost for more than 14 years and helping property managers and property owners.

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