Whether you’re a small property management company handling a portfolio of 10 buildings or a huge real estate management firm handling buildings in several different regions, the task of managing these properties can seem stressful and time consuming – but luckily, it doesn’t have to be.
Here are five ways property management companies can streamline operations for a more effective and efficient management process.
#1. Create a Tenant Portal
How do you communicate with tenants? With a tenant portal you can allow tenants access to information about their accounts and their property. They can ask questions, search for answers and complete tasks such as rent payment online. New tenants can also apply for a space online. This helps to streamline the communication with your tenants and frees up time for you to tent to urgent and more important matters. Reducing tenant turnover can streamline your business and make it more financially viable.
#2. Determine Your Property Management Marketing ROI
Are your marketing strategies effective? Use marketing analytics software to understand both the strengths and the weaknesses of your marketing so that you can focus your marketing money on qualified leads. Search for marketing software that provides month over month comparisons of lead conversions, prospect metrics and overall marketing ROI.
#3. Analyze Accounts with Property Management Software
Accounting software can help your business stay on track and can help you locate problem areas and find solutions. If you notice that late payments are an area where you are losing profit, you can develop strategies to address this with your tenants. If urgent repairs are putting a dent in your budget, you can also form strategies for ongoing maintenance. Utilize your accounting software to assess your financial strategies on a regular basis so that you can find the right solutions.
Property management software can also keep you privy to lease expiration dates and can create reports based on things including the length of time left on a contract, etc. You can set an automated report to be delivered directly to your email account and you can keep your properties occupied.
#4. Utilize Spend Management Software
If you are looking to both streamline and decrease expenses on property management, you should highly consider standardizing these expenses. Spend management software can help you spend wisely and stay within your budget to adhere to your bottom line. This helps make spending practices consistent and helps simplify the buying process, saving you time and money.
#5. Take Advantage of Opportunity
Having instant access to data on your whole portfolio of properties is important in order to capitalize on the growth opportunities in the real estate business. Property management software can provide this experience that gives property managers the critical and standardized info they need on any individual asset or property.
From assessment to configuration to customization to long-term management of your computing infrastructure, our expert consultants and engineers will create the efficiencies, integrations and insights so critical for success in today’s competitive business world. Contact FITECH Consultants today to find out how we can save you time and money.