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  3. Evictions Time
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  6. Turnover Time
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  8. Net Vacancy Time
  9. Marketing Costs
  10. Communications Costs

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The property management industry is complex and often chaotic. Across your property portfolio, there are leads to follow up on, new leases to fill out, tenants are moving in and moving out, residents are calling to book the party room and other amenities, there is rent to be collected… and the list goes on. There’s a lot happening, and too often, managers get caught up in the busy work, rather than the work that can make a property more profitable and residents happier.

Here’s how property owners and management companies can cut through the chaos to bring order to their business.

Get Rid of the Paperwork: Ask any property management professional what part of their job makes them the unhappiest AND infringes on their ability to get the work that matters done, and the answer will always be “paperwork”! The tedious administrative tasks of filling out and filing forms, answering phone calls or processing a work order takes up a disproportionate amount of time, and cuts into the time spent following up with residents and performing the personal touch work that increases retention. By moving to a digital – and greener – web-based solution for capturing lease information or submitting maintenance requests, property managers can save hundreds of minutes per day.

Support Self-Service: From getting a broken window fixed to changing their rent payment preference, residents want to do many of these things without having to drop by or call the office (and listen to your “on-hold muzak!”). The critical component in any digital solution is to ensure it is sleek and easy to use. Look for a payment and portal solution that can be accessed by a smartphone, tablet or computer—and looks and works beautifully across all channels. Not only does this enhance the customer experience, but it also improves tenant adoption of the system.

Eliminate Errors: Amongst condos as well as various properties, each has their own rules and guidelines. In Property A, the party room may require a 30-day reservation with a $500 non-refundable room fee and a security deposit of $750. In Property B, the party room may be booked anytime it is available with a $250 security deposit and a room fee of $75. Costly mistakes are bound to happen. Another source of common errors is the human factor of transposing numbers – whether it is for a party room, or on a lease. These types of mistakes can lead to lost revenue, lost time, and an increase in tenant complaints. To prevent errors, look for a web-based solution that will auto-populate leases and forms, preventing data omission or the chance of a transposed number.

 

Our Property Management Solution

At Property Vista, we provide both the technology you need to better understand your business and the tools needed to make changes. Our solutions come in a modular format, allowing you to choose the services you need, when you need them.

By automating many of your property management processes and enabling online payments, you can run your business more profitably and more efficiently. You’ll be able to save valuable time and resources while ensuring that all rental units are occupied and rent is paid on time.

If you’re looking to fix your property management system, we can help. To learn more about what you can do to streamline processes and become more profitable through automation and other technology solutions, sign up for your free account today or give us a call.


About the author - Leonard

1 Comment

  • Emma Gray

    September 6, 2017 at 12:44 pm

    That’s a nice article, Leonard.
    Chaos can strike at any time and in any area of life, but it can be especially destructive when it affects your business. We need to learn to calm the chaos in our lives.

    Reply

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