December 24, 2018
What’s Keeping Property Managers Awake at Night
Property managers and landlords understand that they work in a risky business environment. The housing market seems to be constantly in flux, and undergoing rapid changes. There is mounting pressure in the form of the fear of missing out on the latest technology, keeping up with federal and state regulations, keeping and retaining tenants, and certainly not least, health and safety issues.
Let’s dig into some of the daily challenges that are of concern to property managers and their companies…
There is a multitude of applicable laws and regulations to abide by when renting and maintaining a rental property. And, with increasing fines, staying on top of the latest local, state and federal legislature is critical. Yet, it can seem overwhelming, if not impossible.
Property management firms often turn to consultants or hire a compliance/risk manager to help address health and safety as well as other types of compliance. You can also take on this issue by using software that works in accordance with industry standards, helping you follow best-practice guidelines and remain compliant. For example, standardized, tenant applications will help keep your firm compliant with the Fair Housing Act.
Landlords and property management firms leave maintenance and repair tasks, like snow removal and HVAC work, to the experts. However, with each third-party contractor comes increased risk in the form of safety hazards for the contractor as well as your tenants. A maintenance portal can provide more visibility into repairs and ensure that permits and vendor insurance are in place.
Attracting and retaining staff is always near the top of a property management’s list of challenges. Especially those millennials. According to the Harvard Business Review millennials want to have meaningful work; to solve problems with the environment and society, to interact with a diverse group of people, to work with a best-in-class company, and to do work they’re passionate about.
By using the latest property management technology, you can automate tedious, repetitive tasks and offer anywhere, anytime access (with full permission control, of course) for millennial workers that may be in the field or working off-site. It allows all your employees, millennial or otherwise, to focus on the work that matters.
Disparate and legacy systems can render important information siloed. People are often left cutting and pasting information from one program into another. This increases the risk of errors, and at the very least hinders collaboration and decision-making. Today, property management firms are looking to one robust cloud-based solution that can do it all. These solutions, like Property Vista’s, can help enable workflow, as well as integrate into existing systems.
Scaling your property investments to double or triple is a daunting task. Added to this capital-intensive goal is the increased interactions with tenants, vendors, neighbors and investors, as well as juggling all the many separate parts of the business, from marketing to maintenance.
Companies that leverage technology effectively can scale more easily through automation and increased efficiencies. Cloud-based property solutions allow property firms to do more and scale without having to add on a proportionate amount of people, saving money. Those that don’t will see their margins eaten away by rising staffing costs.
How Property Vista Helps
With a cloud-based property management system, it frees up your time through automation and better processes. If you’re in the market for an SaaS solution, check out our pricing.