October 20, 2016
Is Property Management Broken?
In many property management firms, technology is still lagging behind the times. Most offices rely too much on manual processes, which take up an inordinate amount of time – not to mention valuable resources. When technology is used, it tends to be disparate and siloed, and absolutely not client-centric.
From a front-facing point of view, the rental process hasn’t changed much in the past few decades. Consider this all-too-typical property management rental process:
A property management firm assigns an onsite staff member to show units and respond to calls and emails. While they’re out giving in-person tours to un-vetted prospects, other potential renters’ calls go to voicemail. Too often, those calls aren’t returned for hours, sometimes even days. The worst part is, the best prospects – those with jobs – can’t usually call during regular business hours. So their messages sit in voicemail for far too long while the property manager or onsite rep attends to other matters.
Clearly, the system is broken, or at the very least, fractured. The question is: What can you do to fix it?
The Technological Advantage: Go for Unbroke
Property management firms need to embrace technology. By automating and digitizing processes, you can save time and resources upfront. You’ll also be able to cut costs and increase profits further down the road, by better screening renters and ensuring improved customer satisfaction for existing residents.
Automate lead management. You need a system that directly captures leads from the ILS listing and feeds them to the right rep for prompt follow-up. The digital information can also auto-populate guest cards, leasing forms and welcome letters, eliminating manual work and potential errors, and saving time if the person becomes a tenant.
Modernize the leasing process. Today, most tenants expect to be able to apply from anywhere, at any time. So give them what they want. Provide the tool they need to apply online, or on a tablet with your rental agent. It’s fast, convenient, and it increases the odds that you’ll convert leads to renters. It also cuts out the risk of human error posed by hand-written applications, and eliminates tedious, repetitive tasks like faxing documents.
Expedite tenant checks and approvals. With the right system in place, you can integrate automatic credit checks into the lease application. These enable you to simplify the application process while performing consistent, accurate credit checks. You can go one step further and analyze applicants’ financial viability, using software to evaluate their salary, current rent, monthly rent of unit they’re applying for, whether they’ll live alone or share the rent, and more. Within seconds, you’ll know whether prospects have a good background and solid financial history, so you can make informed decisions about who should live on your property.
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.