September 14, 2017
The Landlord’s Guide to Scaling Up
Owning properties can be an exciting business. Yet, 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, neighbours and investors, as well as juggling all the many separate parts of the business, from marketing to maintenance.
When property companies start out, there may only be a handful of buildings or units to advertise. The easy route is to place an ad in the local paper, or online at an ILS like Craigslist. However, the key to attracting new and high-quality renters is to diversify your channels and keep your listings current.
Keeping ads up-to-date sounds like a no-brainer, but when they are spread across multiple ILS, from Craigslist to Oodle to RentSeeker and beyond, staying on top can be a challenge. And, it can be incredibly time-consuming for you and your team.
The key to scaling is implementing a solution that acts like a central content management system for ads. For instance, Property Vista’s solution is easily integrated with other solutions (like Yardi Voyager® for example), so property managers can log in, update ads and push them out from a central location—all with the click of a button. This updates all property listings, and associated floor plans and photos. Plus, the system automatically removes leased rental units. Easy-peasy.
Now that you’ve attracted people to your rental units, as you scale your investments the everyday work that drives revenues can become all-encompassing. It’s simply not efficient to be filling out leasing applications and faxing for credit checks.
Again, for any property management company that wants to grow in both size and revenues, the answer lies in a potent combination of automation and self-service. Here’s what one of our clients said about the benefit of automating:
“In place of repeating our past paper-based processes, we decided to switch to PropertyVista and converted to a fully electronic application and approval process. The result was an 80% increase in our approval process and a 65% increase in application submissions. Not to mention we are getting better tenants as a result.”
Once you have your resident settled in, getting paid on time and chasing down outstanding payments is the next big challenge for time-crunched property managers and owners. By setting up residents from Day 1 with an online payment solution, you make it easy for them to update their own method of preferred payment, and to access a record of payments.
Even better, with rent automatically coming out of an account of being paid by credit card on the first day of the month, there are no straggling payments that are a day or two late, and no reminder phone calls or knocking on doors to get a cheque in hand. Less stress for everyone involved. AND, quicker “speed to bank” for better cash flow.
As your property portfolio grows, tenant expectations will change and the volume of requests will quickly grow. Your company will shift from a reactive approach of handling requests as they happen to a more proactive model of fixing issues before they become a problem.
By equipping your business with a maintenance portal you can achieve several key objectives:
1.) To significantly reduce the operations team’s time by enabling self-service.
2.) To review work orders for common issues that should be addressed proactively.
3.) To improve the quality of repairs, assuring tenant satisfaction.
When measuring maintenance performance, property owners and managers must go beyond simple transactional maintenance work for tenants, and also look into how maintenance work can remove equipment failure. This offers up a deeper understanding of the risk and performance of your operational assets through maintenance efforts.
For example, property managers may wish to review the number of rework work orders by 3rd party supplier to ensure the quality of the maintenance. They may also want to look at the percentage of emergency work orders. If that value rises, it may indicate that the need to review maintenance strategies to see what can be done to reduce operational risk.
How Property Vista Helps
Whether you own 10 or 10,000 rental units, we’re here to help you get better residents and a better bottom line.
From web marketing and online resident applications, to intelligent credit checks, automated rent payment, and maintenance portals, our web-based platform is easy to use and even easier to implement.
We help take away the pain of scaling your business. To learn more about what we can do to help maximize your growing business, sign up for your free account today or give us a call.