What is the best quality of your property management business? It could be the charming smiles of your employees, but it's more likely to be your exceptional efficiency and organization. According to Investopedia, "to succeed in business today, you need to be flexible and have good planning and organizational skills." A business that's efficient is good at meeting its tenants' and owners' needs in a timely manner, making them feel appreciated and well-served. How will efficiency impact your property management business?
Avoid Problem Tenants
For you and your owners, every property is an investment, and the Financial Post says that you "always have to be monitoring what is going on with an investment." Managing your investment means that you take care choosing your tenants. When you have a well-documented process for finding and screening tenants, you'll avoid future problems. With SEO and social media tools, you'll be able to accurately describe your properties and market them online so that you draw in the right tenants to your property. Using software to document your process, you'll collect credit checks and references for your tenants. Finding the right tenants will reduce the workload for your employees and make your online property management business flow more smoothly.
Resolve Concerns and Disputes
Communication tools are essential when you're running a property management business. From contact centers to online tenant portals, you need to provide a venue where tenants and owners can submit payment or payment requests, find information about repairs and maintenance, and send in questions to your employees. This helps you avoid and resolve concerns before they turn into larger disputes.
Catch Problems in the Making
An organized property inspection and maintenance regime will help your business avoid serious problems. Scheduling regular inspections might seem like a cost, but it's an investment in the future as you strive to avoid large repairs. Find that crack in the roofing now, and you avoid damaged ceilings and water damage later. Cisco mentions that flexible, cloud-based software products are particularly important: "to stay productive on the move, your employees need to be able to reach the people and information they need - anywhere, anytime." When you use a property management software system to manage your inspections and maintenance, you can even upload photos and video to benchmark your property before your tenants move in.
Know What's Coming
A regular annual, seasonal, and monthly schedule of events can help your employees plan for the future. They'll be less frustrated with their workflow if they know that they need to prepare for the seasonal addition of new tenants in the summer or the inflow of monthly tenant payment. Online software programs can help you examine past reports and plan for the future of your business.
Make and Collect Your Payments
How does your payment system work for you? If you find yourself chasing down tenants for the rent, your employees may feel frustrated and your business loses the time that they spend collecting that rent money. Instead, set up an online payment system that's easy to access and that sends automatic reminders and rewards to those who pay on time. This will improve your cash flow and help your tenants, owners, and employees.
As you work to improve your organization and efficiency, you'll find that your employee morale will increase. Employees want to work in a place that's well-organized. Online property management tools can help you shift your business from muddled to organized. If you're trying to change the way you do business, contact Propertyware. Our cloud-based software products will help you achieve your organizational goals: get pricing today.