Successful property managers know that to excel, they need tools that bring together the many aspects of the business. From maintenance to reporting, your company relies on these everyday processes to keep your business running smoothly. What's your plan for success? Use these property management tips to grow your business:
Manage Maintenance With Property Inspection Software
According to the Huffington Post, your business should "have a clear sense of the processes you most need to automate or improve on so that you can choose the system(s) that best meets your business needs and goals." One of the most common process challenges for property managers is managing maintenance. You need to stay on top of general maintenance such as landscaping, and you also need to examine your properties for concerns that could lead to large-scale repairs, such as rotten decks and staircases. Use a maintenance schedule to keep your properties in excellent shape, along with tools such as video and photo documentation to record the ongoing condition of a property. Your maintenance schedule should also accommodate move-in, move-out inspections and the associated repairs that can go along with them. Coordinating your maintenance processes allows you to preserve your properties and increase their value.
Coordinate Accounting With Software for Property Managers
When you're managing properties, you need to balance income and costs and ensure that you track your expenses related to each property. According to the Property Management Insider, "a key feature of an integrated system is the continuous flow of data with the ability to share information." Look for integrated accounting software that allows you to merge Quickbooks data and bank reconciliations to determine whether you're on budget.
Integrated accounting processes allow you to examine each property and determine whether those tenants pay on time. You can look for trends in prompt payment and nonpayment and seek strategies that will help you secure rent more consistently. Make it easier for tenants to pay their rent by creating online payment processes and adding payment information to your tenant portal, where they can see any amounts that are past due.
Cultivate Communication With Tenants and Owners
One of the best property management tips a new property manager could receive is to treat all owners and tenants as valued clients. Your owners bring you property assets, and you're responsible for helping these assets yield an income. Creating homes for tenants is the purpose behind your business, and it's your job to help provide a place to live that's safe and aligned with their needs.
As a property manager, you need to communicate well with individuals from both groups. Set up communication processes such as tenant and owner portals to facilitate easy online communication. These portals should give tenants and owners access to information about the property and allow them to see past conversations, as well.
Measure Success With Property Management Reporting
With property management software, you can reflect on both successes and challenges to see what's worked well for your business, and what can be improved. For example, you can examine maintenance records to see whether you are making repairs in a timely manner. You can also evaluate tenant payment records to track the percentage of non-paying tenants every month and see whether this has increased or decreased. Reporting tools allow you to further refine your processes to help your business succeed.
"It seems that everywhere, in every situation, Propertyware is keeping us organized." - Dave Barron / Husky Property Management, LLC
Property managers: your growing business needs the solutions Propertyware can provide. Our property inspection software and property management tools will help you get organized, communicate with your tenants and owners, and merge your data to provide a holistic understanding of your properties. Sign up for a free tour today.