Your property management team operates just fine, right?
You find a way to get things done – even with few insights, time-consuming processes, and hard-to-use tools.
If this sounds familiar, you should consider reevaluating your property management operations. You make it work, but you may not see just how much you’re being held back. Instead of continually reducing costs and increasing efficiency, the opposite is happening.
How Can I Tell if My Property Management Needs to be Improved?
So, you might be wondering, “how can I tell if my property management needs to be improved?”
That’s what we’ll discuss in this post and provide you with inspiration on how to fix it. Let’s start by looking at the first and most cumbersome sign – it requires a lot of manual work.
1. Your Property Management is Highly Manual
Do you and your team have to waste hours each week manually inputting, organizing, and analyzing invoices and data?
That’s a clear sign. If you and your team spend most of your time on menial tasks, instead of focusing on high-value activities – like proactive analysis, risk mitigation, or creating a great tenant experience – then you should rethink your approach.
To fix your manually intensive process, you need a system that automates those cumbersome and manual tasks. You need property management software. Property management software can digitize tasks from invoice approval, to COI tracking, to service request routing. This software can automate data entry and analysis, simplify the process of capturing and approving payables, and provide on-demand performance metrics.
You’ll be able to get more tedious tasks done in less time, enabling you to spend more time on creating an outstanding tenant experience and exceeding your owner’s expectations.
2. You Don’t Have a Single Source of Truth
When you need to find information, do you find yourself looking through filing cabinets, excel spreadsheets, emails, and more?
This is another sign your property management technology can be improved. Without a single place to store critical property-level documents, your team is hardly ever on the same page, literally. And, when you need a lease, COI, or budget, it could be on a shared drive you’ve lost access to, or the hard copy is in the corporate office. This slows you down and can make you look bad in front of tenants and building owners, even though you have the document filed…. somewhere.
What you need is a central place to store all your documents. Property management software can be your digital filing cabinet. Imagine having one place where you and your team can store and share all your critical property-level documents, instead of having to search or ask for them.
With everything you need in one place, you and your team can answer tenant and owner questions (and demands) quickly and professionally, delighting tenants and impressing owners.
3. Low Visibility into the Holistic View of Your Property
You are responsible for the day-to-day tasks, but also accountable for cash flow, vacancies, and revenue versus expenses – what the property owners really care about. If you can’t see the financial statistics of your portfolio the way your owner sees it – your visibility into the metrics that matter most can definitely be enhanced.
Keeping your owner happy is one of your top priorities, but how can you have the same insights into how they see their portfolio, especially during a challenging time like Covid? Easy, property management software can substantially increase your visibility into high-level metrics, like expenses, rent roll, service request completion times, and more. By compiling your data into easy-to-understand dashboards and reports, property management software can help you be on the same page as your owner.
When you’re on the same page as your owner, you can correct any dips in metrics before your owner becomes worried or dissatisfied with your management. And, you can make sure you and your team are excelling in areas your owner pays attention to, giving them a reason to stick with you instead of switching to a competitor.
4. You Spend Time on Tasks Over Tenants
You have a seemingly endless to-do list. It’s hard to get much done when you and your team have to spend so much time on every task. From updating tenant contact info, to work order follow-up, invoice processing, and creating and running reports, you struggle to get things done quickly.
Spending a lot of time on tasks is another sign your property management operations isn’t working as best it could. Inefficiency can keep your team from doing everything you need to keep tenants and property owners happy.
The same property management software we’ve been talking about can also increase your efficiency by automating repetitive tasks. Managing maintenance schedules and sending out tenant communications shouldn’t be so time-consuming – and it doesn’t have to be! By automating these tasks, you and your team can tackle these items in minutes, allowing you to get more done each day.
Tenants have a lot of choices when looking for a building. And building owners have a lot of choices when looking for a management team. Being able to spend time giving tenants personal attention and creating a great tenant experience gives them a reason to stay in your building, helping you keep reduce vacancies and increase revenue.
5. Your Communication is Slow and Ineffective
Could your communication with tenants and staff be more efficient?
Poor communication with tenants can create a negative experience. This means they’re less likely to stay in your building, or worse, stay in the building and become the squeaky wheel. And ineffective team communication can lead to confusion, slow responses and mismanagement.
As this Forbes article reiterates, we can’t expect to return to a pre-Covid world, but property management software can help bridge that gap and streamline your communications. It gives you the ability to assign tasks to your team and follow their progress in an easy-to-use interface. Not only does it help your team communicate better, but it also simplifies and modernizes your ability to communicate with your tenants through email or text broadcasts.
Better communication enables you to run your property more smoothly and boost tenant satisfaction by preventing lags in resolving work orders, answering tenant questions, approving resource requests, and more.
6. Your Property Management Software is Hard to Use – So No One Uses It!
Are your property management tools hard to use? It could be a poor user interface, long adoption period, or even lack of features. Whatever the reason, you and your team struggle to use tools that should make things easier.
This is one last sign that your property management performance can be improved. Having tools no one uses is a waste of money, a waste of time and keeps your team from realizing their full potential.
So, it’s important to find property management software with an intuitive user interface and all the essential features in one comprehensive system. A short and easy onboarding process doesn’t hurt either. That way, you and your team will actually use software to eliminate other challenges your team faces.
Your Property Management Performance is Lagging, but It Doesn’t Have to!
Nothing about property management is simple. And, while property management software won’t make all of your problems go away, it can solve quite a few!
With the right property management software, you can do more with less and keep your team and tenants happier. One option is WorkSpace. WorkSpace, helps you save time, cut costs, and differentiate yourself from your competitors.
And, on top of our property management software, we offer asset management and digital payments, taking you beyond property management, giving you greater visibility into the metrics that matter most to your owners, and your success. Learn more about how WorkSpace can enhance your property management today.