When it comes to managing real estate, it’s all about delivering more value and convenience to customers at less cost. Customers today expect instant gratification and seamless access to on-demand services.
Whether you’re a homeowners association (HOA) board member, apartment building owner, or property manager, it’s critical to stay on the cutting edge of technology to deliver the best experiences to residents and employees while maintaining a lean and efficient operation.
One of the best ways to do this is to invest in a property management software system (PMSS). Keep reading to learn what a PMSS is and why you need one to get to the next level.
What Is a PMSS?
A PMSS is a digital platform that property management companies, HOA boards, and landlords use to manage and maintain properties.
PMSS platforms are highly customizable and scalable, making them ideal for companies of all sizes. They provide access to real-time insights across several areas, including service delivery, operational costs, and customers.
To illustrate, a property management company can use a single PMSS platform to gain a bird’s-eye view over all their properties. It serves as a one-stop shop for real estate management, providing a simpler and more effective way to conduct daily operations and respond to resident needs.
Benefits of a PMSS for All Stakeholders
PMSS platforms come with a range of benefits, making them valuable assets for real estate stakeholders. With that in mind, let’s look at some of the top benefits PMSS platforms provide.
1. HOA boards: Collect dues more easily.
Traditional payment methods like cash and checks are inconvenient and time-consuming because they require manual work. At the same time, many customers prefer digital payment options. As one study reveals, the share of consumers who prefer to pay with cash for in-person payments recently dropped from 27% to 19%. According to that same study, there’s also been an uptick in person-to-person payment apps.
HOA boards can use PMSS systems to rapidly collect and process dues and fees, managing all payments from a single location. This leads to fewer payment issues and a more convenient process for HOA boards and members alike.
At the same time, a PMSS system makes it possible to gain insights into property-specific information and instant access to reports. HOA boards can use the portal to communicate with other members, resulting in easier and more efficient decision-making.
2. Tenants: Report maintenance issues.
Tenants need a direct pipeline to property managers to report issues like HVAC malfunctions, broken appliances, and pests.
A PMSS platform allows tenants to communicate maintenance issues with property managers as soon as they arise through nearly any device. It serves as a convenient portal in which tenants can chat with their management company, ask questions, and file complaints.
3. Condo or HOA members: Communicate with management.
Like tenants, condo and HOA members require direct communication with property managers at all times. Managers that fail to respond promptly or meet their needs risk replacement and poor reviews.
With a PMSS platform, condo and HOA members can conveniently and safely communicate with property managers. The platform provides a way to reserve facilities within the property, report issues in shared spaces, and reserve guest parking spaces. It also enables people to sign forms online and access documents securely.
4. Property managers: Provide outstanding service.
Property managers are challenged to provide quality service to an ever-expanding portfolio while rapidly responding to all requests. This is no easy task—especially for teams with staffing shortages and heavy client loads.
With a PMSS, property managers can stay on top of service requests and respond to inquiries when they arise. A single portal for all property needs ensures all incoming messages receive a response. At the same time, it also helps property managers schedule preventative maintenance.
How can you innovate in this space?
Research from McKinsey reveals that 84 percent of CEOs believe innovation is critical to growth.
Aside from using technology, there are many ways to be an innovative property manager. Consider working these ideas into your strategy to improve operations and build a reputation as a customer-centric company.
To innovate, you must build a culture that encourages and nurtures creativity. Employees must feel comfortable communicating and working together to find creative solutions to everyday challenges.
Research shows that diversity boosts innovation and improves financial results. Adding team members from different backgrounds helps teams think with greater mindfulness and empathy. This is especially important in property management, which centers around people and relationships.
At the end of the day, your company’s main job is to please customers. As a result, your business must respect customers as its highest priority. To build a culture that breeds innovation, you must understand your customers’ evolving needs, challenges, and concerns.
For example, more tenants want access to high-speed communications, connected devices, and smart utility systems. Staying informed about the latest technological advancements can ensure your properties remain updated and in line with consumer expectations.
Get Started with Netintegrity
To truly drive innovation, teams need access to quality reports and analytics. The right data makes it easier to make informed decisions and drive meaningful results.
Netintegrity helps property management teams drive innovation with INFO-Tracker—a complete property management software solution.
INFO-Tracker helps teams stay connected and informed with access to current and historical data. You can use INFO-Tracker to improve strategies and deliver greater value across your entire portfolio.
To experience INFO-Tracker in action, request a demo today.