When the economy is booming, life is easier for property managers. As we head closer to an uncertain economic future, however, property management companies—like their peers in all other industries—have a new slate of concerns on their plates.
These days, smart property managers are laser-focused on doing everything they can to delight their residents and stretch their dollars as far as possible. To this end, leading property management companies are increasingly investing in purpose-built commercial property management software to increase operational efficiency and team productivity while reducing costs and enhancing the resident experience.
With that in mind, let’s look at four key reasons why your company should consider investing in commercial property management software solutions in 2023 and beyond.
1. Increasing Occupancy Rates
One of the top priorities for property managers is ensuring that every unit in their portfolios is occupied. When units sit empty, property management companies miss out on revenue while incurring costs—which puts a dent in their bottom lines. Depending on how many units are empty, other residents may decide to move to greener pastures.
By investing in commercial property management software, property managers can increase the likelihood their units stay occupied by making life easier for residents and baking more efficiency into their day-to-day operations.
For example, leading solutions enable residents to pay fees, rent, and other costs to property managers electronically, delivering the convenience they’ve come to expect when they pay their other bills. At the same time, commercial property management software streamlines the process of advertising open units and screening potential tenants. This, in turn, makes it easier for property managers to ensure they’re renting or selling units to the best-qualified candidates.
2. Improving Access to Information
Without the right tools, property management companies often run their operations on physical records, paper forms, and manual processes. Such a setup increases the chances that important papers get misplaced, lost, or stolen—leading to errors, delays, and other suboptimal outcomes.
With a property management solution powering operations, employees no longer have to spend huge chunks of time searching for information manually. Instead, they know exactly where all important information is at all times, enabling them to reclaim all the energy they previously spent searching for paper documents. That reclaimed time can then be reinvested in other areas of operations—much to the delight of residents.
3. Enhancing Your Approach to Maintenance
To please residents and keep units occupied, property managers need to do everything they can to ensure their properties stay in excellent condition. For example, if a resident’s window cracks and it takes three months to repair it, that individual isn’t likely to be too thrilled.
Leading property managers understand the importance of maintaining pristine portfolios, which is why many run their businesses on commercial property management solutions. With the right system, staying on top of maintenance requests becomes much easier. What’s more, leading solutions also streamline the proactive maintenance process, increasing the chances property managers can remedy issues before they spiral into serious problems.
4. Accelerating Cash Flow
Just like their counterparts in other industries, property managers are always trying to optimize cash flow. Unfortunately, when property management companies still rely on manual processes and legacy systems, they spend a lot of time on accounting workflows. And since they’re doing this critical work by hand, there’s a bigger chance that errors seep their way into the equation.
This is another area in which commercial property management software can be a game-changer. With the right system in place, employees can collect payments electronically, giving the business access to money faster while freeing employees from having to record and deposit checks. Due to the automated nature of the platform, your business will also avoid double entries, giving you more control of your cash flow.
Ready to witness the transformative nature of commercial property management software with your own eyes? Schedule a free interactive demo of INFO-Tracker™ today.