If your company is like most property management companies, you’re always looking for ways to increase operational efficiency and accomplish more in less time.
At the same time, you’re interested in trimming the fat off your operations to keep your spending in check.
Luckily, with the right approach, it’s easy to accomplish these goals.
By making smart investments in purpose-built property management tools and rethinking how your company does business, it’s possible to simplify property management and take your company to the next level.
With that in mind, let’s look at five simple methods to simplify property management while increasing profitability and making employees and residents happier.
1. Optimize your accounting function.
To reach their full potential, businesses across all industries need to have steady cash flow. They also need to maintain complete control over their finances at all times. Otherwise, it’s impossible to identify areas of waste or opportunities for improvement.
By investing in software designed specifically to handle accounting for property management firms, your accounting team can gain more control over cash inflows and outflows, keeping their fingers on the pulse of your financial health. Leading solutions also support electronic payments, enabling you to automate collections and pay vendors digitally, which helps reduce errors and reclaim even more time.
2. Prioritize preventative maintenance.
To protect the value of your assets and reduce maintenance costs, you should prioritize preventative maintenance. After all, it’s easier and more cost-effective to fix a leaky pipe than to renovate an apartment after that pipe bursts and causes the unit to flood.
Unfortunately, many property managers underestimate the importance of being proactive with maintenance, finding out the hard way when something breaks.
You can solve these problems by responding as quickly as possible when a resident requests a repair. Additionally, you can prioritize preventative maintenance to avoid massive repairs in the future. With fewer problems to worry about, tenants become happier.
3. Streamline business processes.
How much time does your accounting team waste chasing down payments? How much time do your front office employees spend communicating with tenants and searching for information?
Chances are your property management company is like most others, and not all business processes are as optimized as they could be.
It’s possible to automate critical processes by investing in property management solutions, including inventory control, contract management, document management, reporting, and more. As a result, your team can save a ton of time.
4. Screen tenants thoroughly.
In the ideal world, your property management company would never have to deal with a bad tenant. Unfortunately, that’s not often the case.
Although you can’t eliminate the likelihood you end up with a bad tenant altogether, you can reduce the chances by screening each tenant thoroughly and doing your best to only rent units to people who will be a positive presence in the community.
Of course, this might force your team to do more work upfront. But it will pay dividends down the road because a single toxic tenant can wreak havoc on your community, property, and facilities.
5. Hire and nurture a great team.
Your property management company is only as strong as the people who power it. If you truly want to simplify property management, you need to hire the best talent on the market—and do everything in your power to keep them engaged.
In today’s difficult labor market, this can be challenging. If you need inspiration to build a high-performing property management team, check out our free guide: The Property Manager’s Guide to Building an Extraordinary Team.
Simplify property management with Netintegrity.
If you want to build a more effective property management operation, Netintegrity can help. Request a demo today to learn more about how our powerful property management software can help your business soar to new heights.