Are you employing the many benefits of property management software? If you’re still trying to get things done without this tool in your arsenal you may be surprised to learn about the mistakes you could be making. The impacts of increased costs, lost revenue, and unhappy tenants can all be reduced if you use the right software.
Have management software that isn’t pulling its weight? Maybe it’s time for an upgrade. Not all software solutions are created equal. Examine your business needs and choose the best options to suit your organization.
Determine if it’s time to invest in property management software by examining the following six mistakes you could be making.
1. Choosing The Wrong Tenants
Selecting a bad tenant is one of the most costly mistakes you could be making. The best thing you can do is utilize every aid available to choose the best tenant that you can. Proper screening is your most powerful tool and property management software can make it simple.
Good property management software should simplify tenant screening for you. Tools such as automatic credit, eviction, and criminal background checks are very useful when comparing potential tenants. The ability to easily pull credit reports from reputable sources such as TransUnion are also a must.
2. Not Having Access To Enough Information
The more you know about your properties the better decisions you can make. If you’re not keeping track of vital information the mistakes you could be making may be having a negative impact on your bottom line. Without management software it can be very difficult to stay on top of everything that’s going on.
The condition of your units, buildings, and assets is important to track. Regular preventative maintenance can save a lot of money in the long term and prevent disgruntled tenants from looking elsewhere when their lease is up. Software that can track and even automate maintenance schedules is a smart investment.
Maintenance tickets need to be tracked as well. Manually following up on every maintenance ticket is labor intensive. Well designed property management software can log, track, and automate aspects of the whole process leading to quick resolution and happy tenants.
3. Making It Hard For Tenants To Pay
Paying rent by cheque may be the traditional form of remittance but these days cheque usage is on the decline. If you’re not offering alternative methods of payment you may be inadvertently causing rent payment delays. Make rent payments real easy and get your money faster while decreasing the need for collections activities.
Property management software that lets you accept credit card payments with VISA and MasterCard can be the solution. Really good software will make it easy to process online payments right through your dashboard. Exceptional software will even make it more cost effective for you by offering zero cost credit card processing.
4. Keeping Imprecise Accounting Records
If you’re not using accounting software designed for property management you’re likely improvising and relying on workarounds to record all of your transactions. Such accounting practices increase the risk of errors and the mistakes you could be making may be costing you and hurting your business. An accounting program designed to manage complex books with multiple properties and companies is the most effective solution.
Software that can keep independent sets of books for each building or allow you to combine buildings can help create more accurate records. Look for a program that breaks down transactions to line items that can be tracked to separate income, expense, asset, liability and equity accounts. The best accounting software will cut down on data entry by memorizing recurring transactions and allow for customization to fit your business.
5. Failing To Keep Tenants Engaged
Tenants who have a connection with their landlords are far more likely to renew their lease. Property management software makes it easy and less time consuming to keep in touch with tenants. Help your renters feel connected and heard to keep them happy now and in the long term.
Property management software with a well thought out communications hub should allow you to see at a glance all of the communications history your business has had with a tenant. Emails, texts, documents, and contact information should be in one place and easily retrieved as needed. Your system should also allow for templates which you can create and store to streamline repetitive communications.
Some aspects of tenant communication can easily be automated. Good software should allow you to program automatic communications which the system sends at a predetermined time or in response to specified actions. Automatically prefilled fields can be a real time saver too.
Help tenants engage within their community and help them feel like they belong. Email blasts about building and community events as well as news can go a long way. Tenant portals can share community information too while allowing renters access to self serve options.
6. Not Using Automatic Actions
If you read this article thoroughly you might find that the recurring theme is automation. Automatic actions save time and reduce errors as well as missed opportunities. Automation is a powerful tool and any property management software worth considering should offer comprehensive options to set up automatic actions.
Using automation allows you to program the system to perform tasks on a preset schedule or when you, your tenants, or your staff perform certain actions. You can easily automate parts of your business such as collections, maintenance tickets, 3rd party communications, and much more. Stop wasting time and money on repetitive actions and let your software take care of it for you.
Is your business suffering from the mistakes you could be making by not utilizing well designed property management software? Free up time, reduce errors, get better access to information, and have that competitive edge with well developed programming. Invest in the right software, see what you’ve been missing out on, and start reaping the benefits.