COVID-19 brought a myriad of changes to the residential industry in 2020. What's in store for us in 2021? The 'new normal' is here, and demands for online services have property managers asking: How can we be more profitable when revenues are falling? Although it might be stressful to think about 2021 and beyond, now is the time to plan. As the saying goes, "Hope is not a strategy."
Luckily, the property management software is quickly evolving with the technology that property managers desperately need. These modern solutions make your work easier and give landlords what they demand — profitability and good asset and tenant management.
How can property managers be profitable when revenues are falling?
Multifamily apartment landlords must find ways to be more profitable when revenues are falling. To regain profitability, they need to ease workloads and add more value. The path to the future is customer-centric, automated, and efficient. The economy will improve, but many of the changes that we’ve made to adapt to the ‘new normal’ will remain. Hanging onto outdated, manual methods of managing rentals will find the going tough in the coming years.
Property management software provides exciting new ways to raise revenue, ease workloads, and give tenants what they ideally want in their rental accommodations. They make it possible to operate with fewer resources while increasing customer experience.
What are the operational benefits of modern property management tools?
Without technology, a property management firm won't possess the efficiency, competence, and capacity to scale up to allow owners to achieve profitability. Cloud-based automation tools free up time by reducing menial tasks, streamline day-to-day operational services, and provide a comprehensive view of the business to the user.
Popular property management software providers include the following as basic features:
- Online payment portals
- Automated payments reminders, which improves rent collection
- Cloud-based services
- Simple accounting
- Time management trackers
- Tenant screening
- Property maintenance ticketing and tracking systems
- Property management analytics
- Lease management and document management
- Fraud detection (learn more about financial document fraud here)
Many platforms also offer labor-intensive services, including rent collection, lease management, marketing services, inspections, evictions, cleaning, and accounting services. Property Managers are also benefiting from financial reporting and advice, property sales, renovation, insurance, and outdoor services.
How do tenants benefit from property management software?
Renters expect a digital experience when it comes to leasing. This was the case before COVID-19, but it is even more critical now. No-contact viewings and digital screenings have changed the way rentals are handled and tenants' expectations when it comes to selecting a rental. So, what do tenants want?
- Enhanced communications (ease of contact and fast response)
- Convenient rent payment portals
- Streamlined service delivery
- Online applications
- Lease transparency
- Mobile access to these services
Remain competitive with property management software
Are your property goals growth, efficiency, and profitability? If so, now is the time to take a critical look into your current proptech and see where improvements should be made. Your competitors are offering increased services at lower prices only because they're using the new property management software solutions available. What's your move