Daniel Berlind
Executive ChairmanIn this article
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, property management software is quickly evolving to meet the technology that property managers desperately need. These modern solutions make your work easier and provide landlords with what they demand — profitability and effective asset and tenant management.
How can property managers be profitable when revenues are falling?
Multifamily apartment landlords must find ways to increase profitability when revenues are declining. To regain profitability, they need to ease workloads and add more value. The path to the future is one that 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 Hanging onto outdated, manual methods of managing rentals will make the going tough in the years to come.
Property management software offers exciting new ways to increase revenue, streamline workflows, and provide tenants with what they ideally want in their rental accommodations. They enable operations with fewer resources while enhancing the customer experience.
What are the operational benefits of modern property management tools?
Without technology, a property management firm would lack the efficiency, competence, and capacity to scale up, thereby preventing owners from achieving profitability. Cloud-based automation tools free up time by reducing menial tasks, streamlining day-to-day operational services, and providing a comprehensive view of the business to the user.
Popular property management software providers include the following as basic features:
- Online payment portals
- Automated payment reminders, which improve 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, property inspections, evictions, cleaning services, 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 the COVID-19 pandemic, but it is even more critical now. No-contact viewings and digital screenings have transformed the way rentals are handled and tenants’ expectations when 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 at 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?
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