Property management businesses are based on finding poorly managed properties with potential and bringing them for their peak performance so you could gain a maximized financial performance and improve the return of your investment.
To run an asset from poor performance to peak performance, property managers need to identify their challenges and strengths and have a strategic plan and a road map outlined. This plan should base on the property management hierarchy which includes the following tiers
- Property care
- Leasing
- Service
- Leasing Renewal
- Community
However, to go through this process, property managers need to get every help they could get as time is a crucial factor here. One of the top assets you can have by your side during this process is a property management system. Let’s look at how a property management system can help during this process.
Property care
Without a property that is in good condition, you can’t reach the next level of the pyramid. So, having well-mapped processes and systems to maintain good condition in your properties are very important. Here it’s important that you find the most effective ways to optimize the maintenance process reducing serving calls, overall costs and turnover time.
How a property management system will help?
- Manage neighbour complaints effectively
- Effective maintenance request handling
- Speed up work orders
- Enabling easy maintenance tracking process
Leasing
Next level of the hierarchy is the quality tenants. Having decent tenants who follow the lease agreement and all the fair house rules will make management easy for the administrators. Thus, property managers should have a solid tenant screening process to select good tenants that won’t cause the administration or neighbours trouble.
How a property management system will help?
- Help you develop a repeatable screening process
- Allow you to keep track of leases, agreements and lease renewals
- Effectively follow up on lease violations/non-payment
- Notify tenants on lease updates like renewal dates
Service
Service is the next tier of the hierarchy that you need to work on improving. When your property is offering the best possible service within your budgetary limits your tenants will be satisfied leading to better tenants retention.
How a property management system will help?
- Improve and strengthen communication between tenants and the management
- Keep track of inquiries, complaints and suggestions effectively thus enabling you to solve them quickly.
- Notify tenants with leasing renewals, payment etc
Lease renewal
Lease renewals are important to maintain the flow of the business. Thus, property managers should have a good system in place for lease renewals focusing on tenant retention. Here it’s important that you have a system that allows you to keep track of lease dates of all your tenants.
How a property management system will help?
- Enable you to keep track of lease dates with a click of a button
- Notify you and the tenants prior the lease end date
- Help you keep track of your occupancies and vacancies
- Help you develop marketing plans to promote vacant facilities.
At this level, managers should focus on improving the customer experience even further and offer a fair lease renewal process to improve tenant retention.
Community
Building a sense of a community among tenants and between the management and the tenants is crucial to strengthen bonds between stakeholders. For this, you can arrange events for the tenants such as seasonal events, get-togethers etc. where tenants and the management can interact with each other more and get to know each other better. This will improve loyalty towards the landlord and harmony in the community.
How a property management system will help?
- Help you organize events
Also, Read – 15 ways a property management system can improve your business
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