things which software can help agencies grow
By Mayada Ibrahim / February 26, 2023 / Industry Insights
Many real estate agencies struggle to manage their portfolios of properties. As such they often cannot scale up their business with their existing resources. It turns out that property managers can benefit from property manager software too. Using real estate software for property managers helps them streamline their processes, increase efficiency, and save valuable agent’s hours. You might think that starting an online business would require little effort. After all, anyone can do it! Well, perhaps you're right - but what about building a customer base? Or getting clients? What about finding marketing strategies that actually work? Most new businesses fail because they lack these skills. But, when you learn how to build a successful online business, you'll see just how easy it really is.
Automation Software helps companies automate many different daily tasks, from rent payment to reminder emails to business reports. Automated tasks allow companies to spend less time managing these aspects of their day to day operations and more time focusing on growing their company. For instance, it may involve lots of different steps, involving communication between people at various levels and departments, making sure everything goes smoothly, and so forth. All these steps need to be taken care of by someone, which means they're going to take up a lot of resources and time. Property managers can use property management software to automate the maintenance workflow and improve communications between all involved parties — which can help grow portfolios and increase revenue for real estate agents.
Business centralization Property management covers many different areas, so agencies often use various software programs to assist them in each of those sections. With lots of different systems in place for various processes, data and documents are disconnected, making it difficult to double-check information and leading to more time being spent on tasks, as well as the possibility of errors and omissions. By using property management software, you can manage all aspects of your tenancy journey in one platform, including organising showings, handling maintenance requests, and more. When everyone on the team has access to complete operational and important business information, the risk of overlooking something critical and incurring hefty mistakes is greatly reduced. This comprehensive visibility also increases productivity for your company and smooths communication.
Scalable procedures To successfully navigate your existing portfolio and new properties as your business expands, you must have processes that can handle the pressure and scale along with your company. If your current processes cannot support a steady way of managing properties, then it's unlikely you will experience future growth. Simply hiring more personnel is not financially sensible and you need to be mindful of pressuring your staff too much. Property management software offers adaptable procedures that can manage the difficulties of growth. Depending on which one is chosen, agents will be able to incorporate additional precise processes for more tenancies, making it easier to get new properties and tenancies. When selecting software, it's essential to opt for something that can be customized and adapted so you should ensure it has a flexible infrastructure for it to meet your agency's needs.
Tenant retention Keeping properties consistently occupied is vital for agency growth, so tenant satisfaction is a top priority. Longer void periods lead to lower-than-expected revenue, which hinders financial growth. This, in turn, leads to dissatisfied property owners and a shrinking portfolio, which can make it challenging for an agency to succeed. Thus, it is important to keep the tenants happy. Unresponsive communication and poor service are big no-nos that can lead to dissatisfaction among tenants, potentially leading to higher turnovers. Utilizing property management software enables agents to swiftly respond to a tenant's needs. Quick responses lead to content tenants and likelihood of tenants remaining in their rental property. By having a specialized platform or dashboard, some software programs can allow tenants to quickly view documents and other important information about their rent. This eliminates needing to reach out to property managers for this information, so agents can focus on more essential factors that support the growth of the agency.
Communication that works To effectively manage multiple properties and renters, who often require different information, efficient communication is key to avoid confusion or mistakes. Otherwise, it can become difficult to trace and keep track of needed data. By utilizing property management software and having all staff access, hosting and tracking communication with stakeholders reduces the risk of missed messages while increasing efficiency. Regularly communicating with stakeholders eats up a lot of time and resources that could otherwise be used for making your agency grow. For instance, as someone supervisors of property owners' assets, they may expect constant updates from your agency, which can be time-consuming. By using certain property management software, property owners can access dashboards with all the detail related to their properties, enabling agents to allocate more time towards other duties.
Financial management Doing your financial processes manually and without centralising them increases the chances of humans making mistakes, which could be costly. Letting agents handle numerous incoming and outgoing payments, such as rent from tenants, that need to be reconciled. This means that the agency needs to hire people for the task and pay for their wages, taking away valuable time from tasks that could help increase growth. By using property management software, real estate agencies are able to streamline the managing of their finances. They can keep a record of invoices, bills, and any other transactions coming in or going out. Specific softwares enable you to streamline the matching and reconciliation procedure, along with performing single or bulk payments distributions, as well as automating both owner's and vendor's payments within an enclosed system. Good financial management will stimulate business growth by enabling agencies to keep watch over payments and step in if any problems arise. This will let your business expand successfully with the related complicated financial duties and procedures, while eliminating the odds of expense due to human mistakes.