Leverage property technology to streamline processes
Property managers are often juggling multiple priorities at one time – managing the office, maintenance needs, communications and other administrative tasks. In a post-pandemic world, we often hear about labor shortages, and the multifamily rental industry isn’t exempt. Some property managers simply have too much on their daily task list and not enough available help. Technology can help alleviate this pressure.
Property management software is the core of any Proptech strategy. It can help automate and streamline processes, keep track of rent payments, lease dates and so much more, leaving more time for property managers and staff to handle revenue-generating activities and engaging with residents.
Why is it important?
A well-fitting property management software can automate the mundane and repetitive tasks managers and staff face. User-friendly tools can help staff communicate with and engage with residents. When used strategically, it can help lower overall operating costs and attract new residents.
Software can help improve bookkeeping, track variable expenses and store key account information, plus allow residents to easily pay rent online. Finally, you can seamlessly integrate into other smart apartment technologies like locks, lighting, temperature control and more.
Things to consider:
How do you choose the best property management software for a multifamily property? First, look at your budget. Consider how this software can help lower costs in some areas and where it can add income.
Then, weigh the features and functionality you want to enable in the near and long term. This may include property management software that can assist with rental agreements, ledger and budget creation tools, the ability to create and track purchase orders and invoices, and facilities and inspection management.
When adopting a Proptech strategy, choosing a solid property management software provider is a must-have. Property owners need to be able to successfully manage their properties in an efficient way that provides the best experience for staff and tenants.
Balancing the day-to-day tasks with revenue-generating activities doesn’t have to be a juggling act when technology is leveraged efficiently. Property management software is just one item to consider integrating into other complementary property technology components.