6 Mistakes you could be making if you still not using property management software?
If you are still trying to get things done on your property management business without any software in your hand you may be surprised about the mistakes you could be making. The bad effects of not having proper property management software like increased costs lost revenue or unhappy tenants can be reduced by a good choice of software.
You may have property management software but it does not pull any weight as you expect it to. Maybe you need to change it! Not all property management software is equal. It is time for you to examine new solutions, which better suit your organization.
To know if it is time for you to re-analyze your property management business, look for these 6 mistakes in your company:
- Choosing the wrong tenant
One of the most costly mistakes you can make is choosing the wrong tenant. To avoid this mistake you should take advantage of every aid you can have to reach the best tenant you can. Property management software can make this process easier through tenant screening.
Tools such as automatic credit, eviction, and criminal background checks are very useful when comparing potential tenants. The ability to easily pull credit reports from reputable sources such as Homelet is also a must.
- Missing enough information
Without management software, it can be very difficult to stay on top of everything that is going on. You may have a bad impact on your tenants by not keeping track of all requests and property statuses.
The condition of your units, buildings, and assets is important to track. Regular preventative maintenance can save a lot of money in the long term and prevent disgruntled tenants from looking elsewhere when their lease is up. Software that can track and even automate maintenance schedules is a smart investment.
If you want to follow all the tickets and maintenance jobs manually, it would be a huge burden but if you choose to use property management software, which can log, track and automate all aspects of your process; it would make your tenant happier.
- Make payment hard for tenants
Cheque payment is an obsolete method of payment nowadays, it may be used sometimes but its usage has been declined drastically. If you are not offering an alternative way of payment, you may unintentionally cause a delay in your tenants’ payment. Make rent payments very easy and get your money faster while decreasing the need for collections activities.
Good software will make it easy to process online payments right through your dashboard. Exceptional software will even make it more cost-effective for you by offering zero-cost credit card processing.
- Imprecise accounting record
Without using an accounting software designed for property management, you may keep track of your accounting history on spreadsheets, which is not reliable and puts you in the danger of imprecise accounting records. Such accounting practices increase the risk of errors and the mistakes you could be making may be costing you and hurting your business. An accounting program designed to manage complex books with multiple properties and companies is the most effective solution.
Software that can keep independent sets of books for each building or allow you to combine buildings can help create records that are more accurate. Look for a program that breaks down transactions into line items that can be tracked to separate income, expense, asset, liability, and equity accounts. The best accounting software will cut down on data entry by memorizing recurring transactions and allow customization to fit your business.
- Losing proper communication with tenants
When tenants have connection means with their landlords and know that they have proper access to them, they will probably renew their leases for another time.
It is crucial for a property management business to have all the records of communication with tenants such as contact information, emails, documents, receipts, etc. in one place and easily retrieved as needed. Your system should also allow for creating and storing templates, which enables you to streamline repetitive communications.
Some aspects of tenant communication can easily be automated. Good software should allow you to program automatic communications, which the system sends at a predetermined time or in response to specified actions. Automatically prefilled fields can be a real-time saver too.
In addition, tenant portals can serve well for tenants to have access to their tenancy history and payments and arrears or keep track of their maintenance requests.
- Lack of automatic actions
The main theme in all the previous mistakes was automation. Naturally, human interactions in the traditional estate agent process will increase the risk of mistakes. Moreover, it may cause a lot of waste of time and human resources,s, and costs.
You can automate all parts of your system like collections, maintenance tickets, third-party communications, and much more. You can count on your software to do all these repetitive tasks and start to save money and time for yourself.
If could find these mistakes in your Estate agent business, then it is time for you to stop and reflect. Invest in the right software, see what you have been missing out on, and start reaping the benefits.