Most property management businesses often struggle to keep up with industry demands due to a multitude of challenges. From facing problems such as a shortage of skilled staff, changing government rules, demanding guests to competing in a rapidly expanding rental market, it’s clear to see why firms are actively searching for solutions to curb shortcomings.
According to Strategic Market Research report global property management software market size was $1.64 Billion in 2021 and is predicted to reach $2.70 Billion by 2030, representing a CAGR of 5.73% throughout the estimated forecast period 2021-2030
So, which are the major problems that property management business face, and how best should they respond? In this guide, we show that while QuickBooks, Excel sheets, survey monkey, slack, and other solutions may have worked in the past, they simply can’t keep up with the demands of modern property management alone. There is an urgent need for a connected solution.
It’s time to uncover the inherent inefficiencies that are costing you time and money and help you streamline your operations and subsequently improve your bottom line.
Entering Data Into Multiple Systems
Having to manually enter data into multiple systems can be a huge time suck on your business. This makes it vital to take steps towards automating the process as much as possible—both in terms of time and accuracy.
You can save time using the right tools that’s stores all the information –from guest’s booking & stay details, guest profiles, lease agreements to invoices. With all the information at one place, you can automate the process with ease.
Guests Lacking Access to Information
When you don’t have the right solution in place, your guests will rely on your staff for everything. For example, you may find guests asking for check-in details, Wi-Fi passwords, or information on local amenities and grocery stores.
Every time they need to make a request, they have to call your staff, who then become occupied with taking down information, responding to phone calls, and managing menial tasks. As a result, response times are prolonged. This subsequently leads to a poor guest experience and little time to focus on growing the business.
You can remedy this by providing guests with easy-to-use guest concierge where they can find all the information in one place and request amenities or services at their finger-tip. An auto populated messages goes to staff when guests request services with a single tap, reducing the response time.
Improperly Delegating Tasks to Vendors
Sending tasks to vendors ensures that all necessary work is completed on time. Whether it’s setting up utilities, electricity, or furniture, or conducting guest background checks, you need to allocate tasks to vendors for every new move-in.
However, managing multiple vendors can be a challenging task, especially when you don’t have the right tools at your disposal. This typically requires multiple emails or phone calls to coordinate and manage tasks. The problem is that not all companies are properly equipped in this way.
As a property manager you must also decide when to send tasks and monitor the progress of each task, a manual process that is time-consuming and prone to error.
Thankfully, you can leverage technology to streamline the communication and coordination process, enabling you to save time and reduce errors. You can automate routine tasks like housekeeping, setting up electricity or utilities. You can also send tasks to vendors remotely using mobile app, further avoiding the need to be at office every time to send tasks or monitor progress.
A Lack of Flexibility
Accessing important information and workflows can be a challenge when you’re away from the office or out in the field. This can result in less productivity and longer turnaround times for responding to tasks.
In addition, there are tasks that can be completed while on the go, but require you to be in the office, which limits your flexibility and reduces your efficiency. This can lead to frustration and decreased employee satisfaction.
Potential solutions to this is the mobile app. This allows you to create, assign and track tasks on the go. It is like carrying complete PMS in your back pocket.
A Lack of Visibility
Having a centralized data storage system is crucial for making informed decisions about your property management business. Without one, it can be difficult to access important information quickly and efficiently.
For example, if you need to know about rent overdue, upcoming vacancies, or move-outs in a particular month, you may need to spend more time communicating with your team to gather the necessary information. This can be time-consuming and increase the chances of errors, which can ultimately impact your bottom line.
However, by implementing a centralized data storage system, you can streamline your business processes and access important information instantly, allowing you to make more informed decisions and run your business more effectively.
Centralized data storage that is accessible from anywhere, anytime
Integration with popular tools, such as QuickBooks for reconciling invoices, Stripe for online payment or emailing software
Mobile app to assign & track tasks remotely
As a property management business owner, it is vital to have an efficient system in place for managing rental properties. This is because inefficiencies can lead to missed opportunities and leave you at risk of losing out on potential guests or not providing adequate customer service.
By addressing the five implicit weaknesses we have discussed, you will be able to take back control over your operations and ensure that everything runs smoothly.