The value of a property is determined primarily through NOI and Capitalization Rates.
Consequently, increasing the Net Operating Income (NOI) of a property will not only increase your cash flow but it will also increase your properties’ value.
A primary goal of any Property management company is to maintain properties as efficiently and effectively as possible. Employing high quality PM software is the best way to accomplish this. Ultimately, when a professional maintenance and communication system is secured, your company’s NOI will thrive and flourish.
Here’s how using Property Management software will help to improve your NOI, your cash flow, and your properties’ value.
Attract more tenants:
With a software program that operates like a customer relationship management (CRM) system, your management will appreciate more visibility into tenant satisfaction and will be empowered to intercede when necessary to prevent problems from escalating. This hands-on and involved approach is a crucial component in attracting good tenants. What tenants are looking for is a property that is professionally managed and properly taken care of. Employing PM software that provides access to online and mobile tools, important information as well as real-time communications with your management team, will reassure tenants that your company has their best interest in mind. They will feel secure in their decisions to become tenants of your property.
Additionally, having an online portal that allows you to add online booking of amenities within your property can also greatly enhance your property’s appeal. Tenants will appreciate the ease with which they can book an amenity as well as manage their bookings. Your management team will also greatly appreciate the ease with which they can control, manage and maintain amenities and bookings.
Having a centralized PM software program with access for both management and tenants alike, is a key factor in the smooth running of your business and a happy team and tenantry. This system will ensure well-kept and attractive amenities, thereby improving your property’s overall appeal and ultimately, your NOI.
Let’s not forget retaining your tenants and not needing to turn-over the suite will create huge savings and positively affect your bottom line.
Revamp and modernize your Maintenance System:
Firstly, support for preventive maintenance is a critical endeavor for PM companies. Utilizing an online platform with a proper maintenance module that includes the option for scheduled maintenance, will guarantee that maintenance-related tasks are automatically created and relevant information is captured and tracked. Regular documented maintenance extends the life of expensive equipment such as heating/cooling systems.
With advanced software in place, it will become possible to identify equipment malfunction. This ability will contribute to better financial insight into replacement time frames and costs and will allow owners and investors to plan strategically for future expenses before they even arise.
Equally as important, a manager/ tenant portal will enable tenants to submit requests online, track all progress of their requests in real time, and provide instant feedback on any work. With all information recorded in a central location, management can keep abreast of tenant dissatisfaction and proactively address issues to assure optimal success all around.
By applying new technologies, property managers can more efficiently manage their properties while delivering higher quality customer service to tenants. In some cases this will eliminate the need for on-site workers which will lead to fewer pass through expenses.
Moreover, keeping on top of maintenance will save your company from many unnecessary losses due to neglect that is incurred when maintenance is forgotten or ignored. Having a digital system in place will ensure maintenance needs are tended to with care and timely performance thereby preserving your property value and your NOI.
In addition, since an online portal will impart unprecedented visibility into building operations, building owners can gain real-time insight into which property team members are effective. This empowers owners to efficiently maintain their staff and ensure money is being properly spent and not wasted by negligent staff members, or on ineffective staff members’ wages. Data is king.
Another way centralized information and records can ultimately save you money, is by helping you avert tenant disputes. When all actions are recorded and can be referenced, there is less room for error and dispute of the facts or accusations. This can ultimately save you from lawsuits, or from losing out on rent money from a tenant who claims they don’t owe anything, or the like. Digitizing your maintenance structure is bound to help you save big-time and drastically improve your NOI.
Enhance Your Properties’ Marketability:
Selling a property is much easier with a centralized history of maintenance, property performance, and other crucial details necessary for the sale. Buyers will inevitably appreciate your transparency and the ease with which they can access all information related to building operations. Furthermore, transactions will be greatly accelerated when the time it would otherwise take to consolidate all necessary details for the sale is cut out.
As was previously stated, your overall property value is greatly increased through the use of a centralized property management software. Whether it is a result of proper maintenance of building amenities and functions, or a high-end tenant body, your reputation of smooth and professional sales will bring in more potential buyers who are attracted to your company’s efficiency and honesty.
The MyPortal by Payquad Solution:
Payquad Solutions offers a superior online platform to the immense satisfaction of hundreds of managers and thousands of tenants. Our software incorporates multiple conveniences to greatly enhance your management experience and ease your workload. Our system is thorough and efficient and will maximize your ability for keeping your properties up to the highest standards. Payquad Solutions will empower you by facilitating growth of your cash flow, the value of your properties, and your NOI.