So you’ve chosen for yourself a rewarding yet demanding job.
Whether you’re self-employed or work for a property management company, there will always be a long list of tasks when it comes to operations management. Sometimes, the myriad responsibilities and “off duty” tasks that consume your day can make everything feel like just too much. When it comes to operations management, it’s all about the systematic, measured and organized approach. Let’s examine some of the points that are integral to operations management, and some ideas that may work to ease the burden too many managers carry around daily.
Rent Collection:
Online payment solutions offer flexibility for tenants. They will greatly increase “on-time” payments which in turn will improve your cash flow. With automated software, transactions are hassle-free and direct, reducing the need for chasing tenants for rent collections as well as the necessity for trips to the bank. Tenants will greatly appreciate the ease and convenience of online payments as well.
Accounting:
As your company grows, the responsibilities of accounting grow substantially as well and accuracy can be increasingly harder to achieve. You may soon find that spreadsheets just won’t cut it. An optimum accounting system includes scalability and simplified processes. Software that can streamline back-office tasks, import bank files, perform check runs across multiple banks, and identify budget variances is integral to ensuring accuracy and integrity. The idea is to increase functionality and productivity, which will further promote the growth of your company. But most importantly, it will give you a lot more time that you will be able to invest in other important tasks of your day.
Reporting:
A well-run property depends on the strength of your reporting tools. Always use data to identify key problems. The more accurate and up to date the information, the smoother your operations in your property will be. Furthermore, full visibility into business operations provides more secure, and reliable transactions. Transparency is also integral for managers and tenants alike. Having all information documented and accessible when necessary can go a long way in resolving any disputes that may arise. This can eliminate a lot of unnecessary tension and bad feelings. Precise reporting will also be very helpful in meticulous accounting. Reports that can help reconcile discrepancies in bank statements or tenant claims, can be extremely useful in the smooth running of your business and your properties.
Documents:
The need for a proper document management and storage system is paramount in the business of property management. Paper documents and storage options pose many challenges when you’re talking about hundreds or even thousands of documents and tenants. In this digital age, an efficient document management system should really be virtually paperless. It should also be cost effective and able to meet compliance regulations and requirements. Electronic signatures and documents that can be accessed from any device are the way to go. A digitized system will reduce storage costs, the costs of ink and paper (which can really add up) and most importantly will improve your workflows and increase security and accountability.
Maintenance:
Maintain awareness of tenant needs through a convenient digitized maintenance system. Cut out the time consuming and inefficient phone calls and emails. Messages are easily lost or forgotten, causing much frustration for both managers and tenants. Nurture a positive tenant experience by providing them with a place to voice their needs and concerns. This will most definitely save you a lot of time and trouble as well. Maintaining your properties consistently can save you a lot of heartache in the long run by avoiding the need for major repairs.
The MyPortal by Payquad Solution:
Stay on top of your many responsibilities with our comprehensive manager and tenant platform. From our Payments module to our Maintenance, Reports and Documents modules and more, your job in operations management will be that much easier and enjoyable! Sign up now for a free demo!
