Complacency feels like safety. A common sentiment is “why change things if they are familiar, operational and acceptable?” It is for this reason that many multifamily managers stay with outdated processes and operations rather than adopt new technologies. We get it! However, property managers may want to re-evaluate this line of thinking. The cost of complacency in property management can be very significant.
While the old adage of “if it aint broke don’t fix it” may ring true for specific areas in life, your business stands to suffer from this approach. Let’s explore some of the risks involved as well as some of the costs of inaction in your company.
Inefficient and Lengthy Turnovers:
Leaving turnovers to the old fashioned methods is not a shrewd move from a business perspective. Granted, the way things have always been done is definitely the comfortable way to go, but not always the smartest.
Waiting until your tenant has moved out to schedule the inspection, and then calling in the maintenance crew is a time consuming and inefficient process. It can take days or even weeks for the apartment to be inspected, have renovations or repairs done, and to find a new resident. Not to mention miscommunications, missed phone calls and lack of proper records. With an online process much time, money and effort can be saved.
Some examples of this automation would include, digitally scheduled inspections, digital maintenance requests, notifications to vendors and maintenance crew, and an automated leasing flow for the new tenant.
This seamless leasing flow begins with showings for prospective tenants, continues with online applications and lease agreements replete with deposits and digital signatures, and concludes with the automatic conversion of a prospect account into a full tenant account. This automation allows for an uninterrupted and efficient flow, resulting in less hassle, quicker turnovers, improved cash- flow and happy tenants and managers!
Lack of Record Keeping:
The fact is that when piles of paperwork must be filled out on a constant basis, it will likely be neglected at least some of the time. But what if managers could fill this need directly on their smartphones which goes wherever they go? Forms like maintenance requests, inspections and communications can be filled directly on any device that is handy with everything being automatically saved to the software cloud as well! Keeping accurate records is essential for tax purposes and transparency.
Maintenance Lapses:
It is in the management’s best interest to keep their properties in top order. A neglected unit will hurt your building’s market value, and likely damage your reputation as a management company who cares about their tenants. Avoid lawsuits and unnecessary turnovers by being proactive in your approach to the maintenance of your properties.
This may be difficult however, when requests are coming in from all directions in all different ways. Streamline this process with online digital requests where managers can have a consolidated view of any and all maintenance requests at all times! Work orders will no longer be simply lost or forgotten and managers can immediately start the process of addressing the needs of their tenants efficiently.
We understand. It can be daunting to familiarize your entire team with any new software you are investing in. But if you’re allowing “good enough” to stand in the way of learning what technology can do for you and your business, you may be risking a lot more than what you stand to lose by taking the plunge. Check out this article about choosing the right software for you!
The MyPortal by Payquad Solution:
Our innovative and ever evolving software offers increased savings, efficiencies, and revenue. As one property manager so aptly put it “We used to spend a couple of days a month just entering rent check data. Using Payquad completely eliminated the need for that.” It will also lend your company a competitive edge over companies that are too afraid to move forward with the right proptech. The right software can also help expedite the processes of onboarding and training new hires, so they can engage at full capacity soon after they are hired. Change, development and expansion is a healthy part of any successful business. Don’t let the fear of technology hinder your company’s long-term growth. Embrace it! Sign up now for a free demo to learn more!
