Everybody looks upon New Year as an opportunity to change and make things better. It is the same for individuals and for businesses, as something always falls short, and there is always room for improvement. Property management is a challenging profession, and when the year is ending, it is a prudent time to assess performance and find out the area that could be improved.
It is wise to make resolutions in the New Year, and property management can try to set better standards in providing quality service. Set realistic goals that are achievable, even if these objectives may seem quite small. Here are certain areas in property management that can be improved upon.
Aim for a Paperless Office
Digitization of data, processes, and storage should be given top priority in the office. Usually filing is a nightmare in most property management offices, and there will be piles of important documents simply sitting on the desks for extended periods. Streamline all processes and start digitizing documents. It will not only save time in filing, but staff will be able to retrieve data much faster.
Easier Ways for Paying Rent
Rent payment is another major area that needs improvement on most properties. Money orders and personal checks are outdated, and these systems are vulnerable to fraud and tampering of funds. Design a secure online portal where tenants can conveniently make their payments using their debit or credit cards, and their accounts are updated in real time.
Property management will not have to contend with NSF funds, depositing checks, or posting payments. Once the system is implemented, everything happens automatically, from updating of accounts to issuance of receipts. Tenants will be satisfied with the convenience of paying online, and property management will not have the worry of frauds and misappropriation of funds.
Property management has to contend with millions of laws and a mistake can prove very costly in terms of fines and lawsuits. Laws also keep changing and it is critical for staff to know the current rules and regulations in different areas. For instance, office staff should know the latest updates on federal fair housing laws, while denying applications. Property management will have to implement a system where resources are updated automatically and all employees are able to access the resources they require in their area.
Consider Property Management Software
Seamless processes, centralized management, and excellent reporting are no longer a dream and can be easily achieved with the right software. If purchasing software is over your budget, then you could consider service providers who can deliver the same services for a monthly or quarterly fee.
Revamp Procedures for Repairs and Maintenance
One of the major complaints from most tenants is in areas of repairs and maintenance. With the right software, it is very easy to simplify the whole process right from the time of accepting maintenance request, allocating the work, and reporting the completed task. Such a process will not only create a smoother work flow but also save time and money that is always a golden achievement.