Efficiency Will be Hot in 2021
If you had a crystal ball, or read the Managecasa blog regularly, you might see the future of property management. It’s all built on efficiency with cloud-based property management software as the foundation.
Property managers must achieve more profit and do more with less funds, time and other resources.
In fact, via the pandemic, you’re likely feeling the pressure of more work, less cash flow, and old school micromanagement you just can’t get freed from. Efficiency is the issue for everyone.
Why aren’t property managers focusing on more efficient systems? Likely because they aren’t sold on the benefits which haven’t fully sunk in. We have to put the focus back on the benefits of business efficiency.
It’s not only that new software provides all in one platforms, it’s also in how tightly integrated they all are and how they automate administration. Your extra work is reduced.
See the 9 top ways you can manage properties efficiently
According to a Stockhouse research paper, using Zillow Data, “the average profit margin for a rental unit is 6.4% — less than half what it was five years ago. – An estimated 53.8% of rental income is typically spent just on fixed costs of property ownership that landlords are responsible for (mortgage payments, property taxes, maintenance, insurance and capital improvements).“
With the rent moratorium extended in the US to the end of the year, it is 4 more months of lower revenue and cash flow for many property owners. Will renter aid have to flow as long we don’t have a vaccine?
Efficiency Through Technology
Fortunately, the value proposition of an online efficiency solution such as ManageCasa, is that it’s an all in one business foundation, not just a task management tool. From finding profit and reducing losses, editing leases, to making rent collection a breeze, to automating your accounting, ManageCasa is an efficiency platform.
Review ManageCasa’s features right now to see how this cloud-based solution will be the key to your business success.
Multifamily is in Tough for a Few Years
Multifamily reports high rates of partial or full rent payments from their renters this summer. However, most data might suggest multifamily is in for a rough road ahead even into 2021. Preference for detached houses, lower density units, along with an elevated unemployment rate, vacancy rates high, and sketchy government aid delivery, means multifamily, at least in the low rent sector will need efficiency gains.
And property management companies servicing the apartment and multifamily sectors will need to be better at everything they do. From tenant screening, to vacancy advertising, to rental property accounting and tenant management, property managers will need to streamline all operations to meet budgets that have already shrunk.
As service contracts come up for renewal, terms, owner expectations and profitability will change.
9 Key Benefits of Focusing on Software Aided Efficiency
- using cloud based property management software – to manage properties and help your staff work as an effective streamline unit
- using the software to keep all parties in the loop – about the status of maintenance, repairs and outcomes
- mobile managing — being where you need to be, instead of not attending matters because of distance
- accounting automation – automating accounting and banking transactions
- online rent payment – letting tenants pay online or to automate rent payments
- virtual showings – save time with inquiries and rental prospects by showing virtually which can eliminate those who really don’t like the property or neighborhood
- work scheduling (contractors) – automate scheduling via software and ensuring everything is executed on time
- reduce paperwork – paper leases, invoices, receipts and more can be digitized and edited online
- use tenant portals to keep tenants focused (direct communications) – reduce time waste in conversations and fielding irrelevant questions, and letting tenants educate themselves
Suffice to say that efficiency comes from good communication and reducing your work to its essential core. One of the keys to this efficiency is the effect of “downloading effort” to contractors and tenants. This helps to encourage them to be efficient, follow-through, and be accountable for resolving issues.
Of course, their experience is better because everything is more transparent, which creates less confusion and questions. Get things done once and done right. I think a lot of property managers would agree that would make their day.
To manage your properties better, you’ll enjoy using a product designed to help house rental managers. All the tasks you need to cover are a breeze using ManageCasa.
Check Out ManageCasa Now
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