Trends, Challenges, Goals
Good management is all about trends, challenges and goals — topics covered in detail here on the ManageCasa blog. Readers enjoy exploring these topics and opening new avenues of success.
Your questions for 2023 may be about how to respond to this new rental property market – and whether you’re doing work the most efficient way. You’ve sensed you need to tame the beast before it gets out of control. Everyone is the same boat.
A Simple Process Anyone Can Follow
Trends, challenges and goals, is a 3 step process some property managers follow to manage better.
Those with a long-term view and a curiosity about what’s coming are obviously bright – because the future arrives fast and presents challenges.
The micro-challenges we have today will be replaced with new ones tomorrow. Perhaps a better route is to adopt a more automated system that lets you bypass the friction?
A helpful new process might look like this:
Trend: wages and costs remain high, taxes grow, rent’s flat or dropping, while churn and tenant’s demands increase
Challenge: keeping to budget and deliver expected services while landlords lower the operating budget
Goal: reduce all costs, staffing, and improve services/communications to slow churn
Solution: adopt simplified, automated property management platform so staff can get more done without expertise, and staffing and wages are reduced.
Property Management Gets Exciting
This process of trends > challenges > goals and correct solutions occupies the time of the brightest minds in the property management industry. Software planners/builders create products which solve many of your issues with this process, so you don’t even need to know how it does so.
SaaS Software is the Next Level
One of those key trends is the ongoing improvement of Software as a Service property management software. Landlords rely on ManageCasa (as an example of a SaaS software product), as a foundation for their business. ManageCasa removes a lot of mental work, automates tasks and provides a universal solution on one single online platform.
What Are the Challenges?
According to a survey, the challenges are:
- Hiring and maintaining quality staff – 27
- Growing revenue – 15
- Damage and unexpected maintenance costs – 14
- time management – 9
- controlling costs – 8
- finding and keeping tenants – 6
- managing tenant complaints – 6
- accounting tasks – 3
- government regulations – 3
- communication to staff/tenants – 2
Your SaaS software is the solution.
Take accounting for example. A regular monthly bill is paid automatically, and the cost has to be split among tenants or owner accounts. This is done automatically too, based on provisions in the rental lease itself, with no effort for the landlord or property manager. Allocating costs accurately and fairly is popular now. The system can help untrained staff execute bookkeeping and other complex tasks correctly — despite them not really having expertise. Certified, experienced property staff are rare now. Work with who you have on your team.
That’s the type of brilliance that gives landlords confidence in facing continuous challenges.
The trends > challenges > goals > solution is all about automation too. If errors and rework are happening, these will likely disappear, because the process eliminates events that cause errors. Work saved and costs prevented. From accounting to marketing to tenant communications, automation simplifies everything.
Simple is the key word when you’re choosing property management software.
Ups and Downs in the Markets Won’t End
Given the rental real estate market flexes with the economy, it will suffer its ups and downs in 2023/2024. Rising costs, slowing revenues, tenant churn, new regulations, and problems with tenants (evictions) are driven by economic changes.
Fast declining home sales, lower prices, and rising mortgage rates will collide with renters who are already maxxed out on rent affordability. The government has said, there will be casualties.
Automation via software softens the blow of these threatening market forces – by lowering your costs so you can reach your revenue goals.
SaaS Software offers Infinite Services and New Revenue Opportunities
The new SaaS platforms offers every kind of service imaginable — from property management apps to landlord apps, technology helps landlords keep their business afloat. Some are integrated while you’re free to use others separately.
SaaS if you’re unfamiliar with it is Software as a Service which means the programs are rented via subscription. This is how the IT and software industry works now.
Adopt a powerful solution such as ManageCasa to automate your business to reduce your cost, supply, and competitive challenges. Start by exploring all the challenges facing the property management market.
See additional reading on the topics of property management trends, challenges of property managers, and goal development for property managers. Efficiency, Growth and Profit are the big 3, yet there are plenty of objectives that need to be discovered and mastered.
These are high level topics that you would normally discuss in serious training events which NARPM training modules might cover.
Learn more about ManageCasa now and schedule a Demo to see how it will deliver the right results for you.
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