Long gone are the days of managing your multifamily properties with spreadsheets, physical paperwork, and rent checks…at least we hope. No really–you’ve invested in property management technology, right? Well if not, it’s time to modernize your property management. Like, way overdue. Let’s take a look at how investing in PropTech and upgrading your management system, regardless of your management goals, is a smart move for your rental business.
Probably the most apparent benefit to investing in PropTech is how painless it makes the organization of important information. Whether you’re managing rental applications, new leases, concierge services, or lease renewals, there’s an intuitive, organized place for the information you need. Physical paperwork is notoriously hard to keep track of and keep up to date, but by investing in the right technology, you’ll never have to worry about that again.
Communication can make or break the success of your operations. It’s important to be attentive to your residents’ needs and concerns, and the reality is, standard email messaging doesn’t cut it when everyone’s inboxes are bursting at the seams. With property management software like ManageGo, you have easy access to communicate with your renters on the go, all in one organized place.
Even more vital to a smooth rental operation is efficient communication between you and your staff. From assigning staff to specific maintenance requests to communicating within our Shift Notes feature, ManageGo’s tools make it easy for everyone on your team to be on the same page so your properties are always running like well-oiled machines.
If your organization and communication are already optimized then you’re off to a great start in increasing your overall efficiency–but it doesn’t stop there. With essentially every responsibility you have as a property manager, PropTech has a tool to optimize the efficiency of that task, or even automate it.
Take, for example, rent collection, which used to be a burdensome task compared to our current capabilities thanks to tech. Between online and automatic payments, it’s never been easier to collect rent without the hassles of paper checks, money orders, and frequent missed payments. Rent money goes straight to your account every month, without your team lifting a finger.
According to iPropertyManagement’s 2022 Property Management Industry Statistics, 47.8% of property managers consider growth a top priority–and rightfully so. If you’re still using outdated processes and systems to manage your properties, you might be scaring away residents who would rather live at a property that’s modern in its management. By investing in PropTech, you’ll draw in a larger market and you’ll see a rise in prospective residents.
As we’ve learned up to this point, the right software will allow you to streamline your organization, improve your communication, and optimize your efficiency–all of which will minimize the need for manual labor and lower your costs. By setting this foundation, you’ve made it that much easier for your business to scale, and do so successfully when your number of residents grows.