Even though technology has transformed the rental real estate industry, there are still several areas that property managers need to address to remain competitive and relevant in the market. Multiple factors could prevent property management companies from scaling and growing their revenue, like lead leakages, inconsistencies in documents, and unexpected maintenance costs. It is essential to identify the growth-hinderers and establish an effective plan to overcome them.
Here are five critical challenges that property managers face and how you can mitigate them.
From lead generation and lead nurturing to after-sale processes, managing leads is a multilayered task that most often takes center stage in a real estate company. The circulation of an overwhelming amount of data can easily lead to data duplicity and mismanaged leads.
A lead management software offers a central dashboard through which property managers can populate complete property information and update their vacant properties. This can be done across multiple channels like Airbnb or Housing.com via a single click. With this unified view, they can track the status of their leads and all their bookings via their lead management console.
Manually updating vacancy and occupancy details to each of your properties is tedious. But that process is crucial for informing visitors about current and upcoming availability. How do you maintain consistency in every property list that reflects your brand? Here’s what you can do-
You can publish your properties in a streamlined manner and expand your online presence using property listing portals. From there onwards, leads for rental listings can be easily managed by replying to potential customers and scheduling in-person meetings or virtual tours. You can also promote your rental listings via social media channels like Twitter or LinkedIn through the same portal.
With the magnitude of transactions in the real estate industry, it becomes challenging to maintain accurate records. A real estate document management software allows easy document creation, editing, approval, signing, and storage.
Performing routine check-ups on maintenance activities turns out to be a lot cheaper than waiting for things to go wrong. Emergency repairs can be expensive, and there is also the cost of dissatisfied tenants who might wish to be compensated for the loss of services. In the worst-case scenario, they may even choose to move out if something breaks frequently.
To stay on top of this dilemma, schedule routine check-ups to resolve any underlying issues with your units. Once a problem is found, make sure to fix it immediately so it doesn’t get worse and cause further damage to the property.
Tenants are in the best position to identify issues with the property and report them. Property managers can schedule a preventive maintenance routine with rental property management software. Furthermore, tenants can also raise a query for preventive maintenance check-ups.
Some tenants may pay their rents on time, while others can cause severe losses to property management businesses with their delayed payments. Following up on unpaid rents can be challenging, time-consuming, and even uncomfortable.
Challenges like missed payments, cheque payments, and late payments can be simplified via automation. You can send invoices when a bill is due, reminders when payment is lagging, and notifications for overdue accounts by automating payments using bill and payment collection software.
Property management is a customer-centric business that can be simplified by leveraging the latest technologies. If you haven’t tried integrating digital technology into your property management business yet, you are missing out on a major technological revolution.
TheHouseMonk, a unique property management platform, can help you with its novel set of offerings and simplify your property management business. With its key features such as property listing & booking management, automated rent collection, and document management, property managers can streamline their business operations, provide a unique tenant experience, and gain a competitive advantage.
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