The Biggest Problem You Are Facing as Property Management Company and How to Fix It
Being a property manager is no easy feat. It takes a lot of skill, grit and perseverance to become a successful property manager. It does not come easily and there are a lot of things that you will go through throughout your journey as a property manager.
Every piece of property is different and will have its own challenges that you will have to face and understand just how to let or sell the house to the next person that decides to move in.
So what are the biggest problems that you might face as a property manager? We have listed them down in this article below.
Issue 1: Document Management
We have heard from multiple property managers that this is one of their biggest gripes when it comes to managing property. Imagine having only 10 properties? That’s 10 different contracts, 10 different invoices that might duplicate the more things you do, 10 different records to keep, 10 different maintenance bills. Getting tired? Yeah, us too. Imagine having more than 10 properties.
This multiplies so fast and we know for a fact that this is something that will bother you in the long run. It’s also not safe to keep documentation out in the open. You might lose it, paper might fade or it just gets put in different places over time. This means that you might lose really important documents if you do not file them properly or digitalise them.
Issue 2: Late Payments
This is a classic issue not only in the property industry but everywhere else is that sometimes people will not be able to be pay on time. This means that sometimes tenants will not be paying their landlords on time and landlords will be coming to you and asking you what to do.
Payments might also be late from your landlords as well. They might not pay the management fees and leave you hanging.
One of the easiest ways to do this is to get property management software that will auto-debit all the payments that you require. And all of those one-off payments can be done online super fast as well. A streamlined process would help greatly here.
Issue 3: Being Able To Grow Your Revenue
This is a huge thing to ensure that your company actually keeps growing. This is the main goal for most companies which is obvious because without money how are you able to scale?
To be more competitive you will need to figure out how to optimise your company and your operations and streamline them. Know what you’re spending on and learn how to optimise that. You will then be able to not just get more revenue but see more profit as well in the long run.
When people like investors see a lean and properly run company, they are more likely to pay attention to you. Even when customers see that you’re competent and streamlined they would, of course, love to work to you even more.
Issue 4: Time Management
Ah! The age-old issue. There’s never enough time to do it all? Do you ever tell yourself this? If you do then you might have a bit of a time management issue. This happens in the world of property management as well. Having to not only find new clients, onboard them, get to know their property, find tenants, screen them and go to house viewings - you will for sure run into time management issues.
Even if you are not doing everything yourself, it’s going to be hard to manage everyone’s time. This is really the best time to invest in a property management system that is able to handle all these requests, is a good CMS and is able to keep track of each client, tenant and landlord that you have.
T+ Property Management System does just that and if you’re looking for a demo, schedule one today. Email us here!!