Best in Class Versus Integrated Solutions
At some point, it will become mandatory for property managers to utilize a mix of technology to run their business successfully. The good news is, using property management software helps make tasks easier to manage while simultaneously preventing moving parts from becoming uncontrollable.
The bad news is, although while recently reporting significant investments, technology in the property management industry hasn’t caught up to the maturity of other sectors.
Integrated software solutions remain just out of reach for many property managers, and, as a result, they’re finding themselves with a rat’s nest of technology and so-called software "solutions." It isn’t uncommon to see property managers tracking complex processes on spreadsheets. While that may delight some, it causes the rest of us to cringe.
One of the most significant complications of investing in a basket of property management software is that it causes duplicated work. When you take the time to enter data into several different applications, this means you’re spending less time accomplishing tasks that are more urgent. When you track the same data multiple times, it is not only an inefficient method! When you juggle too much, you’re more likely to make an expensive error. In doing so, you could also drop the ball and provide a poor tenant experience.
What can you do to solve this issue?
Answering these questions are just the beginning of helping to solve the issue. The main reason is that many believe that, the more property management systems they use, the more efficient they’re being. However, this isn’t always the case. Therefore, you should be selecting software that performs best for your property management company while simultaneously cutting down on the number of tasks you’re completing.
For example, if you must choose between one piece of software that performs three tasks reasonably well and another that performs one task optimally, the first choice is the best. The best solutions for property management businesses are those that work well without complications in an already complex industry.
You’ll need to consider hiring some help as your business begins experiencing growth. It will become your team’s responsibility to learn how to use the business’s software. Therefore, when fewer applications are in place, new hires and existing team members will get up to speed quicker. Also, take into consideration what CRM software you’ll be using when thinking about training experiences. If that software is challenging to use now, that won’t change later.
Thanks to technological innovations, property management companies have been able to change entirely how they operate on a day-to-day basis. In today's economy, it's possible to gain control over all portions of a business—and customer care is no exception.
With that in mind, customer relationship management (CRM) plays an integral role in controlling customer care, data analysis, marketing campaigns, and much more while utilizing a single software solution. In doing so, it makes it easier to manage all external interactions and relationships that are essential for the property management business's success. With the help of automated CRM, it's possible to store prospect information, discover new sales opportunities, and gain control over your property management marketing campaigns.
Property managers will find the use of rental property accounting software as a considerable benefit to their businesses. Under some circumstances, it’s possible to use software that allows third-party access for online payments, billing, and the use of plug-in software for QuickBooks. These integrations not only save time but also help keep accounting clean and organized.
Speaking of extensions, we’re going to dive directly into that definition in a literal sense. Google's Chrome Extensions make it simple for property managers to not only manage their business but also keep it organized. In this case, we’re talking about keeping track of time and using extensions for project management.
One of the easiest ways of tracking time is through the use of Chrome extensions. Some examples of time tracking extensions include Toggl Button: Productivity & Time Tracker, TimeYourWeb Time Tracker, and HubStaff Time Tracker. These extensions also allow you to add a task to a project management software solution, and you can use extensions like Todolist: To-Do list and Task Manager or OurStickys - Sticky Notes on every page extensions to accomplish these goals.
How your property management website looks, its design, and how often updates occur is a direct reflection of your property management business, its culture, and what tenants can expect when they interact with you and your staff.
Therefore, because first impressions matter, it’s critical that you consider using a professional developer to create your property management website instead of relying on software. However, if your software solution offers backup storage via the cloud that’s built-in, this is a service you should utilize. Services like DropBox or other similar services using a cloud base work well as an additional back-up.
When the developer designs your site, it’s essential that they do so in a way that integrates with your software solutions when possible.
For those who are struggling with choosing the correct technology mix, working with a property management consulting firm toward the creation of a game plan for the most optimal combination of business technology is the best solution.