Do you own investment properties? Did you make any mistakes in the last year that cost you money? Many of the mistakes that property managers make could be avoided with better processes and efficiencies, which can be accomplished with quality property management software.
Take a look at the property management mistakes below and see if they sound familiar:
Failing to Automate
Automating your tenant communications, maintenance, payment of rents, bookkeeping and accounting respects your limited time. If you use a proper property management solution tool, you could automate your systems and save a lot of time and money.
Failing to generate communication with renters
If they think you act like a stranger and don’t care about them, you will probably have more problems with late rents, repairs, etc. A good property management tool fully optimizes communications so you can stay on top of everything with each tenant and maintain regular contact.
Screening tenants poorly
There are automated tools available that makes screening tenants more automated. You can reduce advertising costs, evictions, vacancies, drug use and other common tenant problems.
Poor accounting practices
Attributing expenses and income to the proper account keeps your books accurate and reliable. This is one of the best reasons to have excellent property management software in your business.
Making rental payments difficult
Renters today prefer to pay online and by offering this service to them, you will increase your on-time cash flow and reduce defaults and administrative costs.
Failing to market your property management services
Your current tenants and future ones will be reading about you online. You have to know if they are coming. You should have a good property management website to get your service and brand quality across.
Not using social media
Landlords and tenants usually believe what they see and hear. If you engage with them on social media regularly, you are making a connection. This demonstrates how you like to create an outstanding tenant experience. Social media is a great, open channel to the people who pay you.
Failing to use property management software
A property management technical solution is vital to automate your business, boost delivery of services, perform proper accounting, reduce costs, and let you scale up for more units.
Many of the problems of real estate investors can be eliminated by considering popular property management software, so be sure to give some of these tools a try.
