Top 5 Tips for Property Managers to Raise ROI

Top 5 Tips For Property Managers to Raise ROI

1. Real-Time Management

All-In-One vs. Multiple Systems: Many Property Managers are using several software systems. This causes multiple bottlenecks. First, data may have to be entered multiple times. It also becomes significantly more difficult to analyse data from disparate systems and may prevent synergies. The opportunity to cross-sell and strengthen the client relationship are far higher when all data lives within one system. To maximise branding, select an All-In-One platform that is also willing to host your domain. This way the portals can maximise your branding with PM.YourDomain.com / Owner.YourDomain.com and Tenant.YourDomain.com.

Monthly vs. Real-Time Reporting: Producing monthly reports for internal use and owners places you at a disadvantage. Manual processes are subject to human error. How often is at least one report delayed? What if a crucial piece of data is missing which prevents you from seeing the overall picture? Do you have the required granularity firm-wide? Do you opt for monthly reports to avoid excessive costs and information overload?

Property Management Software: Process automation with industry-specific software will reduce costs compared to manual account management. Enable real-time reporting at any level of granularity. View stage of work orders, respond to new orders from tenants and owners, book jobs quickly and benefit from real-time alerts of violations, late payments, compliance notices, work order delays and receive notifications of new messages. View Ledgers and the Trial Balance and spot discrepencies quickly. Keep track of divergences between the approved and actual budget.

Real-Time Payment, Arrears and Ageing Reports: These will allow you to view payments, manage arrears, Accounts Receivable and Accounts Payable in a more efficient and effective manner. We cannot manage what we do not measure.

2. Client Engagement

Owner Dashboards, CRM and Surveys: Place technology as a central part of your marketing strategy to onboard new clients. Provide owners with their own dashboards with real-time charts and data. Owners should also have real-time reporting for payments, work order progression, vacancies, messaging, alerts and compliance, to keep them up-to-date, while you invest a fraction of the time compared to manual management. Connect owners to a CRM with full note histories, so that the entire team can manage communication effectively. Invite owners to take surveys (likert, open-ended and multi-choice) to strengthen your relationship further.

3. Vendors: Approvals, Fees & Invoicing

Vendor Approval: Do you hold a preferred suppliers list? Do suppliers register with you and have all their labour rates (fixed/hourly/overtime/call-out charges and incremental billing) approved in advance before they are offered work orders? When placing work orders do you approve all material costs upfront? Do you have real-time access to compare suppliers by cost? Who validates their invoice?

Select software that manages supplier onboarding, supplier fee and materials approvals, restricts placing orders to approved suppliers only; allow for owners to place orders directly in the software then leave feedback and ratings for the work order. Switch to system-generated invoicing to save time, ensure accuracy and reduce multiple fraud risks.

Competitive Bids: Larger and more expensive projects, such as landscaping, could be put out to competitive tender but you will need a system capable of collating and managing the bids.

4. Invoicing: Reduce Phishing Risk

Are we at risk? Sadly nowadays - yes. Phishing is a mailing attack where a hacker might access a vendor's e-mail, or might "spoof" and send an email that appears to come from the vendor. Suppose an invoice, relating to a recent work order, is sent this way from a hacker. How would you detect this was not the legitimate sender? If you do not, you would be wiring the hacker's bank account and this could be repeated multiple times. The only sure solution is to restrict all invoicing to a secure portal for Property Managers, clients and Vendors. This ensures you view only legitimate invoices.

5. Daily Management

Automation Reduces the Admin Burden: Automating as many business processes as possible reduces headcount by reducing the Admin burden, allowing staff to concentrate on managing. Staff can rely on real-time alerts, direct messaging and team-wide Task lists to stay in control.

Project Management: Use project management software to assign tasks, use gantt charts to manage progress, automate job costing and monitor estimated vs. approved budgets. Set milestones and at a glance view team progress.