Time-Saving Ideas for Property Management Companies

ByAllison Ditmer
Time-Saving Ideas for Property Management Companies

In the US, the property management business is booming and is said to have reached over $59 billion in revenue since 2009. This isn’t a surprise due to the real estate market being worth over $4 trillion worldwide today. 

Property management companies have a lot of tasks they need to complete each week, especially if they manage hundreds of properties under them. With so much to do, it can be hard for property managers to find time to get it all done. In this article we’ll cover the top time-saving tips property management companies can use to help make their days a lot easier. Let’s get started.

Automating Rent Collection 

Some property managers collect rent manually, others rely on the tenant to pay each week. These days there are different tools you can set up to take payments from tenants automatically.  These automated rent collection tools can reduce the need for you to follow up with the tenants, and some are capable of sending out a reminder that rent is due days before the payment is taken out so the tenant has time to add money to the account. 

Phone Answering Services 

Many property managers get a lot of phone calls each week. For some it can seem like you’re on the phone all the time. This is where a property management answering service can help. These services can take calls on your behalf 24/7, 365 days a year.

They can handle large or small businesses, and can screen calls to forward them onto the appropriate people who handle specific jobs. They can follow a script, handle after hours calls when you’ve switched off for the day, and allow callers to talk to real people. These types of services are great for property managers who get a lot of calls but can’t be on the phone all day long. 

Use Digital Signatures for Agreements 

Lease agreements are normally signed in person, however these days you can write up a lease agreement online, send it to your tenant and have them sign it digitally. There’s no need for printing, scanning, signing, uploading and emailing anymore. Digital signatures are great for time poor property managers who want to streamline legal agreements with tenants. 

Property Management Software

Property management software is a game changer for property managers. This software can automate a lot of tasks such as: 

  • Tenant screening
  • Rent collection 
  • Maintenance requests
  • Financial planning and reporting 
  • Task allocation 

This software is valuable for many property managers to help make their daily tasks more manageable and organized. 

Improve Tenant Communication

The success of any property management company is how effective their communication is with the tenants. Some ways to improve communication with tenants include: 

  • Setting up automated reminders on when a payment is due, maintenance updates or when an upcoming agreement is approaching. 
  • Provide an email and phone number your tenants can ring or call where it will be dealt with swiftly. 
  • Some property managers may set up instant chat platforms for tenants to communicate directly with them in real time. 
  • Plan a regular phone call at least once a month to check on how things are going with the property and the tenant. 

Improving communication and fostering relationships can make way for happier tenants and can make your life a lot easier in the long run. 

EndNote

Property managers are busy every week, to help minimize your work load and save time in your day, don’t be afraid to automate some of the tasks at hand. This will not only help you, but also help your business succeed as well.

FAQs

Automating rent collection streamlines the payment process, reducing the need for property managers to manually follow up with tenants. It also ensures timely payments, as the system can send reminders to tenants before the due date, giving them time to prepare. This not only saves time but also improves cash flow management.

A property management answering service can significantly reduce the time property managers spend on the phone by handling calls on their behalf 24/7. These services can screen calls, forward them to the appropriate personnel, and manage after-hours inquiries, ensuring that all calls are answered promptly without overloading the property manager’s schedule.

Using digital signatures for lease agreements eliminates the need for in-person meetings and the hassle of printing, scanning, and uploading documents. This method allows property managers to quickly and securely finalize agreements with tenants, saving time and simplifying the lease signing process.

Property management software can automate various tasks, including tenant screening, rent collection, maintenance requests, financial planning, reporting, and task allocation. This software helps property managers stay organized, manage their workload more efficiently, and reduce the time spent on routine administrative tasks.

Property managers can improve communication by setting up automated reminders for payments, maintenance updates, and lease renewals. Providing tenants with direct contact methods like email and phone, offering instant chat platforms, and scheduling regular check-ins can also enhance communication. Building strong tenant relationships through effective communication leads to higher tenant satisfaction and a smoother management process.