It is believed that the ancient Babylonians originated the idea of New Yearâ€™s resolutions. At the start of each year, they made promises to their gods that they would pay their debts and return borrowed objects. In the modern world, we make New Yearâ€™s resolutions to get in shape, stop smoking, spend more time with family and less time at workâ€”the list of pledges goes on and on.
For real estate and property management companies, the beginning of the year is a good time to reevaluate your business strategy and set a few goals for the year. To help you with some ideas for your resolutions, weâ€™ve compiled five ways you can improve your real estate/property management company in 2017!
An outdated appearance can turn potential tenants off, or make current clients begin to look for a new place to live. By far the most important area is the entrance to your property. Itâ€™s the first thing that a prospect will see. Broken lights, stained siding, or unkempt landscaping will ensure that prospects likely wonâ€™t even bother with a tour of your leasing office, much less the property itself. Make sure this area is pristine all the time.
While you may not be able to update the grounds completely, remove dead trees and branches, and keep the lawn trimmed and free of weeds. If your property has high-traffic areas, such as community mailboxes, make sure those areas are clean and free of liter. While youâ€™re at it, update your office with a fresh coat of paint and some throw pillows for your furniture. And step up your perk gameâ€”offer snacks and keep the coffee brewing!
To keep residents and their belongings safe, improve security by strengthening the perimeter. This means having adequate lighting around the entire building or community. Ensure that any defective lights are replaced immediately. Encourage residents to remove valuables from their vehicles, especially those in plain sight, and consider hiring a security guard to patrol the area at night.
If utility costs have become unsustainable, consider installing low-flow aerators on bathroom and kitchen sinks, which can reduce water usage up to 40%. Also, create an incentive program that rewards tenants for conserving water. And finally, when itâ€™s time to change out old appliances, replace them with energy-efficient models.
Engagement is crucial to keeping your customers happy and informed. Think about healthcare companies; they often rely on multi-channel notificationsâ€”email, texts, phone callsâ€”to remind patients about upcoming appointments and prescription refills. Property management professionals can take advantage of the same tools to engage residents.
Send rent or maintenance reminders, deliver surveys, confirm outages and other interruptions to service. By making simple improvements to your current processes, you can increase campaign effectiveness. Your contact center can bolster confidence and improve customer perceptionâ€”both integral components that increase engagement. Make sure anyone who answers your phones has clear guidelines for serving your community. Your level of engagement should reflect your companyâ€™s culture and commitment to service!
Invest in Technology
Keep your office running efficiently by providing your staff with the tools they need to succeed, like up-to-date equipment and property management software that makes their job easier. Invest in technology like AP and payment automation.
If your real estate or property management company is still receiving paper invoices or paying bills, then youâ€™re not capitalizing on todayâ€™s best practices. Youâ€™re also missing out on the unlimited potential for savings after relieving your AP team of time-consuming tasks, such as opening the mail, data entry, and filing mountains of paper.
AP automation adds significant value to accounts payable, including real-time visibility into performance and financial status, increased accuracy, and better compliance with tax laws and industry regulations. Companies can reduce their AP and payment processing costs up to 60% with automation, eliminating all of the manual tasks associated with paper invoices and checks in the process.
By automating the accounts payable process, real estate and property management companies can track invoices electronically, streamline workflows, and have a central repository for invoice data that can be accessed anytime, anywhere.
For more information about AP and payment automation, click here.
Article contributed by AvidXchange, Inc.