As a property manager or member of an HOA, you likely value keeping your property in top condition while also keeping costs down. Whether you’re responsible for maintaining a residential complex, commercial property, or a community of homeowners, efficient property management is a complex and challenging task.
That’s why we’re sharing best practices in the four major components of efficient property management: operations, resident experience, communications, and maintenance.
Efficient operations are a crucial component of successful property management. They help optimize resources and reduce risk, driving a more effective and efficient operation. Here are some best practices:
- Establish Clear Policies and Procedures: Creating clear policies and procedures helps ensure consistency in your operations, ensuring tasks are completed in a standardized and efficient manner. Create policies around maintenance requests, tenant complaints, rent collection, lease renewals, and more.
- Use the Right Technology to Streamline Operations: The right property management software helps you automate tasks and save time. Whether it’s keeping records, managing admin solutions, or front desk and staff operations, the right property management software should consolidate nearly all your management tasks into one place. Ideally, your software will allow you to customize the platform to suit your needs.
- Invest in Staff Training: Training your staff can improve their skills and productivity, allowing them to work more efficiently. Coupled with the right property management software, you can hire fewer staff to accomplish more while still providing an amazing resident experience.
Resident experience is another major driver in efficient property management. By creating a positive living environment and fostering strong relationships with residents, property managers can create enduring bonds with staff and the property itself, thereby enhancing the community experience.
- Make Maintenance Processes a Breeze: A streamlined maintenance process helps you provide faster repairs and track them more efficiently. This experience makes it easier for residents to get their issues addressed promptly and ensures that your staff members have all the information they need in one place. Use an online form on your website or a software app to easily automate service requests.
- Offer Package Management: Nobody likes worrying about missing packages or theft. To make package tracking and delivery convenient and reliable for residents, offer package handling services or allow them to pick up their packages from inside the building using a contactless system.
- Implement an Easy Payment Process: Ensure residents pay on-time by setting up an easy-to-use payment system through an online portal, which lets residents see past due or upcoming rental or assessment payments.
Effective and efficient resident communication is another foundational piece of property management. It helps build trust, increase satisfaction, and reduce complaints—not to mention that it can make your job much easier. Here are two best practices:
- Use SMS Broadcasting: A broadcasting service allows you to send SMS text or voice messages to large groups of people, and helps everyone stay in the loop and engaged in your community. Easily send updates on scheduled maintenance, communicate in emergency situations or with your staff, and announce community events.
- Leverage Digital Bulletin Boards: The days of physical bulletin boards have passed, but digital bulletin boards are here to stay. Industries such as retail, education, healthcare, and housing are all implementing digital signage to boost their communication and return on investment. Use them to ensure important information is always visible, provide on-the-fly updates, preschedule announcements, and more.
Efficient maintenance is the last critical component of successful property maintenance. It helps reduce costs, improve resident satisfaction, maintain property value, and ensure compliance with regulations. In today’s digital world, it’s easy to catch a bad reputation, and property managers who prioritize efficient maintenance are more likely to maintain a positive one while also attracting good tenants and optimizing their operations.
- Schedule preventive maintenance in advance: It’s challenging to stay on top of your routine maintenance, especially if you’re manually tracking service schedules or equipment inventory. The right property management software can help you schedule recurring maintenance tasks on a daily, weekly, monthly, quarterly or annual basis while also providing accessible insights and project timelines.
- Use software to bring all your equipment information into one database: Instead of rummaging through filing cabinets or various desks and drawers, imagine having all your equipment warranties, service history, manufacturer specifications, and other equipment details available within a few clicks of a mouse. Effective property management software can consolidate all this info into one place, and even measure usage so you can stay stocked on supplies.
- Automate the inspection process: Routine inspections are the most effective way to prevent costly repairs and avoidable problems. However, organizing and reviewing inspection reports can be more time-consuming than you can afford. Use software to automate the entire inspection process, from conducting inspections and uploading photos to creating work orders and monitoring project statuses.
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