Times are a-changin’ in the rental housing market. Growing market demand pushes occupancy to the limit, making a property look good at first glance.—but a deeper look into the property may reveal a different story.
Checking your Property Management System Health
Good property health goes beyond maintaining high occupancy, low overhead and consistent rent collection. The performance of an apartment community’s operations segment is critical to the bottom-line success of a portfolio—and that includes streamlining back-office functionalities, budgeting, spend management, document management and more.
So, how well is your property management system meeting the demands of today’s rental market? An all-encompassing property management system can provide more functionality and productivity for your staff with:
- Flexible Budgeting – Not all multifamily verticals are the same. Find multifamily property budgeting software nimble enough to adapt to each one.
- Smart Spend Management – Be wary of eccentric spending that can take a bite out of your bottom line. Use a sophisticated spend management software.
- Responsive Maintenance – Accidents happen. And so do damages. Look for facilities management software that helps keep the properties in your portfolio in peak condition.
- Document Management – Establish a seamless workflow to significantly reduce paper costs and protect resident PII, using document management.
- Payments – Look to cut transaction costs for the property with a system that provides online rent payments and in-office options.
- Comprehensive Reporting and Analytics – The health of your business depends on the strength and structure of your analytics and reporting tools.
- Safe and Secure SaaS – The safety of your SaaS infrastructure is everything. Find a property management system that monitors and secures your business around the clock.
Properties that rely on different point solutions for day-to-day and long-term management could be losing money and underperforming in the market. Is your property management software meeting your needs? Download this eBook to get details on how to better assess the health of your property management system today.