Two important concepts related to business growth are efficiency and effectiveness. And both are vitally important.
Those thoughts are according to Glenn Smith, a business coach, leadership teacher and CEO of Glenn Smith Executive Coaching. According to Smith, efficiency is important for profitability and effectiveness is important for growth.
To becoming a better property owner, both are essential. To be a better owner, you have to manage your business efficiently by streamlining individual projects, tasks and by streamlining your property management.
And the number one thing that helps to streamline a property management organization is by the organizational systems that are used.
Below are three ways to streamline a property management business.
Create a Communication Portal Working more efficiently goes hand in hand with having better communication. When a property management business has better and more effective communication with its tenants, it can reduce tenant turnover and free up the management team to focus on other things to better their business. Adapting a collaborative operations software system can help automate the communication process. It can help to create a tenant communication portal and it can also help to put all communication between managers, technicians, and service requesters into one place. With an automated process, everyone is on the same communication loop. It also allows you to prioritize what maintenance or repairs need to be completed and when and can help to automate scheduling, which will help keep the tenant happy, leading to less resident turnover.
Organize Service Requests There is usually, almost always, some disparity between repair turnaround in a residents’ mind and what the office considers fast. A collaborative operations software will help to stop wasting time trying and help to better organize a work order to the right person to perform the right service. It can also help to receive, create, assign, and reassign work orders from your smartphone, tablet, or desktop computer. When there is a resident issue, you can get the notifications of that issue on your phone and can easily connect with the right techs and vendors and then alert that resident when his issue has been completed.
Spend and Accounting Management Software Adapting a spending or accounting management software helps to streamline the ins and outs of an asset’s financial life and keep spending practices more consistent. And when every minute of a business owner’s day has value, automation can help save time and money. A financial software tool can be used as the backbone of operations and help automate day to day operations and can also easily integrate other finance channels such as business banking accounts and more.
So, whether through improved communication, better organized service requests or more organized spending management, you can work to better streamline property management and become a more efficiently and more effective business.