When you’re a property manager, the most important thing to keep in mind is that you need to stay on top of your game. You can’t afford to become complacent – otherwise, your clients will notice and take their business elsewhere.
That’s why it’s so important for you to keep up with new technologies and ways of doing things, so you can make sure nothing slips through the cracks.
Here are the top 10 challenges you should tackle to keep your eyes on the prise:
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1. Billing & Rent collection:
Are you tired of chasing down payments every month? If you’re like most property managers, rent collection is one of the most tedious, annoying tasks on your to-do list. And it’s not something that can be crossed off quickly – if a tenant is late with their payment, you have to send them a reminder, then follow up again, and possibly even write them a late notice. Rent collection can take up valuable time that you could be spending on other tasks, so you no doubt want to find an easy solution to this problem. Find a way to make it faster. The best way to do this is with a rental payment software that automatically sends out reminders and late notices based on the tenant’s agreed-upon due date.
2. Boosting revenue:
When managing a property, the main goal is to boost revenue by increasing occupancy rate and reducing expenses. But having to spend hours talking to tenants, chasing rents and dealing with maintenance issues which left you with little time for the important things.
There are several ways of doing it:
Increasing the rent – After making sure that all the legal requirements are met. This may take weeks or months depending on how long the lease period is and the state laws.
Decreasing operating costs – If you’re interested in becoming more profitable than simply raising rents alone could achieve, then consider reducing your monthly expenses as well as increasing income streams through additional sources like utilising unused spaces for tenant use or rent by the hour.
3. Regulating unforeseen expenses
Unexpected expenses can wreak havoc in any budget. Unforeseen expenditures can be harmful to any industry but is especially damaging in the property management arena where revenues aren’t always certain. If a roof at a property needs to be replaced it will cost several thousand dollars which can cause cash flow problems for any company. These are just some of the reasons why having an emergency fund for reasonable expenses is imperative.
4. Problems With Tenants
Tenants are the most important part of your business. However, they can also be difficult to deal with. For example:
They can cause damage to property. If a tenant breaks or damages something in the home, then you have to pay for repairs out of pocket and collect from them later on.
It’s hard to evict them. Sometimes it takes several months or years before a tenant will move out on their own accord or choose to leave without notice because they’ve been renting month-to-month without any agreement in place. Even if you do manage an eviction successfully, there’s always a chance that they’ll come back!
Collecting rent is difficult too—as we previously mentioned, Some tenants don’t pay on time because they’re struggling financially themselves; others simply decide not to pay at all no matter how much time goes by since their lease began (which is totally illegal BTW).
5. Problems With Owners
As a property manager, you’re likely to encounter many different types of owners. Some may be difficult to manage and some may have unrealistic expectations. As the person who is ultimately responsible for the success or failure of their investment, it’s important that you learn how to work with them effectively.
6. Retaining Up-to-date Knowledge
In today’s competitive market, staying up to date on new laws and regulations is crucial for property management companies. Without staying current on these details, you could face serious fines or even legal action. This could result in a loss of business and even personal liability if the violations are severe enough.
When it comes to commercial property management software platforms you must stay up to date and strive to get the best solution out there.. By doing so, you’ll be able to continue providing excellent service while also saving time and money by working more efficiently than ever before. Additionally, staying up-to-date with best practices will help ensure that clients receive high quality services at all times while also saving money through better management practices.
7. Hiring And Maintaining Staffing
Managers will also have to deal with the challenge of hiring and maintaining staff. This includes everything from hiring new people, training them, keeping them motivated and happy, ensuring they are loyal to your company, informing them of any changes in policy or status so that they don’t get confused or upset. The list goes on.
8. Reducing Operating Expenses
Reducing the amount of time you spend on tasks will help reduce expenses. You can do this by hiring fewer employees or by reducing the number of hours that your current employees work. It’s also important to remember that not all tasks require a human being to complete them. There are many tasks that can be automated with technology or outsourced to other companies, which will help reduce your operating costs even further.
9. Time Management
Time management is one of the most important skills for a property manager to have. As a property manager, you’re constantly juggling multiple priorities and trying to manage your time effectively is crucial. While it can be easy to get overwhelmed by all of your responsibilities as a property manager, planning ahead will help you avoid being overworked or stuck in an endless cycle of stress. By prioritising tasks and setting deadlines, you’ll be able to focus on what’s important right now without neglecting other areas of your business.
10. Property Maintenance
Property maintenance is a huge part of property management. Whether you’re spending money to fix a broken window or dealing with the legal ramifications of renting out an unsafe apartment, keeping up with your properties can be expensive, time consuming and extremely demanding. Lastly—and perhaps most frustratingly—property maintenance involves constant interaction with tenants who fail to follow instructions such as “don’t leave your dog alone in this apartment” and “don’t let children play inside this house.”
How Can Pickspace Help You Face These Challenges?
Pickspace property management software is especially designed to meet all the challenges of the modern property manager and tackle them head on.
Our Customised – Automated – Cloud based – All in one property management software has all the key features which will help you substantially minimise or completely eradicate some of the challenges described above:
- Full customization – If you need it, we will build it. The pickspace software is flexible and can be tailored to your business needs, including same day customised reports.
- Automate it – If you have to repeat the same task more than once, we’ll find a way to save you time by building an automated process for it.
- Save on costs and increase profitability – Utilise your vacant spaces by creating more amenities for tenants to enjoy and pay for, by the hour, day or month, in their property or other properties under your management.
- Endless integration partners – Need to integrate our software with other existing tools you’re already working with? We’ve got you covered! Integrate Pickspace with QuickBooks, Zapier, Outlook, Hubspot, KISI, Mailchimp, Google Calendar, and much more with no hassle at all.
- All the reports you’ll ever need – Customised reports for your properties in every vertical you can think of.
- Response time under 5 min. – We know time is the most valuable currency, which is why we make sure you won’t have to wait forever to get a human response.
- Short (and free) implementation – Implementing a new software doesn’t have to be a long and complicated process. We integrate and fully implement the software in 30 days and we do it for free. ($10K Value)
- New employee training – Training new employees to work with your tools can take forever. This is why we assign a dedicated account manager to each of our clients – they train each new employee for you.
When you start managing property, there are many challenges that come your way with no warning and sometimes you will run into issues that seem impossible to overcome.
So if you’re tired of chasing down payments every month, or if unexpected expenses are wreaking havoc in your budget, it’s time for you to actively look for solutions that will ease your day to day operation and even prevent many issues from happening so often.
To follow up on how Pickspace’s software can skyrocket your property management business to the next level, click here and book a demo.