These days, more and more organizations across just about every industry are leveraging automation technology to streamline operations, cut costs and maximize productivity. Automating manual tasks is a fast and straightforward way to achieve these goals, and it’s something that can deliver specific benefits to the property management industry. If your company has not yet implemented automation, here are five advantages that might convince you it’s time to take the plunge.
Improved Cash Flow
With property management software, your team will no longer be tasked with chasing down overdue payments. Automatic reminders can be scheduled and payments can be made right online and automatically posted to the appropriate ledger, thereby reducing data entry. With the money coming in more steadily and access to electronic payments faster than with paper checks, your property management company will enjoy better overall cash flow, which facilitates further investment in things like growth and expansion.
Budgeting, accounting and tracking revenue are essential components of your property management organization’s operation. Thankfully, with the right software solution, most if not all of the tasks associated with these functions can be shifted to automation. For instance, the accounting department can leverage technology to automate budgeting for expenses such as administrative staff, advertising and repairs. They can also produce more in-depth financial reports and track revenue from any source.
When humans are at the helm, errors will inevitably happen. Unfortunately, some of those errors may be incredibly costly to your property management organization. By shifting routine, repetitive tasks and workflows to automation, the human element is removed, which also eliminates the risk of costly error. Imagine how much more smoothly your company would run if all or even most of the daily work produced was error-free.
Going paperless isn’t just better for the environment. It’s also a much more efficient way to run a business. Think about the time your team wastes digging through files and sifting through mountains of paperwork just to find the information they need to do their jobs. If that information was, instead, available electronically and could be automatically retrieved at the click of a button from anywhere, how much time would your employees collectively save? Additionally, the ability to locate the data they need also allows for the delivery of better customer service. Finally, less paperwork means monetary savings for your firm. In other words, it’s a win-win.
Improved Maintenance Process
Fielding maintenance requests can feel like a full time job. It’s essential that any such requests be handled promptly and effectively in order to keep retention at its highest. With property management software, the process of managing maintenance requests can be automated, improving tenant satisfaction and easing the burden of your employees. Incoming requests are handled electronically, where they can be managed and tracked accordingly. Once repairs are complete, the system can then be updated for documentation and reporting purposes. You can even automate reminders for preventative maintenance, ensuring that you remain a step ahead of potential repairs.
These are just a handful of the many benefits automation can provide to property managers. To see these and other features in action, click here to request an online demo.