Over the past year or so, we’ve covered a lot of different ways that busy property managers can save time, become more efficient and improve overall productivity. What we haven’t really done is examine some of the everyday things that may be eating away at your productivity without you even realizing it. Here are some of the most common time wasters that property management professionals face so that you can begin to recognize and overcome them once and for all.
Using Dated or Obsolete Technology
When’s the last time you took a good, hard look at your property management software and other programs? How many manual tasks are you and your employees handling that you could be leveraging technology for instead? Investing in the right software product can vastly improve the overall operational efficiency of your entire organization. (Not sure where to begin? Here are some tips on conducting a needs assessment.)
Boost the productivity of your property management business. Download a free copy of The Property Manager’s Guide to Maximizing Productivity.
Running a Paper-Based Office
Constantly shuffling paperwork is one of the biggest ways to eat up your productivity on any given day. Think about it. How much time do you spend sorting through paperwork, filing it away, only to have to spend hours trying to locate it if and when you need it again? Transitioning to a paperless office is not only great for the environment. It also saves a boatload of time, because everything you need will be available to you, right when you need it, at the click of a button.
Using Too Many Programs
Are you and your team wasting valuable time and resources juggling multiple systems? Simple things like double posting into more than one system are not only huge time wasters, but they also leave tremendous room for human error. If this is where your organization is right now, it’s probably time to look into a software solution that can integrate and streamline all of your systems into one.
Physically Processing Payments
How long does it take your team to gather, open, stamp and process the physical checks that come in every day? Additionally, how long does it take for these payments to be included in your cash flow? Online payments eliminate this huge waste of time and provide instant, secure access to funds so your bottom line looks a little better.
Not Adequately Screening Rental Prospects
Good, quality tenants are the lifeblood of your business. Not only is frequent turnover costly to your organization, but it is a tremendous waste of time and resources because it means having to continuously renovate and show the same properties again and again. Invest the time and money into tenant screening and you’ll have a much better chance of attracting and retaining good, long-term tenants.
To maintain competitive advantage and remain successful in today’s fast-paced environment, property management professionals must find ways to eliminate those things that are wasting precious time in their day to day activities and streamline their operations to become more efficient. By avoiding the things listed here, you’ll have a much more productive office and have more time to focus on what’s most important – like growing your business.
Find out what more you can do to boost the productivity of your property management business. Download a free copy of The Property Manager’s Guide to Maximizing Productivity.