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Top 5 Ways to Reduce Operating Costs in Property Management

Posted by Sandra Zimmerman on Jun 8, 2016 6:00:00 AM

reduce_operating_costs_in_property_managementLike so many other industries, in property management there is a plethora of promotional emails, direct marketing pieces, social media messages and blog posts circulating about — promising to reduce operating costs and save you money.

In my experience, these marketing pieces incorporate plenty of the most current buzzwords and speak in authoritative and reassuring tones. But often they can be quite vague on the most important part — and that’s how they will accomplish what’s being promised.

Of course their goal is to create enough interest for you to contact them to find out more. But personally, I’m extremely protective of my time. So I’m not going to give it up that easily — not without a better idea of how they will deliver on what they guarantee.

So in the spirit of telling it like it is, here are the top 5 most impactful ways that INFO-Tracker™ Property Management Software helps reduce operating costs:

1. Provides instant access to accurate real-time data

At first glance many may not recognize the full scope of time and cost savings that result from having all of your customer data in one centralized database that is accessible by all authorized users.

Let’s say a customer calls into the office with an inquiry about a charge on their account. Whoever takes the call is able to look up the information and answer the question instantly, without having to search for the info and call the customer back, or without having to interrupt a colleague in another department or office and wait for a response.  Even if the customer has an additional question that involves a completely different department such as maintenance, the person who takes the call is still able to quickly look up the real-time information and answer the question in the same phone call. And as an added bonus on top of the significant time savings, the customer is happy and thinks your property management company is really on top of things!

“Having instant access to accurate real-time customer data with INFO-Tracker™ has been a game changer for our company, enabling us to provide a level of service that is typically only possible for large enterprises that have an abundance of resources at hand.”  — Karen Babych, Partner, Alliance Strata Property Management

2. Delivers en masse communications

INFO-Tracker™ provides the capability for your property managers to effortlessly send out messages to your owner and tenant communities en masse, via email and text messaging. Messages can be sent to all, or selected properties and owners or tenants/residents. While this is a great time-saving feature, even more time and cost savings can be realized with INFO-Tracker’s Report Writer. The Report Writer module enables property managers to prepare and send notices and letters in bulk, with the system automatically populating the required fields with real-time data, and either mass emailing or printing the documents with the click of one button — no mail merge required. Not only that, INFO-Tracker™ keeps a complete history of all documents sent to each owner, tenant or resident, automatically creating reliable digital records.

Imagine the countless hours that can be saved, when your staff does not have to compose and send letters and notices one by one. And as your portfolio and the number of units under management grows, the cost savings become even more significant.

3. Automates time-consuming processes in Accounting

INFO-Tracker™ takes the most repetitive and time-consuming manual processes in accounting and performs them automatically with the click of one button and 100% accuracy.

In the words of industry leaders who use INFO-Tracker™ every day...

“With Yardi, each month we had to calculate the revenue for owners and transfer it to their account one by one. Now with INFO-Tracker™, the system performs all calculations automatically and a single EFT file is sent to the bank for processing.” — Rita Lau, Property Accountant, Del Condominium Rentals
Read more about how INFO-Tracker™ makes Rita Lau’s job much easier now, in comparison with Yardi.

“INFO-Tracker™ has generated the biggest time-savings in processing owner payments, calculating special levies and retroactive fee adjustments. These are all done with the click of one button which saves us hours of work and delivers virtually error-free results.” — Karen Babych, Partner, Alliance Strata Property Management

“One key area where we found immediate improvement in productivity is in paying our Vendors. We’re really happy with the ACH/EFT processing capabilities within the system. It’s the ease of use really — the way the system automatically collects the information and gets the file ready. It’s compatible with many banking systems, so it was easy for our banking system to use. Plus the ability to email Vendors the ACH/EFT payment details — that’s great for our vendors and for managing our cash flow.” — Linda Flanagan, Acting CFO, Silvera for Seniors

4. Facilitates instant communication with maintenance staff

The Maintenance module of INFO-Tracker™ keeps property managers in constant contact with maintenance staff, even when they are out in the field. Maintenance can view the most up-to-date schedule on their mobile devices and receive alerts for schedule changes with instant access to job details, eliminating the need to be interrupted by a phone call and jot down notes. Further saving time and improving accuracy, maintenance staff can make any notes about the work done and complete their Time Sheets directly in the system, while still at the job site.

5. Eliminates redundant data entry

Contact information for customers and all subsequent data pertaining to each customer is entered in to the system only once. The end-to-end connectivity of the system means that required data flows seamlessly from one process to the next and even from one department or physical office to another.

Taking INFO-Tracker™ customer Silvera for Seniors as an example...  A prospective customer of theirs is first entered into the system when they are placed on the Waitlist. Once they are matched to a unit, their information, which often includes details about their special needs, is seamlessly transferred over and continues to be accessible by all authorized users in all departments for the duration of their residency.

BOOK DEMOReady to find out more?

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Topics: Productivity, Blog, Technology, Property Management, Customer Service, Accounting, Communication

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