According to a recent survey, one of the biggest challenges property management professionals face on an ongoing basis is keeping operating costs at a minimum. Obviously, the less you spend to run your business, the more profitable it will be, but knowing that and actually accomplishing it are two entirely different things. Thankfully, we’ve been at this for quite some time and have picked up a few expert tips and tricks along the way. Let’s take a look at a few areas where you can start cutting costs and run a leaner operation moving forward.
It may seem pretty straightforward, but making sure your property management company has more money coming in than going out is the fundamental foundation for success. As simple a concept as this may seem, however, it’s often easier said than done – especially when it comes to newer companies. Keeping tabs on income and expenses is the key to ensuring your business has the resources it needs to grow. That said, here are three specific tips for managing cashflow and reaching your goals.
Being in property management involves a good deal of record keeping, including the sensitive data of your employees and clients. What would happen if a hacker were to gain access to your network? Could your organization survive the monetary and reputational impact of a security breach? If you are operating under any of the following cybersecurity myths, you may have to learn this the hard way. Here’s what you need to know to keep your data safe from falling into the wrong hands.
The trend towards urbanization is still going strong in most major cities across the country, driven by a high number of young, talented people migrating to city cores for both employment and entertainment opportunities. And residential developers are fiercely competing for these buyers by giving them what they love — convenience and community. This takes the form of blending residential and commercial components in the latest condominium developments, with commercial spaces that include retail services such as food markets, restaurants/cafés, salons and more.
We continually receive amazing feedback from our customers, who tell us; how much time their employees save with INFO-Tracker™, or that they are able to provide better customer service, or that they have been able to increase their portfolio size with the same number of staff.
Of course we are thrilled to hear that our customers are experiencing great success with INFO-Tracker™ — that’s why we do what we do. But we also realize that much of the credit belongs to the people on the frontline — the ones who use the system every day.
Congratulations to the latest INFO-Tracker™ Property Management Software Super-User!
Company: Alliance Strata Property Services
INFO-Tracker™ User Since: 2013
Like 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.
It seems like everything is making its way up to “the cloud” these days, and that includes the traditional office telephone system. Many businesses including those in property management are transitioning their internal phone systems from traditional PBX (Private Branch Exchange) to VoIP (Voice over Internet Protocol). VoIP systems enable you to get phone service over your Internet connection and offer significant cost savings and operational benefits.
Here are 5 ways your organization can benefit from a VoIP system.
If you’ve been in the property management industry for any amount of time, you probably already recognize the importance of property management software. Not only can it keep your hectic day to day schedule of tasks on track, but it also helps you manage the critical business end of things, like reporting and accounting. The problem is, there are dozens of products on the market today. How can you know which one would be the best fit for your business? Here are 7 simple tips to help you make the best choice possible.
In years past, Microsoft Excel was one of the favored programs for many property managers to handle their accounting functions. The reasons were many. For one, it’s affordable, as it comes bundled with other Office functions. Excel is also feature-rich, providing the ability to create graphs, calculate complex formulas and store a lot of information in an organized fashion. The thing is, times have changed and given the many options available today, using Excel for accounting is no longer as beneficial as it once was. In fact, it could actually be harming your property management business. Here’s how.