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5 Ways Accounting Automation Can Benefit Your Team

Posted by Tricia Gopi

Automation is sometimes a scary word, often associated with robots and dystopian future. There’s a common fear that automation and robots will take over jobs and displace people which is actually not what technology is on track to do. Less than 10% of jobs can actually be fully automated, however automation can be a great help to office workers when leveraged by companies to help improve their staff performance and overall reputation.

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Topics: Technology, Property Management, Accounting, Employee Satisfaction, Economics, Finances, Automation

Accounting Compliance: Best Practices

Posted by Angelica Diaz

As your property management grows in terms of portfolio size, staff, or revenue, it is increasingly important to have the right protocols in place, especially within the accounting department to ensure that every transaction, task, and process is done consistently and securely. Organizations with data monitoring controls in place had 54% less loss than other organizations and more than 50% faster detection time. Internal controls and compliance protocols regulate workplace transactions and avoid internal errors by minimizing the risk of fraud by maintaining data integrity as well as user accountability.

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Topics: Technology, Property Management, Accounting, Finances, Automation

Why Should Owners and Tenants Pay Online?

Posted by Tricia Gopi

Customers increasingly want control over managing themselves and their business relationships especially when it comes to their finances. Online payments offer owners and tenants self-service capabilities that are customers want at an increasing rate. Mobile payments alone have grown in popularity as younger generations get older and have more spending power – studies show that 33% of millennials use cash while only 18% of Generation Z relies on cash. The ever-evolving industry can be difficult to keep up with but stay in-sync with trends can offer benefits to customers and property managers, here’s what you need to know about online payments for your owners and tenants.

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Topics: Productivity, Property Management, Accounting, Business Growth, Budgeting, Leasing

7 Methods for Collecting Payments: What Works Best for Property Managers

Posted by Mitchell Vinnitsky

Property managers have a lot of responsibilities but if they can’t effectively collect fees from their customers then they can’t do much else. While it may be cliché, it’s true – cashflow is the lifeblood of any business, so property managers find effective, efficient, and convenient methods to collect payments to enable growth, enhance customer service, and optimize planning.

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Topics: Productivity, Customer Service, Accounting, Rentals, Leasing, Customer Satisfaction

Simple Strategies for Preventing ACH EFT Fraud

Property management companies make tons of financial transactions every month from receivables to payables between customers and vendors. The ACH/EFT network is generally very secure, in the first quarter of 2020, ACH payments in the US increased over 7% but approximately less than 1% of transactions were returned as invalid, of that 1%, only a fraction is a result of fraudulent activity. The problem with ACH/EFT fraud is that the large value of payments and the potential breach of sensitive customer data which can hurt a company’s customer relationships as well as their public reputation.

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Topics: Property Management, Customer Service, Economics, Customer Satisfaction, Cybersecurity

5 Benefits of Offering Preauthorized Payments

Posted by Jessica Galeano

Preauthorized payments are a form of payment automation where customers enable companies to withdraw funds for recurring payments directly in their account, typically via the EFT (electronic funds transfers) or ACH (Automated Clearing House) process. Preauthorized payments have been around for a while but have become more popular as the use of cash has declined, the 2016 Federal Reserve Payment study found that over 144 billion payments in the US were non-cash and they totaled over $170 trillion. The shift away from cash persists, 83% of American businesses leverage ACH/EFT payments, here are 5 reasons why you should too.

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Topics: Property Management, Accounting, Budgeting, Rentals, Leasing

4 Tips to Understand Keyword Marketing for Property Management Companies

Posted by Mitchell Vinnitsky

The property management industry is unsurprisingly a competitive across North America. More and more companies are popping up and crossing industry verticals, serving mixed portfolios therefore giving existing businesses a run for their market share. According to Statista, the property management industry dipped from  reached $75.82 billion USD in 2019. With a low barrier to entry and high opportunity it’s no surprise the amount of new businesses entering the industry. Currently there are hundreds of thousands of active property management companies across North America.

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Topics: Property Management, Marketing, Branding, Digital, Automation

5 Ways Property Management Companies Can Enhance Brand Impact

Posted by Tricia Gopi

In a 2018 survey, approximately 26% of property management companies indicated that growth was a challenge they faced. To help expand their portfolio, organization’s can focus on improving brand recognition, credibility, and trust. By developing a recognizable brand, prospects deciding between your company and a competitor will have more reason to choose your company based on feelings of familiarity and trust.

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Topics: Property Management, Marketing, Branding

3 Strategies for Increasing Customer Referrals

Posted by Mitchell Vinnitsky

Referrals, recommendations, and reviews are often not regarded marketing in the traditional sense, but they can deliver high value to companies trying to capture new leads. Forbes confirms that out of a variety of marketing strategies including email campaigns, inbound marketing, and pay per click advertisement, referrals have the highest return on investment because they require minimal capital investments but bring in valuable leads. In Nielsen’s Harris Poll, 82% of people indicated that they would seek out recommendations from their network before making a purchase.

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Topics: Property Management, Marketing, Leasing, Customer Satisfaction

What is Return on Marketing Investment (ROMI)?

Posted by Angelica Diaz

Return on Marketing Investment, also known as ROMI, is a branch of ROI which measures the return on investment of marketing. Different marketing avenues, strategies, and mediums come at a range of costs. Depending on which combination are being used or the frequency, the cost of marketing an organization’s services, product, or brand can quickly rack up a hefty price tag. But the results of that marketing campaign if successful or effective can balance those costs and bring in additional revenue. So, ROMI is used to measure how much revenue can created in compared to expenses.

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Topics: Marketing

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