Managing a few residential properties is one thing, but when you start expanding your portfolio to add other property types, such as commercial properties and community associations, the process becomes much more complex. That’s because each sector comes with its own unique needs. Below, our property management experts share some advice on how to overcome the three top challenges that come with managing a multi-faceted portfolio.
Juggling Multiple Solutions
The systems you used to manage your uniform property types in the past may simply not be designed to support other property types. As a result, you may find you need to log in and out of several different solutions throughout the day. Not only is this process time consuming and inefficient, but it’s also error-prone. Plus, the more time your team spends juggling multiple systems, the less time they have to spend on more important work, like customer experience and growth initiatives.
The solution to this is relatively simple: adopt a comprehensive property management software that is capable of supporting several different property types. This consolidation will save your team time, improve satisfaction levels, reduce inaccuracies and provide much better visibility into the overall health of your business.
As you take on more properties, there’s a good chance you’ll also bring on new team members. The problem is, not every property type will need to be managed in the same way. For instance, some team members may need to be on the road, being more visible and providing more hands-on support and service to clients. Having to trek back and forth to and from the office every time they need a file or report is not only an inefficient use of their time, but the subsequent delays can be frustrating to clients.
Adopting a cloud-based system can dramatically improve how your employees are able to perform their jobs, particularly those who spend a decent amount of time out of the office. When data and information is available digitally, your team will be far more productive. What’s more, with self-service options, like an online portal, clients can access the information they need instantly, without having to wait for someone at your company to assist them.
Lack of Personalized Support
If you’re using older software – or worse – operating on programs like Excel, your current operations will not be able to adapt well to change. And again, you may be faced with juggling multiple different platforms in order to suit your evolving business needs. A generic solution may have worked in the past, but as you continue to grow, you’ll need a customized solution that will scale alongside your business.
To overcome this, don’t focus solely on the property management software, but also on whether or not it is designed and marketed by a company that offers a true partnership. You want someone who will take the time to truly understand your business and its unique needs so they can help you tailor an approach that will support your current and future growth.
Managing multiple different property types is not without its challenges, but with the right strategy, those challenges can easily be overcome. By adopting a robust property management solution that is cloud-based and is backed by world-class support, you can more efficiently manage and grow your portfolio.