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4 Ways Property Managers Can Use Reports

Posted by Tricia Gopi on Mar 10, 2020 6:00:00 AM

helloquence-5fNmWej4tAA-unsplash(1)Reports are an important function that businesses can use at every level of the hierarchy – boards, executives, middle management, and even administration. When reports are run on a regular basis companies can tap into the multitude of data available to them. Reports can give organizations easy to interpret summaries that make it easy to identify patterns and evolving trends.

Reports give businesses the opportunity to highlight repeating occurrences that indicate common challenges in comparison to common successes which enables that business to develop new strategies and make changes accordingly.

Reviewing data empowers property management companies to anticipate business needs and improve their customer service. That information can be used to set goals and performance benchmarks for small teams or the entire company.

Maintenance

Successful maintenance is essential to successful property management. Owners often base their decisions on how efficiently maintenance is handled. Property management companies can leverage reports to improve their ability to execute maintenance which can improve customer retention and improve that company’s reputation.

Property managers can use reports to gauge the frequency of maintenance. They can highlight the most common requests and determine appliances or specific areas that may need more attention. Maintenance reports can also help property managers keep track of inventory and warranties, so they are better equipped to anticipate needs.

Overall maintenance reports help property managers to be proactive and reduce the number of unexpected repairs.

Accounting

Managing financials is often a delicate situation which makes reports even more advantageous to property management accountants. Accounting based reports gives property management companies the benefit of quickly accessing financial insights and enabling them to pinpoint outlier transactions.

Accounting teams can use reports to analyze costs, set budgets, and make educated projections based on historical data. This functionality makes it easier for businesses to decide where they can rein in future spending or where user controls and spending controls need to be implemented.

Contact Management

Understanding how your property management company communicates with customers can help to improve performance and increase efficiencies. The ability to recall the best way to contact owners, tenants, residents, and even vendors allows tasks to be completed faster which satisfies customers and increases productivity.

Property managers can use contact management reports to access contact histories where they can access a history of contact efforts to one or any number of customers and the purpose of those contact attempts.

Marketing

Reducing turnover boosts overall cashflow. Property managers can use reports to streamline marketing processes and review their effectiveness. Marketing reports can help companies to narrow or expand marketing channels and monitor how different materials preform over time.

Property management companies can also use marketing reports to compare how well different listings are preforming. Companies can optimize how they market units by using this data to distinguish what amenities should be prioritized in listings and what can potentially be left out.

 

There are many ways property managers can leverage reports. Reports provide data that unlocks insight into the past and enables businesses to adequately prepare for the future. According to Forbes, being able to categorize and focus business analytics gives leverage to steadily improve performance.

Topics: Technology, Budgeting, Economics, Organization, Finance, Reporting

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