You may think your business is running cost-effectively. Maybe you’ve taken extra measures to cut unnecessary spending and been diligent about saving on expenditures around the office. There is one area, however, where you may be losing money without even realizing it: time. If you and your employees are not operating in a way that maximizes efficiency and productivity, your property management business could be suffering as a result. That said, let’s take a look at several ways you could be losing money right now.
Double Entry Accounting
If your accountants are still using Excel or even Quickbooks for their daily duties, chances are they’re wasting valuable time doing extra work that is unnecessary. What’s more, using these antiquated accounting methods leaves a lot of room for human error, which can also be costly to your business.
Boost the productivity of your property management business. Download a free copy of The Property Manager’s Guide to Maximizing Productivity.
Manual Payment Processing
Another huge waste of valuable time is processing payments manually. This involves getting the mail, opening envelopes, sorting checks, entering them into the system and preparing them for deposit. All of that manual labor can be bypassed by using online payments. Plus, electronic payments get money into your account much faster, improving cash flow.
Digging Through Physical Files
If your office works primarily off paper files, chances are you’re losing time and money as a result. Think about it. When a client calls up and asks for a copy of a certain document, do you have it at the ready? Probably not. You’ll need to go digging through files to locate it, then fax it over and await confirmation. Electronic files are available at the click of a button and can be transferred instantly via email, making them much more efficient.
Inability to Multitask
Property management is about juggling as many balls as you can without dropping any. Unfortunately, when you’re stuck in the office, tied to your desk all day, you’re limited to how much you can actually accomplish. When you have the right tools, however, you can hit the road and work from anywhere because you’ll have access to everything you need wherever you are. This makes you and your team more productive, which saves time and helps boost profits.
Managing Maintenance Requests
If you’ve had the pleasure of being in charge of incoming maintenance requests, you’re already well aware of what a time consuming task it can be – especially if you manage a lot of properties. Manually keeping track of incoming requests as well as staying on top of routine service calls can be exhausting and it can really pull you away from other more important things you need to focus on.
You probably guessed already that the solution to all of these time wasters is property management software. This is not a plug or a sales pitch. It’s a reality. If you’re not using a quality software in your office, you’re losing money and you’re not going to be able to realize continued success. If you’d like to learn more about how property maintenance and management software can revolutionize your business, set up a product tour today. You’ll wonder why you haven’t done so sooner!
Find out what more you can do to boost the productivity of your property management business. Download a free copy of The Property Manager’s Guide to Maximizing Productivity.