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.
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.
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.
There is a lot of talk in the business world about digitization, but many businesses don’t feel inclined to switch from the comfort of paper to a new system. As technology evolves and software becomes more comprehensive, digitizing documents offers more benefits than hardcopies can. Digital documents have been developed to be more secure and be easier to access. One of the biggest impacts of an electronic documentation system is the significant cost reduction in comparison to traditional document management.
Trade shows can be a powerful way to market your property management company as well as your own personal brand. A gathering of industry experts, media personnel and prospects who are ripe for the picking – what’s not to love? Yet ask any busy property manager and you’ll likely get a list a mile long of excuses not to attend. Is attending trade shows an investment of time and effort? Yes. Are they worth it? Absolutely. If you’re still grappling with some objections, here are five compelling reasons you should reconsider.
Your HOA board plays a key role in both the short and long term planning within your property management business. In order to fulfill their responsibilities, board members must have access to certain information. In particular, they need details on company financials.
These days, it’s all about the data. And boy, is there a lot of it. In fact, there are 2.5 quintillion bytes of data created each and every day. The problem with that volume of information is that it’s hard to narrow it down to what’s important. And this is a big deal, because if you’re not working with clean, reliable data, it could be costing you money.
Starting a property management business can be stressful. Deciding when to sell that business can be just as agonizing. If you’re feeling overwhelmed at the thought of getting your company sale-worthy, it can be helpful to know what options are available to you. Deciding which option is best for you can make it easier to determine what needs to be done to prepare for the road ahead. Here are the three main courses of action you could take.
We recently went over some pretty compelling reasons why even a small property management company could benefit from having a board of directors. But understanding the advantages and actually making it happen are two different monsters. Where on earth do you even begin? Believe it or not, putting together a trusted board of directors or advisors isn’t as complicated or challenging as you may think. In fact, all you need to do is look for the following three fundamentals.