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.
Having vacancies for too long can be bad for business, they can reduce cashflow, customer satisfaction, and employee morale. No matter how well you advertise or how well you maintain your customer relationships there will be turnover and vacancies. While it’s less than ideal, it’s not an impossible situation, here are 5 strategies to reduce the time units spend vacant.
Mobile CRM (customer relationship management) technology is a platform that enables frontline staff to conveniently access CRM software and functionality from any internet-enabled mobile device from smartphones to tablets. The CRM market has experienced unprecedent growth globally, by 2023 Satista projects the CRM software market to grow $40.26 billion USD. Mobile CRM allows remote workers to interact with customer and prospect data to execute from marketing and sales to customer support.
The ability to make operations mobile enables property management teams to better adapt to the nature of their work. When software, infrastructure, and specific processes are designed for mobility property managers can work at home, in the office, on-site or anywhere in between which allowing them to serve customers promptly and comprehensively without lapses, gaps in information, or slow turn around times.
Remote teams require a different level of support from middle or upper management than stationary workforces. When operating remotely it becomes a lot more difficult to micromanage or focus on what each employee is working on in detail.
Businesses draw up budgets and financial plans every fiscal year to control operational spending but not every business is preparing for disruptions to “business as usual.” In 2019, only 40% of small to mid-sized businesses consulted a financial advisor in 2019 but 7 of 10 organizations have encountered an average of 3 crises in the last 5 years .
There has been an unprecedented growth of cloud-based software and SaaS platforms, Gartner estimated that cloud services would grow 17.5% in 2019 and continue to grow exponentially by 28% in 2022. The monumental movement to cloud-based software may have some property management companies weighing out whether or not there is enough reason to transition from self-hosted physical servers to a cloud-based SaaS platform.
Communication is crucial to seamless and productive operations in any organization, but as businesses grow, maintaining strong communication can become increasingly difficult. According to a 2018 Gallagher study, 60% of companies do not have a long-term communication strategy, yet around 50% of those companies said that they wanted to prioritize improving leadership and communication. Organizations that seek to improve the effectiveness of communication can integrate mobile apps into their strategy to extend the reach of communication and as a result improve employee engagement.
Of the 2.7 billion smartphone users and additional 1.35 billion tablet users worldwide, people are spending 90% of their time on apps rather than web-browsers. By offering employees access to their property management software from a mobile app creates, companies are providing a platform that is more adaptable to both their job and lifestyle. Apps available on smart devices provide additional efficiencies to users and can also facilitate a new and improved standard of productivity.
Relationships are essential in business. An organization must create a team that is reliable, they must ally with partners that are supportive, and foster loyalty with customers. Creating these relationships with key players is essential to the success of property management company. You can’t manage properties with a customer, you can’t serve customers without a team, and you can’t build your service without partners. No matter how you look at it, there is no situation where it is not important to develop and strengthen relationships.
Here are 5 ways to create longevity in your business relationships.