Check Your Property Management Business for These 6 Hidden Inefficiencies

Last modified on July 20th, 2021
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How much longer do you think your current technology solution will be able to keep up with your property management business’ changing needs? If you’re still “doing things the old way” and relying on solutions that were not created for property management, like QuickBooks or Excel to run your entire property management business, then you could be causing numerous inefficiencies and costing your business a lot of time and money.

Read on to discover six hidden inefficiencies that may be caused by using the wrong tool for the job, and how you can overcome them by adopting a solution that was built for property management.

1.) Double data entry 

You’re wasting time manually entering information into multiple systems that could otherwise be automated, such as online rental applications. This is not only inefficient, but prone to error and could cause bigger problems if information is entered incorrectly.

2.) Lack of visibility

You don’t have a way to get the data you need — like the status of your vacancies or overdue rent payments — that can show you how your properties are performing holistically and help you make smart decisions. Along with the inability to make better-informed decisions, when you don’t have instant access to all of your data, you have to spend more time communicating and relaying information to team members. All of this opens up room for more error, which can cost your business.

3.) Owners and residents have no way to carry out tasks themselves 

Without self-service tools, such as online payments or online maintenance requests, residents and owners are unable to access information or complete tasks themselves. As a result, your team has to spend hours manually collecting information, facilitating tasks, and returning phone calls, rather than focusing on providing great customer service. 

4.) Vendor management 

You’re juggling different vendors for multiple services like renter background checks and maintenance, which takes a lot of time for your team to coordinate, track, and manage. With all of the moving parts, it’s difficult to maintain visibility and things end up falling through the cracks.

5.) No mobility 

You have to be in the office to work and aren’t able to access your data or complete workflows in the field or at home, so less work gets done and it takes longer to make decisions. This not only negatively impacts your business performance, but also means your team has less flexibility, which can hamper employee satisfaction.

6.) Disorganized training process 

You don’t have a standardized training process for new hires, so they take longer to get up to speed and more of your resources. Without consistent onboarding that is tailored to each role, new hires may miss key steps or information specific to their position, causing issues down the road. 

How Property Management Software Can Streamline Your Business

Many of the inefficiencies listed above can be solved by switching to a modern solution that provides a single system of record to store all of your business information and data in one place, accessible from anywhere instantly. Below are a few stories of smaller property management businesses that previously had no solution in place or relied on limited technology solutions, like QuickBooks or Excel to run their business. With AppFolio they have had great success, here are their experiences in their own words:

Since implementing AppFolio, Rachel Presley of S.F. Shannon Real Estate Management, says she and her team have been able to streamline their maintenance operations and focus on providing better service to their residents and owners:

“AppFolio has allowed me to serve my customers better, my management team better, and my maintenance staff better.”

Holly Wyse of Wyse Properties LLC switched to AppFolio after using QuickBooks for three decades. While initially it wasn’t an easy decision to make the leap, now they are more confident and have been able to unlock new opportunities, especially when it comes to growth:

“We’d been using QuickBooks for 30 years and I was reluctant to switch. Since transitioning to AppFolio our growth has gone through the roof!”

Michelle Flores of Sundance Property Management says they have also experienced similar benefits after transitioning to AppFolio. By automating many of their routine tasks, they have been able to cut costs and spend more time focusing on higher level initiatives, such as scaling the business:

“It’s like we just shot into the future by light years in one week! We have more time to devote to expanding our business and are spending much less money running our company.”

Robert Kenz Owner of Sharp Properties LLC never imagined he would relinquish QuickBooks and Excel, however since moving to AppFolio he has never looked back:

“I transitioned our business off QuickBooks and Excel, and I was skeptical at first. I can’t begin to tell you how much we rely and depend on AppFolio for our business! We are leaning very heavily on the software to help us manage every aspect of our business, even our financial operations.”

Change can be scary, but it can also lead to new efficiencies and opportunities. Modern property management software does a lot more than just accounting. It can help you better meet your residents’ and owners’ needs, while also streamlining your maintenance and leasing operations. If you’re thinking about adopting new technology, our team would love to show you how AppFolio can upgrade your business. Sign up for a customized demo here.

 

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