As a property manager, your priorities might change each month—in June it’s fill the vacancies left by graduating students, in November maybe it’s improve response times and communications around the holidays. But your ultimate endgame is always to fill rental properties and fast. To add even more to the pile of responsibilities, you need to fill those properties while also ensuring that your property owners earn the highest return on investment possible. Easy enough, right?
It can be that easy if you know what property owners expect, and pair those expectations with the best property management software for owners to meet these expectations.
The Basics: What do property owners want?
- Clean, readable property owner statements
- Insight into work order progress updates
- Proof that units are being occupied quickly and efficiently
- Monthly proceeds directly deposited to the bank account of choice
- Instant online access to monthly and year-end tax statements
How can the right technology make your property owners happy?
Property management software with owner portals, where all the pertinent information is accessible in one place, can make a huge difference in building positive manager-owner relationships, as well as optimizing your daily processes to save time and money. Really, anything you can do to free up some time to market your properties will put smiles on your property owners’ faces and more money in their pockets.
Here are some of the features that when incorporated into your business can improve not only the renter experience, but also the owner experience (and make your life easier, too!).
Leasing dashboards: Provide your owners with a quick-glance summary of the state of all the properties in their portfolio.
Vacancy postings: Quickly list vacant units in multiple places so your owners don’t lose money on empty properties.
Rent comparison calculators: Always ensure that you’re charging the right rental rate for your geographical area to maximize profits.
Mobile applications, leasing, payments and inspections: Make it simple and easy for people to apply to live in your units, pay rent, and move in/out quickly, while saving your staff man hours and your owners money.
Robust screening tools: Bring in quality people to your properties to avoid high turnover and avoidable issues with problem residents.
Maintenance requests/work order tracking: Keep customer service levels up and properties well maintained to avoid headaches and extra costs for your owners.
Text messaging: Effectively communicate important updates and notices to renters and owners.
For the most part, property owners don’t want to focus a lot of their time on the ins and outs of the business—that’s essentially why they hire property management companies. They want to know that their properties are in good hands, and having the best property management software in place awards them the confidence they need to let you, as the property manager, do your job while they focus on the bigger picture.