7 Must-Have Resources for Apartment Property Management
From setting rent rates to screening residents and managing payments, property management professionals often wear many hats. What are you currently doing to be successful? Multifamily industry leaders have the right resources backing them up, and here are our top seven must-haves to adopt for your property management business today:
1. Revenue Management
Take the guesswork out of revenue management and learn how to set the ideal rate for any unit, at any time, and in any location. With the help of a revenue management software solution, communities can increase control and visibility, provide residents with broader pricing options, and identify new revenue opportunities to increase profits. What are you doing to maximize revenue management efforts?
2. Compliance Risk Reduction
How do you ensure your properties are in compliance, and how much time does it take? Say goodbye to mountains of paperwork and find an easier way to monitor compliance on an ongoing basis, from the local to state and federal levels. By adopting a software solution, property managers can audit required documents, obtain all necessary reporting for agencies and syndicators, and utilize tools and advice to get and stay in compliance.
3. Contact Center
Hoping to capture more leads, schedule more onsite visits, and close more leases? Property managers need a team of experienced professionals to answer calls, emails and chats around the clock. A contact center helps properties better connect with prospective renters through personalized communications. It also filters out unqualified leads, provides detailed reporting and decreases advertising expenses. Look for a solution meeting all of this criteria to save your multifamily business time and money.
4. Resident Screening
Not all resident screening systems are the same. With the right resident screening solution, it’s possible to up-sell or down-sell unites accordingly, calculate the cost of risk associated with low applicant scores and reduce write-offs and vacancy loss. Get more from the screening process by adopting a solution that maximizes revenue without adding risk so you can say YES to applicants while protecting your business.
Budgeting can be a headache, but a powerful web-based system removes the stress and hassle. A solid budgeting system streamlines creating, managing and distributing your processes.
Workflows are easily customized to meet a company’s unique needs regardless of property type, size, or market segment. Look for a solution that enables you to reduce errors, save time, improve budget accuracy, and make more informed decisions.
What does rent week look like at your property? Consider adopting one complete solution that offers convenient payment options, including mobile, without expensive credit card transaction costs. This type of solution makes payments more convenient for tenants and simple for staff, allowing companies to collect rent sooner.
7. Utility Management
Does your current strategy maximize income according to market, property type, and budget strategy? The right utility management system can help lower major expenses by simplifying billing and improving cash collections to maximize income.
Are you ready to take your business to the next level? Tackle these seven areas with these multifamily solutions and reach your goals.