How Multifamily Execs are Using Integrated Property Management Solutions
In Texas, they say if you don’t like the weather, just stick around for a few hours and it will change. More truth than fiction. The same can be said for technology. One doesn’t have to go much further than to pick up a cell phone to understand why.
Technological innovations such as software as a service (SaaS) are making property management better and better, much like they are changing mobile technology. But unlike with personal devices, upgrading the brains behind your rental housing portfolio doesn’t always require buying and learning a new piece of software.
How Experts Benefit from an Integrated Property Management System
SaaS software provides a single, integrated property management solution that allows real-time access to portfolio information, from anywhere. Updates are seamlessly rolled out every few months and users easily adapt, which means companies don’t have to spend time and money on additional training.
Such are some of the perks of a cloud-based property management system that comprehensively manage the complete renter lifecycle.
‘Integration is like a good marriage’
Property managers are praising the benefits of an integrated system because users can easily manage apartments through one platform instead of juggling other software.
A key feature of an integrated system is the continuous flow of data with the ability to share information between every component of a property’s software system; this helps increase efficiency and ultimately revenue.
This type of integration has helped United Apartment Group streamline operations and improve the accuracy of data.
“Integration is like a good marriage,” said Carrie Girgus, CPM Managing Partner United Apartment Group. “When the communication lines are open, everything is better!”
Today’s leasing process has become more complex. It requires the staff to track prospects, create price quotes, manage lease documents, and streamline move-ins and move-outs, as well as posting financial transactions to the resident ledger. Integrated property management system enables management of these processes within a single, secure SaaS platform.
Data is protected by multiple firewalls and automatically encrypts sensitive client information such as PCI, ePHI, and PII.
Because the system is constantly monitored, downtime and outages are reduced. Off-site data centers provide redundancy, ensuring there is always a complete backup of the data should disaster strike.
Administrative burden is reduced with the scalability of a SaaS platform
Systems are scalable so that the platform adapts and grows with a portfolio. More importantly, time saved means properties can focus on other aspects of property management.
“Fully integrated systems reduce administrative burden for our team members allowing them to focus on our business priority, which is our customer,” says Carole Olite, Vice President of Operations at Aimco.
Scott Duckett, Chief Operating Officer at Campus Advantage, said his integrated property management software has been a time saver allowing them to grow their portfolio to 40 properties in 23 states. A leasing process that involved 16 steps has been cut in half with RealPage’s OneSite Leasing & Rents.
“We reduced the time handling and executing leases by 27 minutes each − with students and parents filling in the information we need,” he said. “We just review and approve them with one click. We’ve saved hundreds of hours of staff time across our portfolio because of RealPage.”
System should serve as a customer relationship manager
Rhonda Dutton, Product Manager at RealPage, says a fully integrated property management software solution should manage more than just leasing and renting activities. The system should serve as a customer relationship management system that helps develop relationships with prospects and nurture relationships with residents. The property management business is built entirely around managing customers profitably, from the time they become prospects to eventual move-out.
Managing that renter cycle needs to be as easy and productive as possible, she said.
Rick Gadue Enterprise Systems Manager at Sequoia Equities, Inc. said integrated systems provide a single tool to help apartments keep pace with the many facets of property operations. “Integrated system … one log-in, one-stop shop to seamlessly handle multiple aspects of the business.”
A solution that encompasses critical aspects of property management and maintains pace with technology becomes a very useful tool at almost every level across an entire portfolio.