The multifamily industry has been hit hard by the "Great Resignation," with up to 70% of workers leaving their positions in 2021 and 2022 (National Apartment Association). In light of this staffing crisis, property management companies are seeking innovative solutions that will optimize their operations and allow them to achieve more with fewer resources. Digital payment technology has emerged as a game-changer, revolutionizing property operations by eliminating manual tasks, improving staff satisfaction, and reducing turnover.
#1 Streamlining Rent Payment Processing
Rent collection is one of property management's most fundamental processes, and yet it is also one of the most outdated. By transitioning to a 100% digital payment system, property managers eliminate the manual processing of money orders and physical check scanners. A digital payment solution streamlines the rent collection process, eliminates the need for manual check scanning, and frees employees to focus on more critical matters.
#2 Resolving Issues Faster by Eliminating Outdated Tasks
Processing paper checks and money orders consumes an average of 120 hours per year for onsite teams. and these traditional payment methods introduce additional burdens including monthly bank trips, troubleshooting issues with banks and property management system (PMS) vendors, and dealing with untraceable money orders. By adopting 100% digital payment technology, property management companies can mitigate data-entry issues, shorten resolution processes, and leverage dedicated support teams. This shift empowers site teams to concentrate on more valued tasks, ensuring faster issue resolution and increased efficiency.
#3 Boosting Staff Satisfaction to Reduce Employee Turnover
Retaining experienced staff is a key objective for property owners and operators. Leveraging technology that removes tedious manual tasks has been proven to improve staff satisfaction. By eliminating inefficient payment-related responsibilities, property management firms can improve staff morale, and this directly reduces turnover rates. As a bonus, the time saved by removing non-value-added monthly tasks contributes to overall team efficiency, enabling operators to navigate labor shortages with a more productive workforce.
Digital payments are one of many solutions available to property management companies dealing with staffing shortages. This technology streamlines the monthly rent cycle and empowers onsite teams to focus on more pressing issues facing the property. The result is a more specialized allocation of tasks, faster resolution of issues, and improved staff productivity and morale. Embracing 100% digital payments is an effective tool for overcoming staffing shortages and creating more efficient and productive onsite teams.
Reach out to us if you’d like to learn more about improved efficiency through 100% digital payments.