5 Ways to Make Your Property Management Company More Profitable

Increased demands on property management companies are driving the need to streamline operations and increase profitability.

Here are five ways to get there.

Remove receivables from the leasing office.

Scanning paper checks places a tremendous burden on your staff. And while lockboxes allow receivables to be processed off-site, they’re expensive and delay payment. Encouraging residents to pay electronically via online bill pay, recurring eCheck/ACH or mobile check payment can save money, improve cash flow and reduce data matching errors by verifying a resident’s identity electronically and posting transactions in real time.

Reduce errors through automation.

Drive stronger financial performance through smart, automated software rules to increase your workflow efficiency and productivity while making fewer operational mistakes. Automating resident communication, late payment notifications and payment logic tied to your policies eliminate burdening your staff with repetitive interactions that are prone to mistakes.

Provide self-service payments and mobile communication.

According to a recent customer service study, 69 percent of millennials prefer to accomplish goals individually. Offering residents easily accessible, user-friendly mobile payment and communication options and communication can improve customer experience and create brand loyalty.

Upgrade your tech to remain competitive.

Whether or not to accept online payments is no longer optional. The multifamily industry is adopting technology at an unprecedented rate because doing so is proven to increase resident engagement and retention. In fact, three-quarters of renters surveyed said they are willing to accept an increase in rent for features such as digital payments, smart-home technology, secure access, and high-speed Internet.

Streamline your integrations.

Promoting less paper usage and more secure, cloud-based online payment technologies will naturally guide residents to exclusively use digital payments, resulting in more convenient, profitable and efficient operations. Other streamlining methods include promoting digital certified funds to reduce the number of checks returned for insufficient funds and implementing accounting integrations to save time and eliminate errors.

Emerging technologies are providing new ways to make smarter operational decisions for your properties. Start with these five steps to have a stronger chance of hitting your financial goals in less time.