9 Ways Automation Can Supercharge Property Management Accounting
If you don't have enough time to manage mandatory property management tasks due to an increasing property portfolio, it might be time to consider automation.
Automation in property management can provide a range of benefits to a business, such as streamlined processes, reduced inefficiencies, fewer errors and time savings. This blog post will explore how automation can help a business reach its full potential.
- Automated Rent Collection
- Streamlining Maintenance Requests
- Renewal Management
- Notifying Tenants
- Simplified Service Charge Accounts
- Time Savings
- Reduction of Error
- Scalability Potential
- Flexible Reporting
1. Automated Rent Collection
Automation software allows tenants to easily submit rent payments online. This solution can make rent payments contact-free unless your tenant insists on writing cheques. By allowing online rent payments, you’ll widen the pool of tenants interested in your property, with many now wanting to make payments online.
The property management software can even remind tenants that rent is due or a payment is late, giving you one less thing to worry about.
2. Streamlining Maintenance Requests
Although emergency maintenance requests can be difficult to automate due to these events’ lack of predictability, automating general maintenance requests is simple.
Your maintenance crew can be alerted whenever a unit needs a replacement or repair, and the software can also automate low-priority maintenance requests. The software can do this by alerting your maintenance company whenever a tenant submits a maintenance ticket.
By reducing the time between a maintenance request being made and then fulfilled, you’ll increase the satisfaction rates of your tenants.
You can also automate regular maintenance tasks using software. These tasks can include testing smoke alarms or general property inspections. Rather than relying on manually inputting these tasks into your calendar, automation software can schedule reminders.
3. Renewal Management
You can automate the renewal process from the day a tenant moves in. Input a predetermined renewal date when a new tenant moves into a property and the software will notify the property owner when the time rolls around.
If you wish to proceed with the renewal, the automation software can prepare a document for the tenant to sign. This is typically an email that’s already been created, which the software can personalise on a tenant-by-tenant basis.
4. Notifying Tenants
Notifying tenants of things they should be aware of is more straightforward with automation software. Using software, you can group your tenants into different lists, meaning you can contact the right people whenever you need to notify tenants.
This could be in the event of maintenance in the area surrounding the property or restrictions they may face during certain times. For example, parking restrictions due to building works.
5. Simplified Service Charge Accounts
Managing your service charge accounts can become increasingly difficult as your property management portfolio grows.
The right property management software allows you to automate service charge processes, store schedules split by expenditure types, and produce quick and accurate reports.
6. Time Savings
We know the world of property management can be busy. You can free up more time to focus on other processes by automating daily tasks. This could be improving tenant relations, marketing or even training to become better at utilising digital services.
By having more time to allocate to other areas of your business, you’ll be able to grow as a company and improve your capabilities as a property manager.
Software will also stop you from multitasking, which can lead to errors. Allow automation to take care of simple tasks so you can focus on doing your best work.
7. Reduction of Error
As you begin to manage more properties, manually inputting information into spreadsheets can produce errors which could harm your business.
Automation can mitigate these risks and move you away from error-prone and time-consuming spreadsheets. The risk of error is greatly reduced when using automation software, allowing your processes to be much more accurate and reliable.
8. Scalability Potential
Property management companies that don’t take advantage of automation software often limit themselves to how much they can grow.
Harnessing the power of automation means you can freely grow your property management portfolio and allow the software to handle the increase in daily tasks.
9. Flexible Reporting
Some automation software can provide you with extensive insights and powerful reporting. These insights can allow you to make more informed decisions for the benefit of your business.
Having a clear view of your company’s numbers can allow you to easily analyse your business’ performance and target areas of improvement.
Getting Started With Automation
Adopting automation software can seem daunting, but integration is simple and can lead to many vital areas of your business becoming streamlined.
Propman automation software can not only significantly increase the potential of your business, but it also comes with implementation guidance and a friendly team who will deliver customised training to meet your needs.
You can book a demo to walk you through how the software can benefit your business and change your day-to-day operations.
Finding the Right Solution
Not sold on property management software? We’ve put together a handy guide which analyses whether it’s the right time for your business to adopt software.
The guide discusses how the right software can reduce inefficiencies and allow you to provide an enhanced level of service to your tenants. For your free copy, click below.