3 Ways to Grow your Property Management Business

Property managers and agency owners have to stay agile in these rapidly changing times. Besides the current health issues we’re facing, you also need to keep up with legislative changes in the property management industry and the technological developments in order to make sure you utilise the best property software to stay ahead of the competition.

Now that we’re moving to work from home and have suspended property inspections, it is more important than ever to be working from the cloud having your portfolio accessible from anywhere.

At Palace we have listed 3 ways to utilise your property software to help you grow your property management business – these tips will help you focus on running your business as efficiently as possible so that you can invest your time and energy on growing your rent roll.

  1. Stay on top of your business performance so you know where to invest for further growth
    It is no secret that analytical reports can help you identify growth areas in your business. You need to know where your main revenue is generated and where the leaks are that suck away important resources and add extra costs.
    Your trust-accounting software needs to be able to show you these important aspects of your business’ growth in easy-to-read graphs and comparisons. Reminder tabs and alerts can direct you to the areas that need the most attention. Digital invoices provide an instant view of what’s due and whether property accounts have the necessary funds.
    If you’re a business owner, make sure you’re keeping track of your teams’ performance, to ensure they meet their targets. Having this daily oversight at your fingertips will ensure you make the best business decisions.
  2. Automate tasks and free up time
    Get rid of your manual mundane tasks by setting up automated workflows within your property management software. Whether it’s chasing up rent arrears, sending inspection notifications or chasing keys, these tasks can all be automated with the right software.
    Automate matching bank transactions or setup tenants with direct-debit to make reconciliation even quicker. Palace has a clever document flow process that automatically reads invoices and creates corresponding transactions, saving you plenty of time. This includes processing invoices from 3rd party apps.
    Make life easier for your owners and reduce the time spent communicating with them. Financial information, inspection videos or reports, and maintenance invoices should be available online anytime for your owners to access. Whether it’s chasing up rent arrears, sending inspection notifications, or reviewing rent increases, set up an easy workflow for all aspects. Communicate with your owners, tenants or suppliers via SMS, integrated emails or online, freeing up time to focus on growing your rent roll.
  3. Be mobile, property managers can work from anywhere
    Today more than ever you need to have your trust accounting and property management software at your fingertips. Your applications need to be cloud-based so that you can access it from the office, home, anywhere! Use an integrated inspection app so that you have all your information in one place, allowing you to create inspection reports and organise your maintenance jobs during the inspection – this way you don’t have to organise them from the office at a later stage. Integrate with your favourite third-party apps so you can easily manage your rental advertising, tenant applications, property inspections, maintenance jobs and administration from the one software.

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