The real estate market keeps evolving, necessitating new strategies for property managers to increase their profitability. The property market saw some changes in 2021, and outstanding property managers adapted their property management goals accordingly. Property managers should re-evaluate the following to continue to improve their efficiency in the coming year:
- Their business model
- Their service fee structure
- The types of properties to acquire and forfeit
- How they attract, screen, and maintain tenants
- Their property management tools
Digital innovation has also proven over time to be the surest way to improve and meet property management goals. For example, advanced property management software using smart modular technologies helps a landlord increase revenue and reduce management costs.
The advantages of property management software outweigh the service fee you will pay. To assist you in boosting efficiency in 2022, we have put together three essential property management goals that focus on efficiency, growth, and profitability.
Property Management Goals
#1. Improve Tenant Experience
Keeping your current tenants satisfied is critical in retaining them in a volatile market or when other options arise in the coming year. Comfortable tenants keep your profitability high because stability helps you to:
- Increase renewal rates
- Lower vacancy
- Limit eviction and high turnover
- Decrease repair costs
- Eliminate unwanted administrative costs
You can improve your tenants’ experience by giving accurate reports, having open communication, and being transparent. A property management software allows you to update all tenants on current issues, address their problems, and attach reports.
#2. Boost Your Revenue
Property managers who record higher revenues every year work on crucial areas directly affecting their cash flow. They do this by:
- Maintaining a better rental pricing strategy
- Lowering tenant turnover
- Getting rid of high maintenance units
- Evicting problem tenants
- Promoting higher lease renewal
- Using a property management software
Market research shows that multifamily properties have grown in popularity and will continue to do so in the coming year. An aggressive property manager can restructure their property to resemble this model to increase occupancy and improve customer traffic for their tenants.
Radical property managers also implement additional fee charges to boost their revenue, such as; extra occupancy fees, pet fees, holding fees, and application fees. These charges can work well if your property is in high demand.
#3. Increase Your Property Portfolio
Property managers have to choose two options when expanding their property portfolio. They can diversify and buy different units compared to the ones they have or specialize by maintaining their current successful property structure.
Whether you choose diversification or specialization, one challenge common to all is the extra resources needed to manage the property. The added responsibilities include:
- Administrative tasks
- Balancing books
- Customer service
- Communication
UnitConnect’s all-in-one property management software simplifies these tasks by allowing you to manage most of the responsibilities in one application. You can communicate to all your tenants at once, share documents, bill them, update leases, and track vendor expenses. Here are other advantages of property management software using smart modular technologies.
Advantages of Property Management Software
- Enhanced communication: UnitConnect’s software provides a centralized hub for communication through chat tools and shared documents.
- Work remotely: A property manager should have access to vital information while in the field without carrying documents. Employees can also get written feedback directly from the software.
- Dependable document storage: The year 2022 should not find you in an office with cabinets full of files. The cloud storage in property management software keeps your documents safe, neat, and easily accessible.
- Security: Cloud storage is safer than having paper files in a cabinet. Using UnitConnect’s software eliminates the risk of loss, damage, and theft. Furthermore, secure property management software uses apps such as Microsoft Cloud App Security to provide enhanced protection against hacking and ransomware.
- Cost reduction: You will need fewer employees to take care of the daily tasks because the application can automatically calculate figures and keep your files organized. The software’s IT maintenance is also taken care of by the service provider.
Want to boost your efficiency in the coming year with this unique property management software? Schedule a demo today and become an outstanding property manager in 2022.
