Condos are earning/saving more with mobile property management apps, how can you get in on it?
Property management software is always changing, and always for the better – making your life easier by increasing efficiency, from the way documents are handled and tracked to communications between board members, management, owners, and tenants. But the benefits don’t stop there! The benefits of property management apps can be maximized to new levels by not only saving money, but also with the use of tools that can generate revenue, providing you with a quick return on investment. In fact, on average, the payback period for the initial investment in condo software and management, which includes a setup fee, hardware, and subscription for the entire first year, is less than six months! Condos are earning and saving more and more with mobile property management apps, and we want you to get in on it too.
Here are a few tips on how to make the best use of your property management app to increase efficiency and profitability, leading you to earn more and save more, on a daily basis.
Booking amenities is one of the top ways to generate revenue; yet, it is also one of the most underutilized tools. User-friendly booking that allows owners and tenants to manage reservations and pay online, increases the use of amenities. In fact, most properties report a minimum 20% increase in revenue from booking party rooms and guest suites. But those earnings go above and beyond that initial transaction. The convenience of booking and managing reservations online also decreases last minute cancellations. Of course, no one wants cancellations, but by keeping amenities from being cancelled at the last minute, it improves the odds that the same date and time will be booked by someone else.
One amenity type that has contributed significantly to the overall increase in revenue is the rental of guest suites. Visitors value the opportunity to stay in a home away from home that provides comfort, convenience, and privacy, along with the option to use other amenities – which in turn, generates more bookings.
Offering elevator bookings to tenants and owners can not only increase your profits while making their moving experience hassle-free, but it can also help you protect the property against damages, or at least make it easier to recover the funds to cover for such damages. By collecting moving fees such as deposits against damages, moving companies and owners or tenants are easily held accountable for scratch and dents caused by the move.
Having an online store that sells condo specific items is another great way to generate revenue. Some popular items sold include garage remotes, keys, and fobs. Condos can also work out affiliate programs with small local businesses to offer certain services, such as the ability to book cleaning services, pet sitting, and delivery services, through the online store.
One unique and creative way to earn more with mobile property management apps is to allow condo owners, tenants, and even local community outside of the property, the opportunity to advertise products, services, and events. Approved ads can be posted within classified ads. This also strengthens community ties by supporting locals.
Return on investment opportunities are also greatly impacted by the savings provided by the use of mobile property management apps. By automating communication, including but not limited to sending mandatory documents and notifications, such as your budget, AGM package, etc, clients save significantly on printing costs. On average, condos report having saved over 40% on printing costs alone.
Electronic delivery of communication is convenient and fast, and it allows the user to track receipt of the communication and whether there is a need to send follow-up reminders. Sending out electronic communication contributes to print cost reductions, and it also decreases the use of envelopes and postage.
The automation of tasks including record keeping, amenities booking, service requests, and more, also saves time! Tasks that would normally take hours to complete, can now be completed within a matter of minutes, or even seconds. On average, condos have reported that automating tasks leads to a 90% reduction in time spent searching for and accessing information and records, which allows for some savings as far as the number of staff members needed to perform such tasks.
These are just a few ways that you can earn more and save more by using property management apps. The best part is that every single one of these tips leads to increased owner satisfaction!