How to Reduce Property Management Costs

Date Published : Jan-28-2019

Written By : Phillip Livingston

Escalating monthly costs is a challenge faced by many property managers.  Since the increase in condo developments in cities like Toronto, many property managers are seeking feasible and cost-effective ways to manage their properties. If you find yourself in the same boat, then it might be time to start looking for some creative solutions. One way to reduce your costs is to become more proactive in how you deal with maintenance issues.

Being proactive implies making sure that the property is clean and neat, with everything in good working order. Not only will this help to reduce your expenses and boost profitability, but it will also attract quality tenants. Tenants don’t mind paying top dollar for a place they know is well-maintained.

But, to achieve this you always need to stay on top of all your tasks as a property manager, and this can be difficult if you’re working alone.

The good news is that there is a modern-day solution to your problem that costs less than hiring more staff. Automated building management is an easy and affordable way to maintain a healthy bottom line while keeping your property in great condition.

 

Automation Property management task and cut down on staff

Automating your property management tasks is a great way to reduce your staff requirements in a short amount of time while scaling your business. You won’t even feel the absence of staff because all the important tasks in your business will be taken care of. This includes maintenance, reports, purchase orders and more.

You can start by using property management software like Condo Control Central to develop and keep an updated online database of all your units. This is a great way to organize information such as tenant details for example.

We all know how important it is to perform a thorough background check on all your tenants before they move in. This will help you find out what their track record is with previous landlords. Did they pay rent on time? Were they co-operative when it came to completing maintenance tasks? How well did they take care of their previous property?

You also need to take pictures of the property before you move someone in. And document the condition of the property so that its’ easier at the end of the rental period to hold the tenant accountable for any damage that occurs.

Now, this is a lot of information that you need to compile, file and organize. You can do all of this online and in a matter of minutes with your property management software.  

The software allows you to compile an online database with all the information you have on your tenants. This database can be updated regularly either on your desktop or smartphone through the handy app. The same software can be used to maintain reports which can use to spot any patterns or inconsistencies that emerge. 

 

Automating Maintenance Tasks

Regular maintenance inspections are crucial because they provide an opportunity to see if the tenant is taking good care of the property. But, maintenance checks are lengthy and they involve a lot of different tasks. You must check for mold, leaks under the sink and in the ceiling, air-conditioning filters, possible termite damage and more.

Luckily, you can take care of all your property maintenance needs using automated maintenance tracking from Condo Control Central. This feature allows you to set reminders for all the maintenance tasks you must do for the next few months up to a year. You can even attach maintenance order files onto the reminder to keep track of all completed activities.

 

Cutting down on paperwork and make life easier for tenants/residents

Eliminate the need for manual paperwork by managing all aspects of your purchase orders and tenant online payments. For your tenants, it’s as easy as allowing their bank to send out a recurring payment for monthly rent and fees. Of course, amenity bookings only require once-off payments which are even more convenient.

As a property manager, you can say goodbye to collecting checks, cashing them at the bank or manually recording transactions. Each transaction is automatically recorded and saved to create a detailed report you can view later. These automatically generated reports will help you understand what’s working and what isn’t working with your monthly financial records. They’ll also create an audit trail that will make life easier for you come tax season.

Service requests are another unavoidable aspect of managing a condo that can take up a lot of your time and energy. From leaks and electrical faults to lost keys and broken doors. There is always some service request coming through no matter how well you manage your property.

Once again, property management software technology comes to the rescue. You can automate service requests so that you have more time to focus on other aspects of your work and life. The Condo Control Central software comes with a dedicated feature that allows tenants to log their requests online so you can view and deal with them remotely. The system also enables you to upload images to go with the request, and both you and your tenant will track the progress of the request until it’s fully dealt with.

 

View and manage day-to-day operations from anywhere

Ever feel like you constantly need to be in three places at once? This is almost a daily reality for property managers and it can get draining.

This doesn’t have to be the case, however as property management software allows you to take care of all your daily tasks via an app on your phone. For example, you can use Condo Control Central’s property management app to communicate with your tenants, handle service requests, and even see how your business is performing financially.  

It’s quick and easy to install while allowing you to access all your information with the swipe of a finger. In fact, this property manager app is so effective that you can go on a six-month vacation and still be able to manage your property remotely. Many property managers have done this successfully and you can too!

The app allows you to integrate other platforms into the app so that everything is in a central platform that’s easy to manage. You can add Yardi, Stripe, Condo Manager, Avigilon and other types of software that you already use for added convenience.

Consider yourself technologically challenged? No worries. Condo Control Central offers a wide range of training methods to get you acquainted with the software and all its features. You can conduct the training in person, online or through a live webinar. The choice is yours.

At the end of the training, you’ll be able to manage all your daily property management tasks from anywhere and at any time.

You can start by using property management software like Condo Control Central to develop and keep an updated online database of all your units. This is a great way to organize information such as tenant details for example.

We all know how important it is to perform a thorough background check on all your tenants before they move in. This will help you find out what their track record is with previous landlords. Did they pay rent on time? Were they co-operative when it came to completing maintenance tasks? How well did they take care of their previous property?

You also need to take pictures of the property before you move someone in. And document the condition of the property so that its’ easier at the end of the rental period to hold the tenant accountable for any damage that occurs.

Now, this is a lot of information that you need to compile, file and organize. You can do all of this online and in a matter of minutes with your property management software.  

The software allows you to compile an online database with all the information you have on your tenants. This database can be updated regularly either on your desktop or smartphone through the handy app. The same software can be used to maintain reports which can use to spot any patterns or inconsistencies that emerge. 

 

Conclusion

Automating building management through property management software is a smart move that will save you time, money and energy. The software does all the difficult tasks that normally take up your time, from managing the tenants’ documents and payments to taking care of service requests.

It’s a sustainable and convenient way to reduce your staff requirements and improve your bottom line at the same time. Plus, it’s available to use on your desktop or your smartphone, which means you can take care of any crisis with the press of a button.

What are you waiting for? Make your life easier today and sign up to manage your property through Condo Control Central.

 

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