You could work all day, every day, for the next four years, and your to-do list would still contain an exhausting number of items.
Working harder is not the solution; it’s simply impossible to outwork your workload.
In fact, most property management companies would agree that demands and expectations have escalated.
How to become a more efficient multi-property manager
- Find property management software that delivers measurable results
- Leverage API integrations for custom solutions
- Prioritize data-driven decision making
- Standardize procedures and policies
- Continue to learn
How do you cope, especially if you are responsible for multiple communities?
Efficiency is paramount. There are always things that portfolio managers, and their teams, could do differently to improve productivity and nudge client satisfaction in the right direction.
We encourage you to review the list of ideas below, and apply the best ones in order to improve efficiency without burning out.
Find property management software that delivers measurable results
If you aren’t already using property management software, then you are undoubtedly working too hard. Whether you manage condos, HOAs, or you have a mixed portfolio, software is critical in minimizing manual tasks, labor hours and miscommunication.
Property management software automates and streamlines several processes, such as maintenance requests, package management, violation tracking, payments, board tasks, and more.
Furthermore, most solutions have sleek resident portals equipped with self-serve tools. Residents and owners can help themselves, and staff receive fewer questions and requests.
But, not all software platforms are created equally. Some managers or companies are using software, but they aren’t seeing the results they had hoped for.
Ineffective software usually causes 3 major problems:
- Staff have to find workarounds to get their work done.
- Teams can’t get the help they need from customer support.
- Residents simply don’t want to use the platform because it’s outdated or too hard to figure out.
If you’ve experienced 1 or all 3 of these problems, then it’s time to consider upgrading to a solution that actually works for you.
An effective property management software will:
- Give you total oversight. You should be able to see where problems are, how fast requests are being closed, etc. for each community
- Allow you to switch from one workspace to another using the same login. Having multiple programs for multiple communities is confusing and frustrating
- Offer flexibility. Different communities will require different workflows and rules
- Be easy to use. This is very important when it comes to resident adoption. The more people who use the software, the less work they will bring to you or your team
Condo Control has all of these qualities, and more. However, there are a number of strong performers out there. If you are looking to make a switch, ensure you know what features you need, what you are willing to pay, and how closely each option aligns with your requirements.
Leverage API integrations for custom solutions
What sets you apart from the competition? Whether it’s rapid response times or experience managing large projects, it’s generally a unique quality that makes you stand out.
API integrations can also help to accentuate that competitive edge. An application programming interface (API) is a connection between programs. Basically, two software systems partner up to perform a joint function.
A good example is integrating an accounting software with your existing property management software. By doing this, your company can leverage two excellent products instead of having one really great management platform with mediocre accounting, or vice versa.
Plus, many integrations are capable of two-way sync, meaning data recorded or updated in one place is automatically added in the other system. This cuts down on manual data entry and reduces errors from occurring.
Prioritize data-driven decision making
Another perk of having a great property management software is that the system will store and organize data automatically.
This data can be accessed to identify things like trends in maintenance, repeat delinquency payments, violations, and open rates for messages.
Use this data to make proactive, fact-based decisions. For example, if you see that there has been an increase in fines because owners aren’t picking up after their pets, you could either create a pet policy, or improve an existing policy.
AI is going to make it remarkably easier for management companies to make data-driven decisions that benefit clients, and solidify the company’s value.
There are already AI solutions to address proactive maintenance, financial forecasting and budgeting, and resident needs.
These algorithms and systems will only become more powerful and accurate with time. That being said, managers are cautioned not to blindly trust AI. They will still need to use their own intelligence to make final decisions and recommendations.
Standardize procedures and policies
While different communities will have different procedures and expectations, following standardized procedures in each community will save you time and headaches.
For example, if you agree to accept reservations through phone calls, email and verbal requests, you’re going to have a lot of trouble logging and updating those requests. However, if you can direct owners to submit requests through a resident portal, then suddenly you’re not wasting so much time doing tedious manual work. The requests are available in one place, and you can work on them at any time since they are stored in the cloud.
Creating uniform protocols for common issues not only reduces manual labor and lost forms, but it also helps to improve accountability and transparency.
There’s a paper trail that owners and staff can see. Both parties know when requests were submitted, which ensures managers don’t leave requests unanswered for too long.
Tasks or issues that require standardization include:
- Conflict resolution – sometimes it’s not up to the association to resolve neighbor-to-neighbor conflicts. It helps to be able to easily determine what is a community issue and what is a personal issue
- Request submissions – let owners know the best way to submit questions or requests for the fastest response
- Reserve fund planning – mapping out replacement schedules and studies will assist with better budgeting
- Rule enforcement – in order to be fair and consistent with rule enforcement, a multi-property manager needs intuitive, flexible, and reliable digital tools to ensure violations are handled properly. Managing violations online aids with consistency and transparency. However, ensure that the tool supports existing processes and timelines
Continue to learn
Last but certainly not least, be proactive about expanding your knowledge and skillset.
Attend webinars, workshops, and conferences related to property management. While it might take a few hours away from your weekend, expanding your knowledge can help you adapt to changing market dynamics and implement innovative solutions that you hadn’t previously thought about.
You may also benefit from networking opportunities that can lead to valuable referrals.
Conclusion
Multi-property managers cannot and should not try to do it all the old-fashioned way. Instead, finding more time-friendly solutions, such as using property management software and revising manual processes, will improve the speed and accuracy with which work is completed.
Unfortunately, there will always be a long to-do list. But the good news is that you can now automate, offload, or at least streamline some of those tasks.
By eliminating repetitive manual work, using data to get ahead of problems, and leveraging technology, management companies will be able to free up some valuable time so they can take on new clients and continue growing their businesses.
