The real estate market forecast for 2018 is very positive. That should result in property investors growing their portfolios. Perhaps you’re thinking of increasing the number and variety of rental properties in your portfolio?
If you’re struggling a little in managing 5 to 10 properties, and finding the paperwork, person to person communication, and controlling/managing contractors too much, you might become overwhelmed soon.
Before you jump to the conclusion that you need a property management company, consider that that arrangement would wipe out your earnings.
You’re in property investing to make money and perhaps do this full time. The potential in this market is amazing and you should be able to do this on your own. That might let you travel and still be able to manage those properties without the usual worries. It’s the best property management software that’s going to let you do it.
Sure, stuff does happen if it’s allowed to. Property managers get buried and burnt out, because their management system doesn’t manage tasks and annoying issues that always happen. Of course things go wrong at the units. Of course they’re late paying rent. Of course they have trouble with their lease agreements.
A good software solves the micromanagement stress for the landlord or property manager so you can respond when you absolutely have to. That’s efficiency.
It’s the Time and Stress Eating me Up
Yes, property managers fret over the long hours, emergencies at any hour, paperwork, and constant multitasking managed daily. The work might be physically and emotionally consuming you and you’re likely exhausted, befuddled, and procrastinating. That’s serious.
Some suggest this is normal, that tasks happen and there’s no way to get out of it. They have to turn their approach to property management upside down.
No Good Deed Goes Unpunished
A recent incident I’m reminded of is with a property management firm which a friend of mine was temping with. The property manager was falling behind on repairs and maintenance. Were temps going to fix the business issue?
An angry tenant actually confronted a man in the company office who wasn’t even working with the property management firm. He was helping out from the goodness of his heart. She added another complaint that poor snow removal was keeping her out of her unit. She was hostile and began venting her anger on the man. He was flustered and eventually lost his cool. It wasn’t a nice scene and relations were definitely damaged.
The avalanche of little problems reminds us that when the big stuff doesn’t get done, the little spin off issues can bury you. The modern approach is to make the sure big stuff gets done quick and the little stuff doesn’t even happen. That means optimizing operations so less paperwork, less interpersonal assistance, and fewer location visits are necessary.
The best way to launch this simplified approach is with simple property management software. The best software helps organize with a top down approach, one that prevents or minimizes the drain on your time. And it respects tenants and contractors time too.
Getting modern Means getting efficient
The right software can let you focus on the key issues giving you trouble and raising costs . It’s not all the possible features, widgets, and tech enhancements you need in a property management solution. It’s the right ones.
The property management firm cited above had software, but it didn’t solve their real issues, it only helped add a layer of management and tasks.
Focus on the Top 3 Benefits:
1. reduce paperwork and help you stay on top of things
2. reduce time spent with tenants and dealing with micromanagement
3. let you manage anywhere, anytime and improve communication
If you’re going to grow your rental property portfolio, efficiency is key. The best software helps you achieve a top down management philosophy that prevents wasteful micromanagement.
If you’ve procrastinated on reviewing software alternatives, we understand. You’re in one of the most demanding and complex areas of business.
Take a test drive of a secure, cloud-hosted rental property management solution that’s also scalable for your future needs. Anytime, anywhere and it doesn’t inundate you with all sorts of useless features and dashboard tasks.
Get focused, and make more revenue in 2018.