Assetsoft - Blog #property management analytics

Top 9 Time Management Strategies for Property Managers

Fri, 02 Dec 2022 20:13:33 -0500

Time is money when it comes to the real estate business. A property manager has a thousand different odd jobs on their plate every single day. Time management becomes a hassle for property managers when they get overwhelmed by numerous tasks. But no matter how tedious, they are all vital tasks to maintain and grow the business.

Here is a quick look at all the tasks property managers have to take care of,

Maintaining property rentals by sending ads and filling vacancies
Preparing and revamping old units to speed up sales
Negotiating with tenants and contract signing
Common area maintenance

Taking tenant feedback and resolving issues
Screen and approve tenants
Tenant onboarding and rent collection
Supervise on-site workers
Ensure all properties under the portfolio are legally compliant and habitable

File all taxes and insurance papers on time
Create maintenance and rent records to help during tax and CAM reconciliation season

Statistics have found more than 82% of workers do not have time management strategies. Are you one of them but still have too many tasks in your daily task lists? You need strategies to manage your time. So, applying some strategies and tips to improve time management is the only way forward and single-handedly managing all tasks. Read on to know more.

9 tips for property managers to cut down on the time waste

Here are 9 strategies to cut down on time wastage and improve your productivity as a property manager. Check them out.

Schedule everything on CRM software

There is a range of technology selections in project management that you can use to manage your time and day. The most efficient and cost-effective way to do this is using CRM software to schedule your day, including meetings, appointments, contract negotiations, maintenance reminders, etc.

The CRM software will send automated notifications and reminders about the scheduled work to you, and other parties involved and never let you miss any meetings.

Make detailed notes on each property under you

Every property has many different types of features; they might be overlapping or unique from other properties. But as a property manager, you must have these at the tip of your tongue. But if you have a diverse range of properties under your portfolio, then remembering each detail is tough. But buyers/tenants always have numerous questions during home viewings.

You need to make detailed notes about all your properties and study them so that you do not have to rework and overwork every time you show the same property to different customers.

Keep an open line of communication between the team members

If your portfolio has many properties, then you must have other employees working under you and reporting from the sites. You should always have an open line of communication with them; you can also use CRM to keep track of their activities and performances. Take feedback from them on everyday practical problems they face on sites and change your working and management systems accordingly.

Also, send immediate feedback on sales and unsold properties to your back office team to help them stay updated in real time. They can also change their strategy and leadership plans accordingly to speed up sales. Doing preventive maintanence is also a great option you would want to consider - and can be more cost-effective.

Write detailed FAQs on your website

There are many repeat questions that customers have about properties. Many of these questions may be generic at times. You can take some time and write detailed answers to these frequently asked questions and add them to your website. They will work as a self-help guide for your customers and save you a lot of time answering the same questions time and again.

This can also give you enough time to focus on other matters of importance like home tours and common area maintenance works.

Automate some of the repetitive tasks

There has been a lot of PropTech development in recent years, and many repetitive tasks can now be automated with new technology selection. Tasks like rent collection, CAM reconciliation reports, asset renewals, back office accounting, scheduling maintenance work, etc., can all be done with PropTech.

You can use property management software like Yardi and MRI software to automate these tasks and streamline your property management tasks.

Create a system for tenant screening and onboarding

A property manager also has to handle the tenant screening and onboarding process. But a selection of technology in project management can automate these processes. Things like running background checks on tenants, checking their criminal records, and verifying their financial status can be done.

Statistics have found that more than 1.64 million people in the USA are evicted each year for nonpayment of rent. A great tenant screening process is crucial to reduce the number of evictions and tenant turnover and save yourself the hassle.

Allocate a specific time slot to reply to customers

Hubspot stats have found that more than 90% of Americans value a good customer service experience. They factor in this when deciding if they want to repeat their business with a company.

Communicating with your customers and being available for them makes them feel valued. But if you constantly answer their calls and messages throughout the day, you will lose valuable business hours on this. It is better to allocate a specific hour in a day to answer all customer queries and resolve them.

Club similar works together

In the list of your daily tasks, you have a lot of similar tasks like bookkeeping, accounting, internal meetings, and looking through reports. Try to combine similar works into one slot to get them done faster. If you visit a particular area, try to visit all the properties in that zone to systematically handle the work rather than traveling to and fro.

Make checklists

Do checklists seem a little childish? They are really not. Hartford Business Journal reports say that checklists bring more organization to tasks, provide motivation to get work done on time and check off tasks from the list.

Property management with Assetsoft

Property management sometimes might seem like an endless task, but when done right, it can become much more profitable for your real estate business. If you need help with project management and technology selection in property management, then our Assetsoft team is here for you.

Get in touch with us to know more about our services!

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Everyday Tourism and the Real Estate Market around it r your post title

Tue, 02 Aug 2022 08:14:00 -0500

According to research, it was previously believed that housing prices were positively impacted by the growth of tourism around a location. But recent developments and findings show that the impact varies from place to place and also depends on the type of tourism around the area. Yes, tourism and the rise of the hospitality business most definitely help boost the local economy and the overall GDP of the nation, but it has other impacts too.

It disrupts the lives of the locals, the price of houses increases around them, and many places are overtaken by non-local, commercial businesses to boost tourism. What are they? There is only so much space left on our lands, and with the advance of tourism, many residential areas are being converted into tourist spots.

Housing affordability has been a forever issue in the US and European real estate market. And both of these places are quite popular tourist destinations as well. This is making it increasingly difficult for the average working-class, young, and low-income group to afford houses near their workplaces or even inside the city. The number of houses being built is much lower than the required amount.

For example, according to official records, New York had 500,000 new migratory residents between 2009 and 2018, but it built only 100,000 new housing units. Where did the rest go? Such big cities are major tourist attractions, too; New York alone hosted more than 66 million tourists in 2019. There might be enough houses to house migratory residents, but is there enough space to house tourists? Know more about how your everyday tourism is affecting the real estate market and what you can do about it.

Tourist Hotspots Raise Local Housing Prices

Many local residents stand the chance of being outpriced out of living in urban areas due to the massive growth of tourism. Not only does this cause a problem for locals, but it also causes a massive hindrance for the low-paid workers in the hotels and other facilities around these areas. However, they are used as workers in this hospitality industry; they hardly find any affordable places to stay, making it harder to reach work.

New research by the Office of National Statistics (ONS) has shown that housing prices in the UK showed a steep rise in 2021 around tourist spots like coastal areas and some rural areas. It increasingly becoming a cause of concern for low-income groups.

Real Estate Being Reimagined in Tourists Spots

At tourist hotspots, real estate is being changed and reimagined in many different ways. Here is a quick view of the significant changes that are happening and the ones affecting this shift.

More properties and land allotted for hotels

Tourism brings in instant profit, and hence many real estate owners, be it building owners or property owners, are now reassigning their resources towards tourism real estate. The transaction in tourism and hospitality is quicker, and this industry is booming. But this has a highly negative impact on the land, and the effects are long-term and harm the environment in more ways than one. According to statistics published by The World Counts, tourism alone degraded more than 1,747,493 square kilometers of land to date. Added to that, the carbon footprint of tourism alone is more than 8%, and most of it is not eco-friendly.

Residential houses converted to BnB

According to Forbes news reports, each 1% increase in Airbnb listings leads to an instant 0.018% increase in rents and a 0.026% increase in local house prices. These numbers are scary for residential tenants and house owners. Why? New Airbnb properties are listed every other minute, and if the property prices keep increasing in relation to them, soon they will be off the roofs.

Furthermore, AirBnb is not the only form of BnB in the market. As tourism brings in instant profit for people in travel-friendly locations, many residential buildings are being fast converted into BnB homes. Locals are losing out on their chances at affordable housing, and the pressure on tourism keeps increasing.

Excessive tourism makes real estate non-sustainable

Though there have been numerous efforts to make tourism real estate sustainable and make the industry more eco-friendly, is it really possible? Tourism is growing much faster than the world economy and it is very easy for the whole industry to become harmful to the environment and use non-sustainable materials for construction. When tourism becomes excessive, most developers and real estate businesses start using cheap, non-sustainable products to keep up with the rising demands.

As a property manager or construction manager of real estate, you can help this situation and make it a little better. You can easily integrate construction management software like Procore to stay on top of all environmental compliances.

You can keep track of the sustainability of your projects and do your part in helping the environment even while you develop your tourism real estate properties. You can take this effort a step further and use eco-friendly construction material to build your properties and bring down the overall carbon footprint of the tourism industry.

How can we do it better?

To strike the right balance between real estate tourism and residential real estate, as property managers or real estate developers, you need to make investments in affordable housing plans around tourist hotspots. This will help your tourism industry survive and make housing more affordable for low-income, young employees of the hospitality industry. These people not be driven out of their own localities, while the tourism business can also thrive at the same time.

To make a proper plan to streamline your management process, you need to boost your strategy and leadership. Even if you are in the tourism real estate business, your C-suite executives need to revisit their growth plans and make construction eco-friendly and management more sustainable. You need to branch out your strategies to make a holistic plan to include people from all sections. You can use the MRI software to manage affordable housing, automate the whole management process, and free up your valuable time to focus on other business matters.

At Assetsoft, we can help you integrate multiple different software and also help in better technology selection in project management to stay on top of all tech trends. Talk to us today to know more!

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10 Features you Need to Look Out for in CRM Software before Onboarding

Mon, 16 May 2022 07:41:00 -0500

Every business needs a CRM. The whole industry runs on customer interaction, handling them, and marketing to them. Property managers and owners use this software to understand their buyers and buying patterns. This, in turn, also helps in better project management and budgeting and forecasting of the needs of the company.

There are numerous CRM software out there in the market. How do you choose and understand which is the right one for your business? Read this blog to get a better understanding of it.

Understand why you need the CRM software

The strategy and leadership of your company need to plan out the needs you have from CRM software that can help your real estate business. There are many features to look out for: data analysis, email handling, customer service, workflow automation, and employee tracking.

It can do much more than organizing your contacts list; you need to have a detailed pre-safety onboarding plan to understand its full potential. Do not let important work fall through the cracks because you forgot to ask for specific features in your SaaS integration plan.

Top 10 features that you must have in a CRM software

MindK research says that more than 32% of real estate businesses are unsure about the CRM software they are currently using. To not be one of these businesses, you need to look for these features in your CRM software and understand which ones would work best for you.

Workflow automation

Most CRM software providers also provide automation options. When potential tenants fill out forms on your website or raise a query, this software can send automated replies to quicken responses. This software also keeps logs for these inquiries and calls to understand the performance of the company. It also helps report all work to management and helps them manage better. Follow-ups with clients or sending reminders can also be automated because they are repetitive tasks that can be pre-programmed into the system.

Customer service

Many CRM software providers also have AI-based chatbots to send quick responses to customers. They create unique reference number for all clients, tracks queries, sends reminders if not resolved, and automatically tracks all points of contact.

Third-party integration plans

A third-party integration plan for your CRM software is the best way to let it co-exist with your other property management software. At Assetsoft, we can help you seamlessly integrate multiple CRM software solutions like Zoho, Office 365, and Salesforce. No matter what your need, we can help customize multiple features based on your demand. A third-party integrator like will never lose any data during integration or stop your work when a new system is installed.

Employee work and performance tracking

In a real estate business, employees and agents are always on the move to interact with clients and make sales. It is physically impossible to track them individually. Ensure that your CRM software has an employee performance, sales, and work tracking feature to help you make a better assessment.

Built-in social media handling features

Having this feature customized and integrated into your software will ease the life of your marketing team. It will help you draw useful insights about customer needs and rethink your strategies accordingly. Sending our marketing emails, push notifications, and you can even track when they are talking about your brand on social media platforms.

Lead generation and management

The right technology selection with CRM software can help you convert stored contacts into effective leads. It will help keep track of these leads and take actions to convert them into sales. Your CRM software must provide this feature to help you stay ahead of the competition in the real estate business.

Real-time data generation

Any CRM software dashboard can be remotely accessed so it can be updated with data in real-time. This makes it easy for all agents and property managers to keep track of their real estate inventory from any location. Be it sales information or vacant properties; everything can be updated immediately to avoid any roadblocks.

Sales forecasting plans

MindK data says that sales increase by 29% for real estate businesses after a proper CRM software integration and sales accuracy by 42%. This, in turn, helps your company properly handle your budgeting and forecasting for upcoming days. It also tracks data from current clients in the pipeline to increase sales forecasting accuracy.

Email integration

Keeping in touch with leads and potential customers is one of the best ways to drive up sales. So make sure your CRM software provides this feature of email integration to help you keep track of your work emails through the same dashboard.

As per Oberlo market research, they say that on average more than 49% of humans would love to receive emails from their favorite brands. So make sure to keep sending offers and marketing emails to potential customers you have developed relations with.

Proposal and contract management

Contract and proposal management features can be customized and integrated into CRM software. In any real estate business, there is a lot of to and fro when a deal goes through. A lot can happen with this software, from negotiating with clients to filling up customer detail forms and drawing up contracts.

CRM integration for your business with Assetsoft

A proper CRM software can help real estate businesses of any size, and helps streamline your workflow processes. At Assetsoft, we can help you integrate the latest CRM software along with your existing property management software. Our team of technology experts will be there for you every step of the way, from employee training for the new software to providing customized solutions to your specific needs. We will guide you to better project management with our assistive technology implementation plans.

We also help real estate companies integrate other property management software solutions like Yardi, MRI Software, MiCasa, Expense Management solutions like SAP Concur, automation solutions like UiPath, cloud solutions like Microsoft Azure, etc. Consult our tech experts to understand which one works best for your business.

Book a call with us to know more in detail, and talk soon!

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Best Property Management Practices For Better Tenant Retention

Wed, 13 Apr 2022 23:54:25 -0500

Higher tenant turnover means a huge dent in the pockets. Property managers and owners both agree on the excess expenses they incur with each turnover. From fresh property inspection to repairs and finding new renters is a lengthy and expensive process.

The cumulative cost of a single tenant turnover can cost somewhere between $1,000 to as high as $2,500. As a property manager, this data is sure to have you worried.

Best property management practices for better tenant retention

Are you a property manager who has been facing a huge loss of tenants recently? Has the rising loss of rent kept you worried? You can start using these proven strategies for better tenant satisfaction and retention.

Smooth communication

Good communication is one of the oldest and most approved forms of project management best practices. Be quick to respond and fast to resolve issues. If the high number of tenants make it hard for you to individually pick up calls you can start using the software. A property management software like Yardi can help ease the process. You can address/manage and respond to all issues right from the dashboard and solve them immediately.

Our team at Assetsoft and the Yardi consultant is here to customise the software based on your property management needs. We will also make the tenant data migration and user training trouble-free for a better user experience.

As many as 68% of people are even willing to pay more if they receive good customer service. Get why you need to better your customer service plans?

A seamless tenant screening process

You must start a thorough tenant screening process to understand the pulse of the situation before onboarding. If you as a property manager fail to understand the true potential of a tenant then you are up for a lot of risks. If you find the process a bit too much you can start using set question templates that you put out on your management website. All of these can be easily done with the MRI software for property management.

The MRI services will help you automate the screening process, background checks, security checks and much more. Shed the dependency on manual screening processes and save time and effort with a new age property management software.

Good maintenance of property premises

As a property manager, it is one of your primary duties to keep the property in good, habitable conditions. Lease renewals will go down if they are not prompt to solve maintenance issues. It is a tenant's fundamental right to a proper livable place when they sign an agreement. If you do not keep up to these rules then not only do you stand to lose the tenant. You can also face legal charges, furthering your harassment.

Start lease renewal incentives

When the time comes for lease renewal, start providing extra offers and incentives to benefit your tenant. Reward your good tenants, this will give you an edge while contracts are renewed. A small incentive can go a long way.

But it can be a long drawn process if you do it physically. Instead, when you use property management software, you can integrate these features into your system. You can simply upload the free benefits with the rent renewal applications on your user dashboard.

Survey market rate of rent

You must know the market you are leasing properties in. In-depth knowledge of what the market rates of leases are in your area, the spending capacity of your potential clients can give you an edge. Knowing this you can even offer small rebates on your lease plans.

Market research says property rentals increased way more than property ownership post-pandemic. If you do your research well you can leverage this data to provide attractive offers on leases. This will give your tenants enough reason to renew contracts and stay back long term.

Keep little space open for flexibility

From online rent collection to leniency in collections, you can show a lot of flexibility for long-term residents. It is extremely hard to find good tenants and you must try your best to retain them. The pandemic has for sure made us realise the impotence of unforeseen situations in our daily lives. You need to be open to new forms of tenant interactions and relations when there are genuine problems at play. This will help you develop long-lasting relations with tenants resulting in better retention.

Always provide proper paperwork

When it comes to lease and property papers you need to make them perfect to the T. Following all guidelines and regulations while making them is crucial. You need to ensure this to avoid any legal and insurance battles at a later stage.

If you have a property management software in place then getting information from your tenants can become virtual and hassle-free. You do not have to knock on doors to get the ball rolling on the lease papers. This will ease the life and work of all parties involved. From filling out information forms and proofing data given by your clients, you can do it all on your software dashboard.

Get the Best Property Management Software Today!

A property manager being dependable and accessible at all moments of crisis is the best way forward for the real estate business. If you are a property manager of multiple properties then this task might be a little too hard for you. This is exactly why you need the Yardi services or MRI software to take care of your property management needs.

Assetsoft is here to help start your journey with these software. From asset management to project management, the possibilities are endless when you onboard these software. We will guide you every step of the way to integrate and customise them based on your specific business needs.

So, why wait? Call us right away and book a free consultation session with our experts to discuss more on your business needs. Let us help you into a life of seamless property management.

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The Top Property Management Analytics You Need To Follow

Fri, 02 Jul 2021 09:36:20 -0500

The financial health and growth of the company are priorities to every property manager. As the industry has begun adapting technology, property management analytics are also changing. Whether it is tenancy, lead generation, or marketing, you can understand it all through modern data analytics. In real estate, data evaluation helps improve business performance and forecast financial growth.

Some metrics provide better evaluation of your company’s growth. With technology, identifying and using key analytics has become easier. We provide you with a list of top property management analytics that you can use to evaluate your business performance.

Why use property management analytics?

Real estate data analysis reveals a lot about consumer behavior. Analytics can change the way you build your business model, manage human resources and plan expenditures. For example, you can refine your marketing strategy by analyzing the lead origin rate from different platforms.

In 2019, more than 35% of real estate professionals planned to invest in predictive analysis. If you want to be ahead of competitors, you need to up your game using property management analytics.

You can use several metrics to evaluate the performance of your company, staff, and agents.

The top property management analytics that you need to know

Your business performance does not solely depend on profit. Other metrics can give you more information on the future performance of your company. They also provide scope for improvement by identifying problem areas. Choosing the right metrics depends on the size and type of your business. Some metrics can provide insights into your company’s overall performance. Others focus on a single area or group such as your leasing agents.

These analytics either compare with your past performance or your competitors. Here are the top analytics you can use to evaluate and improve business performance:

Tenant turnover

Analyzing tenant turnover can tell you a lot about your apartment management process. According to Resident Rated, the average tenancy duration in the US is 27.5 months. Usually, the turnover rate is higher for smaller apartments, as tenants look for more space. It is also higher in urban areas than in rural areas. If your tenant turnover is above average, it can be due to many reasons. Infrequent maintenance, outdated amenities, and high rent can make tenants leave. By evaluating the turnover rate, you can improve your property management strategy. You can also ask for feedback from residents that are leaving. This can give you a tenant’s perspective on how well you perform.

Occupancy rates

The occupancy of your properties drives your profits. Every property manager should know their occupancy and vacancy rates. While a 90% occupancy rate looks good, it can improve if the area average is 97%. Understanding what drives occupancy in your area can identify problem areas.

But having higher than average occupancy rates also indicates inefficiency in business. You may be charging lower rent or providing better facilities at lower costs. Though this looks attractive, it could affect your ROI.

Number of calls answered

Most real estate prospects communicate through calls. According to Leasehawk, leasing offices miss 49% of the total calls they receive. Tracking your calls can help you evaluate your communication strategies. If you miss out on too many leads, you can use software to automate your calls and emails. Property management software like Yardi and MRI have inbuilt tools to handle lead communication.

Outstanding debt

Outstanding debt owed to you is an excellent metric to analyze the company's cash flow. Having a high number of arrears indicates inefficiency in rent collection. You need to look into any situation where the rent is consistently late. You can manage rent payments through property management software. One way to reduce arrears is to provide digital payment options to tenants. They are quicker and more secure with financial data.

Lead conversion rates

Even if you have a high lead generation rate, the real metric you need to analyze is lead conversion. A low lead conversion rate means that you are not doing enough to move the lead through the sales funnel. Most sales are achieved after multiple follow-ups. But 44% of salespeople do not continue lead nurturing after a single follow-up attempt.

Improving your lead nurturing strategy can increase conversion rates. You can follow up through phone calls, emails, or even text messages. Make sure that your communication includes information that piques the lead’s interests.

Average days-to-lease

Rental properties can take some time to get occupied. The longer it stays vacant, the more rent you miss out on. You can compare your average days-to-lease by the area average to know if you are lagging. If your days-to-lease is below average, it could be due to several reasons. Are you advertising enough? Are you marketing on the right platform? Is your lead nurturing plan effective? These are some questions you can consider to decrease your apartment vacancy durations.

Tenant satisfaction

Measuring tenant satisfaction is a great way to know about your property management processes. You can understand your tenants' needs as well as get feedback. The best way to measure tenant satisfaction is through periodic surveys. Improving tenant satisfaction can have a positive long-term impact on the company’s revenue. It can also control the turnover rate and increase tenant retention.

Inventory of properties

As a property manager, your business keeps running on the inventory you have. Keeping track of the number of properties gained and lost can help increase inventory.

You can evaluate the effective strategies that led you to gain many properties. You can reduce client turnover by implementing similar plans. Similarly, you can identify mistakes that led you to lose properties. Rectifying your marketing strategy can go a long way in increasing your inventory.

Repair and maintenance costs

Most property managers do not keep track of repair costs, especially if they are minor ones. But these can add up over time to show as a significant expense. Evaluation of maintenance costs poses several questions.

Are most of these repairs actually required? Do you compare market prices to understand the cost of a repair, such as pipework changes? Often, you could be overspending on repairs without even realizing it. This can be revealed if you keep track of all your major and minor maintenance costs.

Property management fees

As a property manager, you may charge variable rates for different services. But if you have been losing clients or not getting many in the first place, it's time to look into what others are charging. Do you charge too much? Are you providing good services for your mentioned fees?

Conversely, you might be charging too little, especially if you are a beginner. This can get you many clients but limit your profits. Compare your fees with other property management services in your area. Also, compare your services to know if you have to increase or decrease your charges.

Rent-ready costs

Tenant turnovers are inevitable. When a tenant vacates a unit, you incur additional expenses to make the property rent-ready. Many property managers follow a standard procedure for making the apartments ready for renting again. This can involve repainting, renovations, and repairs.

Many of these expenses can be unnecessary. If a tenant has left the property in a good condition, you may not need to paint it again. Calculate the average costs to make each apartment rent-ready and identify expenses that can be avoided. Make sure that you do not compromise on the quality to decrease costs.

Revenue growth

Revenue growth sums up all other metrics to show you the overall performance of your company. Unlike most analytics, revenue growth is easier to understand. Many digital tools analyze revenue to provide easy-to-understand visual reports. A simple look at them can tell you about the well-performing areas. It can also show you what areas you can improve on.

If you find a change in revenue, you can utilize other metrics to determine the problem area. Similarly, you can use the metric to identify effective strategies to improve property management.

Use technology for better analysis

Most analytics depend on the evaluation of huge amounts of data. Property management software makes it easier to organize and analyze data to generate useful reports. The manual analysis takes a lot of time and can also be inaccurate. With digital tools, reports are more accurate and quick.

According to a McKinsey report, 85% of the participants have digitized their companies post-pandemic. If you automate your data analysis process, it puts you at an advantage over your competitors. Property management software also provides better data security. Investing in good software can not only help with analysis but also other real estate processes.

Automate your property management analytics with Assetsoft

Want to improve business performance through data analysis? We can help you!

At Assetsoft, we use the best software such as Yardi, MRI, and UiPath to provide complete property management solutions. We integrate the required tools according to your needs. Our services include software implementation, training, and technological selection. We utilize AI-based tools for data analysis.

You can get accurate reports and also customize your input through AI software. Apart from that, Assetsoft can automate all your real estate processes. Through RPA, voice integration, and IoT, we can simplify your whole property management strategy.

For more information, book a consultation with Assetsoft!