Assetsoft - Blog #property management software

How Many Properties Can a Property Manager Manage?

Fri, 10 Mar 2023 00:30:40 -0500

Property managers fulfill a demanding role in the real estate world. From dealing with irritable owners to finicky tenants, their day-to-day routine is rather challenging. And that's why they don't shy away from flexing their brain muscles. But how many properties can you manage as a property manager?

What is the Role of a Property Manager?

Real estate investors and homeowners generally hire property managers to let and oversee their properties. After purchasing a building or an apartment, these investors give out these spaces for lease.

To generate passive income from these properties, they will hire a property manager to oversee these responsibilities. Depending on the type of service they provide, these professionals usually take care of the following

Rent collection

Property budget management
Handling maintenance requests
Overseeing repairs

In most cases, a single property manager will handle up to 40 different properties. However, this is not a fixed number. Depending on the scale of their operations and the size of their team, a real estate manager can manage anywhere from 50 to 200 sites.

Factors Affecting a Property Manager's Portfolio

Property management is not a uniform system, and not all managers have the same number of properties under their belt.

A rent roll isn't just a simple number - different properties require different types of management. Factors like location, property size, management team, and more influence the number of buildings a real estate manager oversees.

For example, for a one-man team, it may be difficult to handle more than 25 properties efficiently. They will have to stretch themselves thin to satisfy the demands of tenants, property owners, and administration.

However, if they were to team up with a larger conglomerate or even form a group with other property managers, they would be able to manage their sites more efficiently.

Additionally, working with automation and property management software can also increase their property holding rate. Additionally, the following factors also influence a property manager's portfolio

Type of Service Offered

Not all property managers offer the same service. Based on their understanding/contract with the owners, a manager will either offer a basic standard service or end-to-end property management.

The former is a pod-style system, meaning the manager will handle only the basic administration roles. The areas under their purview will thus include rent collection and property maintenance. In these cases, the manager fulfills the role of an administrator.

However, end-to-end service is a more sophisticated system requiring a few sales-based skills. With this service, the manager will look after the property's administrative needs, including rent auditing and account processing. However, they will also have to take care of the leasing, the property introduction, the BDM as well as the marketing.

The latter service will give property managers a bigger cut of the check. However, with the added responsibility, a professional offering end-to-end management will not be able to manage as many properties as someone providing a basic administrative service.

Property Location and Condition

Simple but crucial a property's location and condition determines the number of sites a real estate manager can oversee. For example, if they are handling multiple units in the same building, the work will be easier for them.

However, if the units are spread over a large distance, it can be an issue. Routine inspections are an important part of a property manager's role. Thus traveling between multiple setups for maintenance calls can be draining.

Compared to this, managing multiple units in the same building makes management easier. With such a setup, a real estate manager will be able to oversee more properties.

Similarly, an older, dilapidated building is also more prone to damage. These structures will require more frequent repairs and maintenance than newer structures. Any professional will find it difficult to manage a large number of properties like these.

Experience/Vendor Contracts

For real estate managers, the rule is simple - the more experienced you are, the more properties you can manage.

This role is sometimes more about managing people than properties. Since these professionals have to deal with people every day, interpersonal skills are integral to their success.

Any experienced property owner will know how to handle tenant outbursts, maintenance issues, or owner complaints professionally. Over time they hone their people skills to tackle all issues calmly.

Another important factor that accompanies industry experience is vendor contacts. To run a successful business, a real estate manager has to have access to service providers like electricians, plumbers, contractors, and more. These contacts take years to build and maintain.

Thus a new manager cannot simply take on the responsibility of over 50 buildings without access to such service providers. Only experienced professionals will have the means and the relationships to take on the demanding role.

Additionally, over the years, property manager also usually acquires and maintains an efficient team around them. With the help of their employees/assistants, they can oversee more properties. With more bodies, a manager can delegate routine work and focus on the more pressing issues.

For higher work output, the team can even take management courses and training. These will help them take on more management roles in the future. Additionally, local laws may also sometimes dictate the limit of properties a single property manager can manage.

Why do You Need the Right Real Estate Software?

However, with the rising popularity of CRM software and technology in real estate, the rules of the game are fast changing. For example, with a Yardi installation, a single manager can oversee more properties than ever before.

Using this tech, they can automate routine, menial administrative tasks while they focus on the groundwork. With a CRM setup, a real estate manager will be able to create a virtual assistant for jobs like lease creation, contract renewals, vendor management, rent arrears, lease violations, and more.

With a cloud-based system, these professionals will be able to streamline their business model. Using automation and real estate management software allows them to store data securely and efficiently. Additionally, these systems also give them access to owner and tenant portals. Property managers can also use this system to set up their process servers to post eviction notices and create online tenant booking systems.

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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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YASC 2022 is Here! Anant Yardi Starts it Off With an Inspiring Speech

Thu, 01 Sep 2022 14:54:21 -0500

Assetsoft is attending YASC 2022 in San Diego between August 31st to September 2nd and we are looking forward to meeting in-person with both current and prospective clients. As always, if you are looking to extend leading property management solutions such as Yardi, we are your trusted partner to get it done on time and within budget.

Anant Yardi, CEO of Yardi Discusses Industry Outlook

On August 31st, Anant Yardi kicked-off the conference by highlighting his view of the state of the real estate industry, post-pandemic.

Yardi believes that changes accelerated by the pandemic, such as working from home, have triggered a new growth phase as many employees are now free to work from anywhere. This means that they are now looking to purchase properties farther afield, driving up valuations especially in warmer parts of North America such as Arizona and Georgia in the Southern belt.

He also pointed to renewed growth in both multi-family and single-family homes in North America, with 1.2 million new single-family units built in the past year. He estimated that 20 to 25% of these properties have been purchased solely for the purpose of renting them out.

In addition to this “build-to-rent” model, another trend is the emergence of innovative companies that help young people gradually build equity in their homes through rent-to-own models, which could be accelerated through government subsidies and tax incentives.

Finally, Anant highlighted the growing role of technology in the industry, specifically AI, which could help players across the value chain reduce costs, grow revenue, and achieve greater operational efficiency. This could include incorporating Internet of Things (IoT) into properties to enhance property management and increase asset life.

Drop by our Booth at the YASC 2022 San Diego

Visit our booth at YACS 2022 to learn more about how Assetsoft can help you implement, rollout and maintain Yardi and other solutions or see our website at www.Assetsoft.biz for more information.

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How to Set up a Virtual Tour Plan for your Real Estate Viewings?

Thu, 30 Jun 2022 19:51:44 -0500

The use of Virtual Reality (VR) was already on the rise in the real estate industry, but the travel restrictions pushed on its increased usage due to the pandemic. Virtual home tours are 3D and 360-degree home tours that help customers interact with the homes under your portfolio. They can see features and every detail of the house up-close without having to set foot inside the house.

Many real estate agents and business owners still do not invest in virtual home tours and remote viewing options, thinking about money and time used. But this is the best solution to get you a great USP and edge over your competitive brands. If you follow all the proper steps and plan your strategy and leadership correctly, this will not cost you a considerable amount.

But this will also pay off in the long run and positively impact your ROI. Read our article to find out how you can effectively set up a virtual tour plan for your real estate viewings. We have great insights on the matter and can help you make it budget-friendly and dynamic at the same time. Read on to find out.

Why VR tours for Real Estate Viewings? The statistics speak

Zillow's (2018) research reports on customer buying patterns rightly point out that more than 79% of customers purchase homes online these days. They do their research online, and your online presence and the kind of virtual tours you offer will make your listings stand out. About one-third of this crowd also insists that virtual home tours are essential for them before they make a judgement.

According to present reports by Snappr, after the pandemic, the numbers have gone up even more. More than 97% of people looked for homes online in the two years of the pandemic. More than 75% of these people also said that VR tours of homes helped them in making a concrete decision about purchasing a home. More than 63% of these people even made offers on the homes they had just seen online or on virtual tours even without setting foot inside the homes. This is exactly why you need to start investing in this new selection of technology in project management to tap into this tech-savvy homebuying market.

7 steps to creating a VR tour for your properties

Confused about how to go about it? Are you new to this tech usage? We can help. Follow these seven easy steps to set up your VR tours and get started soon!

Choose the right software and equipment

There are multiple different software and technology selections out there which are the talk of the town when it comes to VR. But as a real estate property manager, you have to find one which works best for your real estate business and is not just VR for general usage. Do not get intimidated by the umpteen number of options available in the market; that is one of the biggest reasons why many real estate property managers backtrack from the idea. If necessary, make a list of everything you want to achieve from this virtual tour and start the technology selection process to streamline the process.

Beyond the technology selection, you also need the proper equipment to shoot the virtual tour, edit it and upload it. Some virtual tour cameras are very affordable these days. Do your market research and invest in one.

Plan what you want to show

We get that everybody is not great with photography, so do not let the process scare you need to planning ahead. Make a script for all the shots you want and the property features you want to highlight. Talk more about your property’s USP but also highlight all the essential features to attract the right set of customers.

Decorate and stage each room

A raw room or property will never look nice in photographs, no matter how good your listings are. You need to stage every room before you start shooting to avoid bad shots. Decorate with fine elements and do a minimalist job to give the customers a clear idea about what their furniture would look like around the home.

Do a few trial shots

Without a professional photographer, it is a must that you do a trial round of photographs and understand which angles work best and which light setting, or color schemes do justice to your property. Move ahead accordingly.

Always use a tripod

Do not let your shaky hands do the shoot; you need to use a tripod to stabilize all shots and get a professional video.

Create your virtual tour

A raw video on camera does not do justice to your property listing. Finetuning it with proper editing is crucial to get the best results. Once you are done shooting the video, you must remember to edit with a professional tool.

Share the tour

When you are done with the process, you will need to upload it to your system with an online link and also ensure that the video quality is maintained in the online version.

Expert tips when Using VR for Property Viewings

Try to use natural light

Shoot the whole video in natural light. If you are not a professional photographer, handling artificial light can be daunting.

Can shoot with a phone camera

If you do not want to invest in the whole photography equipment set, you can also try to shoot the video with a good phone camera, but the tripod is a must even with that.

Try to hire a professional for the virtual tour

Does this whole concept of virtual tours and all the tech usage seem like a nightmare to you? Well, it is not. With the right strategy and leadership, and guidance in technology selection, you can crack this thing open in no time.

Get outsourced help from our tech experts at Assetsoft, and let us discuss more on the kind of technology selection you need to streamline the process and start your virtual tour journey.

Invest in virtual home tours now, or you will fall behind soon! Talk to us to find out more about our services, and let us plan your way ahead.

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7 Key Questions to Ask Before Onboarding a Property Management Partner

Thu, 26 May 2022 16:49:52 -0500

Hiring the right property management partner for your real estate business can seem time-consuming. For property managers, that's more true. They are the ones constantly doing the tenant interaction and becomes the face of the company. Many of these people can be highly qualified, but finding the right suited match for your business needs is essential. As a real estate business owner, it is a basic necessity to have a smooth property management plan.

To make this lengthy process easier for you, we have compiled a list of essential questions you must ask your property management partner before onboarding.

Why hire a property management partner?

If you are paying money to get your property managed then you need to ensure get good value for your money. No real estate business hardly has 10 - 15 properties under them, most of them deal in hundreds of units. Keeping track of all of these is a daunting task and needs a property manager who can work in a fast-paced and constantly changing market. That is why hiring an experienced property management partner is the best solution to streamline the managing process.

Property managers and agents need to be constantly updated about the market be extremely responsive. Why? National Association of Realtors (NAR) research reports says more than 98% home buyers want someone they find reliable. Among these responders, 9 out of 10 home buyers want their agents to be updated with market rates and property issues.

7 key questions to ask a potential property management partner

So, how do you decide which property managing partner is the best fit for your business that goes beyond their qualifications on paper? Here is a carefully curated list of key questions you can ask a property management partner before getting them on board.

How much experience do they have in handling real estate properties?

The right qualifications are just the beginning. You also need to ask your property management partner how many years of experience they have in handling properties and projects. Real estate property deals are of many kinds, from single residential homes to multi-family homes to restaurants, malls, warehouses, hotels, properties can vary. Every type of these businesses need different business abilities and experience. You need to make sure that your partner has specific experience in the field that your property dealings happen in.

What kind of property management plans do they offer?

Property management has many different needs, rent collection, tenant onboarding, tenant eviction, common area maintenance, property listings, tenant screenings, sales, home tours and much more. Before you partner up with a property manager you need to tell them your business needs and also get a holistic understanding of which of these services they offer under their purview. You will lose out on money if you hire a property manager who does not offer all the property management plans you need to smoothen your business process overview. The strategy and leadership team at your business needs to think this through before making a decision.

How are the property management fees divided among parties?

If you are a real estate business owner or landlord and get a third-party property management partner, they will take a portion of the management fees. Before cracking a deal, all stakeholders must agree on the share of management fees they are entitled to with each sale and each customer onboarding.

Do they use any property management software to automate the work?

Property management data collection is a necessity for any business with growth plans. Getting customer data, feedback, making logs and registering these information is crucial to understand buying patterns and improvement areas. According to UNITrends market reports more than 94% of companies that suffer from data loss do not recover from it and have to call for bankruptcy.

These can be solved with the use of latest property management software like Yardi project management or MRI software services. From data collection to rent collection or even accounting and budgeting and forecasting work can be automated with these software. Ask your property managing partner which software they use to streamline your work and ensure you get to leverage the best tech in the market.

Ask if they are real estate investors

Many property management firms and staff are real estate investors and property owners. As a fellow real estate business owner, you need to know who you are dealing with before making a move. Be upfront about it; you can not afford to lose out on business if your property manager themselves own properties and make sales at your expense without sharing profits with you.

Ask if they do the marketing for properties listed with them

Property management also includes sales, which should include the marketing o listed properties. You must ask if your partner provides marketing strategies for your units to drive sales and what they charge for these extra services.

Ask if you have any say in the lease agreement terms & conditions

As a landlord or real estate owner, you can have a say in the terms and conditions of your lease agreement. So, you need to ask your partner how much you can influence the agreement terms in a lease when they are managing the properties on your behalf. Ensure this to stay in control of the happenings in your properties even if you do not mingle with them every day.

What’s next in real estate property management?

Real estate business owners need to get the best of both worlds to taste success. Property management includes human resources and a good technology selection to make the process more inclusive and quick.

At Assetsoft, we help your property managers onboard the latest property management software into your system to ease the process. We can even provide you customized features to let you manage your properties much better with the latest software in the market. From employee training for the software to completing SaaS integration, our team of technology experts do it all.

Talk to us 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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Top 6 Time-Saving Strategies Every Property Manager Should Know

Mon, 18 Oct 2021 07:00:00 -0500

The real estate industry is highly demanding. Property managers need better time management to handle multiple responsibilities better.

While technology can make things easier, are you using it the right way? Our tips combine technology and human resources to create effective, time-saving strategies. Whether you work alone or as a team, these strategies will help you increase productivity in your business.

1. Document Everything

The first step to saving time is to know where your time goes. As property managers, you need to wear multiple hats throughout your day. Documenting the time spent on each task gives you a better idea of where you can save time.

Keeping your time unaccounted also costs you money. According to Finances Online, companies lose a total of $7.4 billion every day due to unrecorded activities.

Other than time, you need to keep track of all property management data. Even if they look trivial, documenting the number of tenants, unoccupied properties, and even small maintenance tasks can save you time in the long run. At the end of the year, this makes inspections and tax seasons smoother.

2. Use Online Payments

Accepting rent through checks comes with the hassle of running financial errands. They are not just time-consuming but also outdated. A report by Payments Canada stated that an increasing number of Canadians prefer online payments to cash or cheque.

Accepting online payments is quicker and comes with many benefits. For starters, every payment lands directly into your account. You don’t need to run to the bank to cash the checks or deposit the money. Additionally, digital methods help tackle late rent payments. You can set monthly rent reminders, so tenants don’t miss out on rent. Tenants also have the option of setting up automatic payments, which recur every month.

Online payments also document all transactions, so you don’t have to keep track of them separately. In case an eviction is inevitable, you can submit these details as legal evidence.

3. Schedule Team Tasks

For 32% of property managers, efficiency is one of the biggest business challenges. You can tackle this problem by delegating your tasks effectively. Checklists and forms are excellent mediums to keep track of your tasks. By noting down all the delegated activities, you can better manage your support team. But instead of manually maintaining the checklists, you can leverage property management software.

Property management software has scheduling tools and dashboards that help you keep track of the tasks. For example, if you assign a maintenance request to an employee, they can update the progress and completion through the software itself.

By providing access to your support staff, they can assign new tasks or take over pending ones. This increases the overall productivity and efficiency of your employees without much interaction from you.

4. Screen Tenants Using AI

According to My Smart Move, tenants with previous eviction histories are three times more likely to get evicted. Evictions are costly, but you can prevent them by thoroughly screening the tenants.

Even though tenant screening is essential, it is also taxing. A manual tenant application process can get time-consuming, especially with unsolicited phone calls and emails. Instead, you can opt for an automated tenant screening process using AI-backed chatbots.

You can set your criteria and create an online form through the bot. The bot will collect tenants’ details and automatically reject any application that doesn’t meet the prerequisites. This saves the time of both property managers and tenants, as the process is almost instantaneous.

5. Use Online Communication Channels

Communication is vital to run any business. And as a property manager, this communication is not only limited to your clients and staff but also your tenants. For effectively managing these communication requirements, you can use owner and tenant portals. These portals support both group and individual messages.

If you have any changes affecting all your tenants, such as a change in common amenities, you can use mass texting. But if something affects only one tenant, such as a change in the lease agreement, you can also communicate individually.

6. Outsource Tedious Tasks

As a property manager, you have multiple responsibilities such as managing tenants, advertising properties, and talking to clients. Instead of handling everything, you can outsource some tasks to save time.

Accounting and IT services are commonly outsourced tasks, with nearly 37% of businesses outsourcing them. Companies such as Assetsoft help property managers with lease abstraction, CAM reconciliation, and back-office accounting.

Other than saving time, outsourcing has many benefits. As companies only pay for the amount of work, outsourcing ends up saving expenses for the business. It also lets you hire expert resources and high-end technology at a fraction of their price. As most service providers operate remotely, you can also save office space and employee expenses.

Many companies also try a hybrid approach by delegating tasks to both in-house and outsourced employees. This helps them attain stability and accountability while also leveraging a scalable resource.

Leverage Property Management Technology Through Assetsoft

Property management software comes with many features such as accounting, CRM, and rent payment. At Assetsoft, we help property managers leverage the best features through software integration.

Not every software suits your business requirements. We understand your needs and create customized software for your business. With a combined experience of over 30 years, Assetsoft aims at helping property management firms with technology and expertise.

With us, you can not only automate your processes but also outsource your business tasks. We have experienced teams who are dedicated to back-office accounting, CAM reconciliations, and lease abstractions.

We can also help you leverage the latest technology such as IoT and machine learning to make the best out of real estate data. With Assetsoft, you don’t have to worry about any of your property management requirements.

To know more about our services, reach out to Assetsoft!

5 Ways to Leverage Data in Property Management

Fri, 15 Oct 2021 12:55:39 -0500

In the past few years, the real estate industry has seen accelerated growth in technology adoption. And with technology, the industry is also leveraging data as one of its largest commodities. Whether it is understanding market trends or increasing occupancy rates, data analysis is driving property management companies to generate higher revenues.

In a recent survey by Ernst & Young, 92% of real estate owners wanted technology that addressed data analytics. But only 35% of them have adopted suitable tools. If you also want to leverage real estate data for your business, then here are the top ways to get started.

Target Specific Clients

A huge part of marketing your services is finding the right audience. Traditionally, property managers reached out to their network to zero in on potential clients. But with the introduction of non-traditional data, the real estate market has widened its horizons.

Big data algorithms help you better analyze your prospects’ requirements. Instead of marketing blindly, you can target a specific group that is more likely to convert into clients. For example, if you manage office spaces, you can utilize big data to find clients working in the corporate industry.

You can also analyze data to predict future trends such as the client requirements, local market demands, and the performance of your properties. According to McKinsey, non-traditional data analysis has a 60% better predictive power.

Real estate submarket analysis would be a demonstrable example of how big data differs from traditional data. Simply looking at the past transactions gives inaccurate insights, as not every property is subject to similar conditions. Big data prices each property individually, considering local market variations.

Understand Your Tenants

Understanding your tenants is one of the best ways to optimize your property management services. According to Building Engines, over 80% of high-performing property managers seek feedback on tenant satisfaction. Such feedback highlights your service's weak points and helps you enhance tenant satisfaction.

But understanding your tenants is not only limited to collecting feedback but also analyzing tenant behavior. One such analysis can be done by observing building amenity usage. Certain amenities are used more by tenants when compared to certain others. Recently, tenants have preferred indoor amenities to keep up with the pandemic norms.

Using big data, you can view these statistics at both portfolio and granular levels. Apart from this, tenants also use spaces inside the property. This can be an event hall, a party room, or a co-working space. The benefit of providing spaces is that they are flexible. As the tenant requirements change, you can also change one space into another.

For example, during the pandemic, more tenants relied on co-working spaces. Even after the global crisis, 5 million workers are predicted to use co-working spaces by 2024. Property managers who analyze these trends early on can change their existing space to earn higher revenue.

Analyze Competition

For any real estate business, evaluating their competition is essential to improve their services. This is possible through big data analysis. Competitors in the local market set benchmarks for the quality of service.

Whether it is amenities or rent prices, knowing your competitor's strategy will help you with your own strategy. In an Altus Group Innovation Report, 2 out of 3 real estate executives said that comparative data and metrics help effectively benchmark against the market.

Analyzing the competitor market also helps in tenant retention. Some of the most common reasons tenants leave are the lack of amenities and the high rental prices. Using data metrics, you can evaluate your property prices against that of your competitors. Analyzing your amenities and pricing your properties accordingly can help retain more tenants.

Data such as growing neighborhood amenities and future trends can also be used to compare your predicted revenue with competitors. Similarly, you can use comparable properties to identify investment trends by your competitors.

Increase Energy Savings

Many property managers don’t realize that they are wasting a lot of energy. For example, a thermostat operating in an empty room can consume large amounts of energy without use. And not just an empty room, reducing the heat of the thermostat during the night also can help you save around 1% of energy costs per degree.

Evaluating the energy requirements of the building can also give you insights into how you can optimize your energy consumption to increase savings. Installing smart lights in hallways, decreasing AC usage in common areas are some of the ways you can save energy. And analysis helps you find the best way you can use them.

Make Smarter Investments

With the pandemic still lurking and the availability of co-working spaces, many millennials are shifting from urban to suburban areas. As such, investing in the suburbs is more profitable in the coming years, and property managers need to do it early to avoid inventory shortages.

Data analysis identifies such trends and directs you to make the right investments. It also predicts how long the trends will stay and gives you a picture of the future market, so you can invest wisely. You will also understand the buying history and current value of a property.

Big data has revolutionized the property management industry. While it was slow to adopt non-traditional data, it has quickly realized the benefits of data analysis. Instead of making decisions based on intuitions, property managers are making smarter decisions through data-backed insights.

Find The Right Data Analysis Tools Through Assetsoft

Many property managers want to leverage real estate data but lack the required tools. At Assetsoft, we realize the importance of property data and help companies analyze them through our AI-backed strategies.

From budgeting and forecasting to AI implementation, we offer complete support to our clients. Our services extend beyond data analysis as we help clients with training and software selection.

We also help our clients find the right property management software by analyzing their business goals. Our team also integrates features of multiple property management software into a single platform for easy usage.

To know more about our services, contact Assetsoft!

How Can Property Management Software Improve Security?

Tue, 05 Oct 2021 08:00:00 -0500

Multifamily apartments have a high number of visitors and tenants, making building security not an added feature, but a priority. With burglaries and crimes on the rise, more tenants are looking for properties that have added safety measures. An Assurant survey found that nearly 54% of tenants are willing to pay more if the building has a security feature.

As a multifamily property manager, it is your responsibility to ensure the safety of your tenants. Apart from strong infrastructure and security personnel, you can also use technology to create a safer environment for your residents. These 4 tips will show you how to leverage property management software to enhance building security.

Access control

Advancing technology is creating new ways to enter a property. Instead of a traditional lock and key, you can use ‘digital keys’ to create a more secure entrance into a property. Using IoT, AI, and machine learning, you can configure digital locks that only allow authorized entrance. According to Grandview Research, the demand for such smart locks has reached 8.9 million units this year.

These locks can be opened in a variety of ways such as fingerprint scan or facial recognition. One of the most popular ways of ensuring access control is through biometric authentication. Doors can be opened through fingerprints or facial recognition systems. This is highly secure as the facial recognition system has a failure rate of just 0.2%.

Another common way property management software can facilitate digital lock systems is through QR codes. Each resident has their own QR code, using which they can access their apartment.

But these codes are not limited to tenants. They can also be shared with the domestic help and visitors, so tenants can authorize who can and cannot enter their properties. Property maintenance also becomes easier. Codes for maintenance staff can be validated for a certain time. That means, they cannot access the property outside a scheduled maintenance time.

A report by Markets and Markets found that access control systems are being increasingly implemented in the residential industry. Along with access security, they also help in the detection and prevention of other hazards such as gas leaks and fires.

Remote monitoring

Using surveillance systems has always been a norm in property security. But instead of monitoring through a room near the same building, property managers can now monitor remotely. Using property management software, surveillance videos can be viewed on mobile screens through an app.

Property managers can detect and take action against any suspicious activity even on the go. You can also use property management systems to provide remote surveillance as a service. If tenants choose to monitor their properties, they can do so even if they are outside the home.

Due to the pandemic, an increasing number of people have started shopping online. Remote monitoring devices can also ensure that your package has reached you safely. To prevent unauthorized delivery people from entering the buildings, property managers can provide remote access to a storage area where they can deliver the packages.

This helps property managers constantly monitor activity in a single place and also make sure that the tenants’ packages reach them safely.

Contact and motion detectors

According to iWatchLife, nearly 17.23 million devices such as contact and motion sensors were implemented in 2013, and the number has been growing ever since. Combining motion sensors with property management software helps you detect intrusions and suspicious activity without monitoring it constantly.

These sensors set off alarms when they detect contact or movement. If remote personnel are monitoring the property, these alarms can alert them to take necessary action.

You can configure these sensors to send messages to security personnel or even tenants to their mobile devices. Since most people carry a smartphone, detecting unusual activity becomes much faster. You can also choose to trigger an alarm system in the building to alert people nearby.

Digital communication methods

The primary way to ensure the safety of your tenants is to build a secure infrastructure. If a door lock is broken or a feature has stopped working, the building security is much more compromised.

While regular building maintenance covers these areas, sometimes a feature may go unnoticed. Tenants, who notice these problems, need a way to contact maintenance staff as soon as possible. You can utilize tenant portals to help them submit priority maintenance requests.

Instead of regular maintenance requests that take too much time to process, security requests get the first priority. By using digital communication methods, your staff can check and respond to such requests quickly.

As a property manager, it also becomes easier to keep track of such requests and ensure that the necessary repairs are made. Routine inspections and maintenance can also be logged in tenant portals, to give your residents a complete overview of the building’s security measures.

Using smart features

Other than these, smart home features such as doorbell cameras and motion-enabled floodlights keep the building secure. Doorbell cameras help view the visitor without opening the door. Property management systems can be integrated with features that alert you every time someone is at your door.

Using the camera, you can verify the visitor and choose to allow them in or not. Similarly, motion-enabled flood lights light up every time there is unexpected movement. Other features such as smoke alarms and remote locking feature also help you enhance the security of your property.

Integrate security features in your property management software

Property security is a priority for every property manager. At Assetsoft, we understand the safety requirements of your buildings and tenants. Through state-of-art property management software such as Yardi, Procore, and MRI, we can integrate the required features in your property management system.

We can also help you implement additional security features through the latest technologies such as AI, machine learning, and IoT sensors. With intelligent RPA automation, we can help automate robots to complete all those repetitive but important tasks.

To know more about our services, contact Assetsoft!

How To Combat Late Payments Through Property Management Software?

Fri, 01 Oct 2021 08:00:00 -0500

Collecting rent is one of the most problematic parts of being a property manager. More than 20% of renters in America are nearly 4 months behind on their rent payments. That is $5600 worth of rent per delinquent tenant.

Traditional payment methods do little to solve this problem. While micromanaging rent payment is tiresome, leniency can cause too many missed rents. The final step is to carry out an eviction, which can cost up to $7000 for the property manager.

A better solution is to leverage property management technology to streamline rent collection. With the right technology, you can make sure every tenant pays you on time!

If you are unsure how, read the below tips and combat late payments effectively.

Automate tenant screening

Ensuring timely rent payment isn’t a month-end process. Instead, it starts with the beginning of the tenancy itself. A study by Harvard University found that nearly 50% of tenants couldn't afford their rent due to low income. A thorough tenant screening can help determine the affordability for each renter.

The screening process needs to verify basic requirements such as credit score, eviction history, and criminal record. Verifying income and employment should be a priority as a tenant can only pay rent when they can afford it.

According to a survey by the US Census Bureau, spending more than 30% of income on rent is considered a financial burden. While this isn’t the sole determinant of housing affordability, it is wise to choose tenants who spend around the 30% threshold.

Additionally, you can know the tenants' payment patterns through their credit scores and eviction history. In 2020, the average credit score among renters in the U.S. was 638. Credit scores show how promptly an applicant clears their dues, including rents.

A tenant with a bad credit score can potentially fail to pay rent on time. Eviction history also works similarly, by showing the behavior of an applicant during previous tenancies.

Automating tenant screening through software like Yardi ScreeningWorks Pro helps you select low-risk tenants.

Online rent payments

Online payments can help you tackle late payments simply through their convenience. New generation tenants prefer online payment methods with millennials paying 61% of their bills digitally.

Giving your tenants their most preferred payment option will automatically help them pay rent on time. There are several options like bank transfers, e-wallets, or credit cards that can be used to complete these transactions.

Mobile payment options are also an added advantage. Nowadays, almost every tenant has access to a smartphone. Through mobile apps, tenants can complete their rent payments anytime. Making payments convenient for the renters reduces the chances of late payments.

Digital payments are also convenient for property managers. You don’t have to go through your mail for payment checks or visit the bank to cash them. Funds are transferred directly to your account, which means you get real-time updates whenever someone pays their rent.

Send out payment reminders

Most tenants don’t intend to miss out on their rent payments. Sometimes people are busy or they simply tend to forget. In a Citi Bank survey, 61% of delinquent tenants blamed forgetfulness for late payments.

Setting up reminders is an excellent way to collect timely rent from forgetful tenants. But manual reminding each tenant about their due rent takes too much time and effort. A more convenient way is to use property management software to set up email or text reminders.

You can automate these reminders for the first of every month, and also carry out sending them multiple times till the rent is paid. Text and email reminders are documented, which means they can serve as evidence in case an eviction becomes inevitable.

Set recurring payment options

Setting up automatic payments is another benefit of property management software. Tenants who don’t want to go through the monthly hassle of rent payment can use these options.

Setting up recurring payments does not require extensive technical knowledge. Initially, tenants need to feed their payment details such as credit card information to the software.

Then, they can set their payment dates and choose to get transaction notices in their mail.

A recurring payment is the best way to ensure timely payments. It is not only beneficial for the property manager, but also for the tenant. Since these transactions are online, they can be easily documented as well.

Utilize tenant portals

Constant communication is important to maintain a healthy relationship with tenants. Tenants who have a good connection with their property managers are more likely to pay rent on time. Effective use of tenant portals for tenant communication can ensure that every payment reaches you on time.

The use of these portals is not limited to sending or receiving messages from tenants. They come with a wide range of features such as tenant account management, document transfer, and much more.

Property managers can keep a track of the renters’ payment history, check the frequency of late payments and send text warnings to tenants if necessary. Similarly, tenants can also check due dates, update payment methods and communicate any delay with their property managers.

For tenants, keeping up with these announcements and checking their rental agreement also becomes easier. Any incentives and penalties can be shared through these portals. By giving incentives for timely payment, you motivate more tenants to pay on time.

Make rent payments easier through Assetsoft

Leveraging technology can help reduce the number of late payments you receive. Assetsoft helps you find the right option to streamline your rent collection. We have several options such as tenant portals from Yardi and MRI, online rent collection through Zoho Books, and much more.

For more customized software, our expert team can work with you to integrate suitable features. Our support extends beyond integration with services like training, troubleshooting, and data transfer.

We can also help you streamline your business and improve your strategy through our consultation services. With Assetsoft, you will find complete tech solutions for your property management business.

To streamline your rent payments, contact Assetsoft!