Posts Tagged Real Estate

Property Management for the 21st Century

Real estate and property management companies are as ubiquitous as the properties they manage. Their existence is evidenced by the vast amount of multi-tenant properties that are seen in almost every city across the country. Apartment complexes, strip malls, warehouses, and office parks are just a few examples of property types that are frequently leased. Property management functions are infinitely important for any organization that engages in leasing or renting property. Types of properties that real estate companies typically rent or lease include; retail, office, industrial, and residential spaces.

A huge part of property management is the receiving and dissemination of rent payments from tenants, to property managers. One could easily debate that the most important property management function is, the collection and reconciliation of rent payments in a timely and efficient manner. It is hard to imagine where a property management or real estate investment organization would be, if their rent collection process was not a priority or significant concern.

Although, not as proactive as the sales and marketing functions of property management, if the rent collection process has inefficiencies and is not run effectively, other management efforts invariably suffer. Inefficient processes can consume hundreds of hours and thousands of dollars per year on account of just one mismanaged property. Instead of focusing vital human resources on marketing and sales functions, real estate and property management organizations are forced to delegate repetitive administrative duties to persons who otherwise, could be put to better use.

If property management or real estate organizations are not yet utilizing innovative new ways to streamline repetitive administrative functions, then their profits are being significantly affected.

The 21st Century has brought on many new efficient and effective ways to conduct business. Organizations all around the country are already benefiting from the many new opportunities that have arrived due to the evolution of both the payments industry and the internet. In many cases, the organizations currently taking advantage of these new methods and techniques are directly competing against those who are not.

For businesses that have been reluctant to change the ways they operate or that have been waiting around for a more opportune time, this is a call to action! There has never been a better time to move forward than right now. Old world methods will no longer cut it! The new generation of cloud-computing has arrived. With it, safe and inexpensive solutions that are scalable for any size or type of business have become readily available.

Innovators and early adopters in the real estate industry have helped pioneer the new technological solutions that are currently in place. What was once considered progressive is now what is universally expected and favored. It is time for all the laggards to update their operations and enhance the way they engage in business. In today’s modern economic environment, nothing less is acceptable. Solutions have not only been tried and tested, they have been finely tuned.

The solutions I am talking about appeal particularly to the real estate industry. They offer efficiency, reliability, and simplicity for both administrators and tenants.

Now, tenants can pay rent with a click of the mouse or opt to automate the rent process all together. No more searching for checkbooks, stamps, envelopes, or pens. No more getting in the car or going to the mailbox to drop off rent. No more late fees because the property manager’s office closed early or before you got home from work!

For property managers, the rent collection process is streamlined and automated. Little effort is required to ensure rent payments are collected. Full reporting capability lets you view all vital property data in real time, twenty-four hours a day. There is even a modern solution for tenants who still choose to pay the old fashioned way. Checks can be deposited at any point in the back office! No more sending employees out several times per week to make time-consuming deposits. No more rushing to the bank to meet bank cut off times. No more returned checks or returned check fees. Returned transactions can be re-presented with a click of the mouse. Even when third party property managers are utilized, no additional effort is required for split payments. Systems that are currently in place provide ways to automate payment splits with very little effort.

Wouldn’t it be nice to view everything in one place? To know instantly which tenants have paid rent? To assess late fees instantly?

The revolution is underway.

Costs are being cut. Receivables are improving. Profits are looking better than they ever have before…

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