5 things keeping property managers awake at night
Are you a residential property manager struggling to wake up this morning? According to a recent survey by Brethertons LLP Solicitors in the UK, the following five concerns could be contributing towards your lack of shut-eye:
5) Contractor issues
Dealing with contractor issues can be challenging – so challenging in fact, it was voted the fifth biggest concern by property managers. If you are struggling to manage your contractors, dedicated software could offer tangle benefits to your business. It will ensure that you have immediate access to accurate and up-to-date information on your contractors, guaranteeing complete transparency for informed management decisions.
4) New legislation
Are you finding it hard to keep up with new legislation? You aren’t alone; complying with regulations is the fourth most pressing concern for property managers. You can tackle this issue by using software that operates in accordance with industry standards, helping you follow best practice guidelines and remain compliant with guidelines such as ARMA and RICS. One of our white papers also highlighted this – take a look here.
3) Repairs and maintenance
As a property manager, it is your task to look after the long-term and immediate maintenance of your buildings. Both can be made significantly easier with maintenance management functionality integrated within your software; this will enable you to manage the maintenance of your real estate quickly and efficiently, from the logging of a reactive call right to the receipt and payment of a supplier’s invoice.
2) Customer service
Dealing with customer issues and complaints is the second biggest concern for property managers since it directly impacts on business reputation. In this connected age, residents demand higher levels of service than ever before. By offering tenants a resident portal you will greatly improve the service that you provide to your customers, as well bringing significant time savings to your business. And by making payment options easier, you increase the chances of being paid on time and in full.
1) Health and Safety
Health and Safety is the resounding number one concern for property managers; this is unsurprising since poor health and safety management can easily lead to financial loss, legal trouble and a reputation loss. A site survey app will enable staff to conduct surveys and inspections direct from their smartphone, ensuring Health and Safety checks are met and completed in a timely manner.
The Brethertons LLP report also found that almost half of all companies use separate accounts software in addition to their property management systems. By choosing integrated property management software, you can access all your data in one single system, making it much easier to improve efficiencies and ROI.
Are any of these issues keeping you awake at night, and how do you tackle them? Let us know in the comments section below.
“The system should be accessible to multiple users and stakeholders.” The Private Residential Sector (PRS) covers a broad spectrum of rental property. If you’re developing Build-to-Rent or whole block ownership schemes, known in some parts of the world as multi-family housing, you’re responsible for the entire property lifecycle, from developing a building, to attracting residents […]
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