According to survey data released at the National Apartment Association’s Apartmentalize 2022, over 60% of property managers consider making their day-to-day operations more efficient one of their top three professional challenges.
It isn’t just headcount or revenue that separates winners from losers, the real indicators of enhanced operational efficiency are intelligent resource allocation, higher billable utilization rates, a culture of psychological safety, and a myriad of other factors. Plus, it’s no secret that every business, big and small, want to cuts down on its costs and bring agility to reach towards max revenue capitalization.
According to McKinsey, 79% of the companies have cut costs in response to the global economic crisis, but only 53% think that doing so helped their companies weather it.
But operational efficiency is not the only challenge faced by property managers – staying competitive is another crucial concern for property management companies to retain their business and increase profitability.
While PropTech can be a fruitful solution to increase operational efficiency in the property management industry, but it comes with a challenge to select the right one from a bunch of mushroom-growing startups. Many new solutions promise time and cost savings but ultimately prove to be useless due to poor user experience, inadequate features, and at times require additional resources to use such complex software.
While making a decision on onboarding a property management software, its crucial to evaluate the software on the below points:
Key features that automate more than 80% of manual jobs of emails, reminders, data entry, invoicing, etc.
Ease of use - the software should be self-learnable without hours of training and additional resources involvements
Easy to onboard - the software should be ready to use in a plug n play manner
Data security - your data should be secure and easy to retrieve anytime you like
Full solution - when looking into feature, it’s a must check that the software offers a full house solution and you don’t end up signing up several other software for different modules you need.
Integrated - software should be open for any integration if required so your team doesn’t waste their time on double entries
Customer support - the whole world revolves around customer relationship management, if your software provider doesn’t channel for immediate support - it’s a big NO! you will be in mess later on and there will be no one to help you.
Flexible - last but not least, the software provider should be flexible to listen to you and your needs and ready to adapt if needed.
HappyTenant is a complete integrated property management solution that offers every point mentioned above and much more, request a demo with their team and add them to your property management software shopping list.