It is no easy task to manage properties in multiple locations, especially if they are situated across state, county, or city lines. Imagine the difference in tax, eviction, waste disposal, and security deposit laws that you must follow to operate your rental business legally. Plus, you have to use a unique marketing strategy for each location, which can really be challenging.
The smart thing to do in this situation is to use property management software to overcome the common problems in managing properties in multiple locations. You can better handle properties in all locations while allowing each local office to deal with issues unique to it if you have a dedicated property management digital solution.
Take note of these common issues that property management companies must overcome to be successful in handling rental properties located in multiple places. We will also highlight the use of new technology in solving these problems.
The similarity in processes is common even in managing properties in different states, cities, or counties. For instance, the rental application process and listings can be done in the same format. If there are similarities in property management processes across locations, you do not need each individual office to come up with unique formats for such processes.
Make sure your brand has a consistent way of doing things in multiple locations. It is also good that every rental site reports the same KPIs that let you compare their performance and pinpoint rooms for improvement.
To keep your property management processes consistent with your brand, you can create templates and ensure that individual offices follow them. It is easier to solve a specific problem and let your team work on it if you all use the same templates across locations.
You have to commit your time if you want to meet with location managers regularly. Moreover, there is the need to do presentations in every meeting, and this task requires time as well. The big issue here is passing information across the local offices of your property management firm can be challenging in this kind of setup.
Use a digital solution that allows you to consolidate reports in a single dashboard. This way, you do not need to have regular meetings that tackle only some of the reports of each local office. Property management software enables you to view maintenance issues, rent collection, turnover rates, and other information on one screen.
Local managers can just enter data into the platform instead of preparing and putting together presentations. Everyone who has permission to access the software can view this information anytime and anywhere using a mobile device.
It would be catastrophic when you just let anyone have access to and modify the data entered into the property management software. If this ever happens, this problem can cause you to spend some time and money to fix it.
Allowing and restricting access is easier if your property management software allows you to set up user profiles. It should also enable you to lock down specific documents and information, especially very important and sensitive data.
You can also create user profiles for vendors and maintenance staff to let them view work orders or submit invoices when they complete tasks.
There are locations that require unique processes and solutions, and using templates may not be a good idea for them. You should find a workaround that suits the unique circumstances of a certain location.
Be sure your property management software lets the manager or staff in a certain local office tweak the templates if need be. Or, it should allow them to create new processes suited to address problems and streamline business operations.
Some property management companies start from scratch every time they open a new site. It means rebuilding the processes and setting up the documents anew. Of course, this can be time-consuming and makes you spend a certain amount of money.
Business model cloning helps you save time, money, and labor when setting up a new local office. This way, you can also focus on providing good service and making improvements to existing processes and documentation.
Technology can overcome challenges and solve problems that you commonly face in managing rental properties in multiple locations. Using purpose-built property management software can help you streamline your rental business operations and identify rooms for improvements. Ultimately, it will help you save time, money, and labor. Using digital solutions can contribute a lot to the success of your property management company.