How many tools does your company use to manage your communities? The average property management company uses between four and six different tools. These tools can include:
- Community management software
- Visitor management software
- Credentialed access software
- Email software
- Accounting software
- Payment processing software
Managing numerous tools is a significant time suck for your team. This takes away from time that could be spent on more important initiatives, like providing exceptional customer service or even growing your community. Here’s how these tools add up.
Duplicate Work
When tools aren’t integrated, or don’t pass information along to one another, Property Managers spend a significant amount of time each day jumping back and forth between tools entering the exact same information into each tool. Take move-in’s and move-out’s, for example. Your team will have to input the exact same information multiple times in order for the move-in/out to be processed in each tool. This process is extremely time consuming, and quite frankly, a complete waste of time.
Unnecessary Expenses
This process isn’t only a waste of time, it’s a waste of money too. For each additional tool comes an additional monthly service fee. Also, you’re compensating employees for the time they spend doing the duplicate work listed above. This adds up to both money and time spent on a process that brings no value to your business or customers.
Training
It’s simple, the more tools you have to teach a new hire to use, the longer it will take get them up to speed. If your team has to train a someone on six different tools, it will take them far longer to start working on their own than if you just had to teach them how to use one or two tools. This also applies for residents. The more tools you have to teach them how to use, the less likely they are to adopt the technology you’re spending money on each month.
Managing multiple tools is just one of many inefficiencies impacting the bottom line of property management companies. To learn more about the common inefficiencies that add up to an average of 523 working hours within property management companies each month, download our free infographic today!
