Boost Your Business into the 21st CenturyA Step-by-Step Guide for Property Managers

Today’s modern business climate is a fast-moving train.If you’re not on it, you may quickly find your company getting left behind. Property management businesses understand the importance of modernizing, but knowing exactly where to start can be difficult. This checklist will set you on your way to boosting your property management company into the 21st century.

To truly modernize, one must examine how to integrate changing approaches to things like Sales, Customer Service, and Accounting. You need to ensure your business has the modern tools and technology to support these different facets in a streamlined and efficient way. The right approach to this will give you a significant strategic advantage, not to mention save you valuable time and money every day.

So what does it mean to modernize your property management business?

MARK ETING &LE A SING

SALES & CUSTOMERSERV ICE

PAYMENTS /ACCOUNTING

Areas to Modernizein Your Business:

RENTFOR

In many cases, your website will be the first thing renters/owners see when searching for your services or vacancy listings. First impressions are everything, so make the quality of your property management website a priority. Some modern website must-haves include:

Enhance your online presence.

CLE AN, UNCLUTTERED DESIGN

SIMPLE SE ARCH FE ATURES

E A SILY UPDATED VACANCY LISTING S

ONLINE PAYMENTS

MOBILE DEV ICE OPTIMIZ ATION

ONLINE APPLICATIONS

1. M A R K E T I N G A N D L E A S I N G

RENTED

Paper leases are a thing of the past! Today’s modern businesses are utilizing digital solutions that reduce turn time and increase efficiency, making for a better experience for both you and your customers. Now’s the time to update your leasing flow to ensure you are taking advantage of the latest technologies. This means accepting applications online, running tenant screenings in seconds, and generating online lease agreements that can be signed digitally on the spot.

Update your leasing flow.

Marketing to Millennial renters is a must.

1. M A R K E T I N G A N D L E A S I N G

It’s estimated that nearly 80 million Millennial renters will be hitting the market in the near future. Your business must be ready to anticipate their consuming habits and service expectations. This means expanding your marketing efforts to reach this key demographic, as well as offering the amenities and features that will secure their business. Gen-Y residents are tech-savvy, on the go, and expect rapid responses. Because they use their mobile devices to communicate and conduct searches, your website services and listings should be optimized for mobile technology. You should be able to easily track each marketing channel through guest cards and online applications and to respond quickly to inquiries.

Consider offering modern amenities that appeal to this demographic, such as free Wi-Fi, bike storage, online rental payment options, and social common areas like barbecue pits, volleyball nets, or other recreational services.

Leverage social media.

Marketing & Leasing Checklist

Social media can be an important avenue for marketing and connecting with your community, but it can also be overwhelming for those who are unsure of the best ways to engage users. When seeking to boost your business, keep in mind that the nature of social media makes this platform more conducive to informative and community-building content, rather than the hard sell. Engage your followers by providing useful information or encouraging conversation that is of value to them. By creating a community built on similar interests and thought leadership, you will gain engaged followers and position yourself as a leader and trustworthy expert in your industry.

Is your website better than your competitors’?

Are you offering modern services and amenities that appeal to Gen-Y renters?

Do you have a modern leasing flow that enables you to receive applications, conduct resident screenings, and create lease agreements all online and on the spot?

Are you engaging social media followers with relevant and informative content?

Is your website better than your competitors’?

Are you offering modern services and amenities that appeal to Gen-Y renters?

Do you have a modern leasing flow that enables you to receive applications, conduct resident screenings, and create lease agreements all online and on the spot?

Are you engaging social media followers with relevant and informative content?

Is your website and all of its features optimized for mobile users?

2. S A L E S A N D C U S T O M E R S E R V I C E

Boost your sales strategy.Whether you’re acquiring new owners or working to fill vacancies, your approach to selling your services needs to be in tune with the modern owner and renter.

Prioritize time to thoroughly train your staff on best practices. Sales approaches are changing; today’s consumers are all about receiving a personalized experience on the tools and platforms that work for them. Make sure your team understands your customers’ wants and needs and the technology tools at their disposal. Provide tech tools that keep your team agile and able to close deals on the spot. These tools might include iPad training, as well as running cloud-based software with online leasing capabilities and 24/7 support. The more resources you provide your team to enable them to capture the moment and customize the client experience, the more you empower them to close deals more quickly.

Prioritize training.

With an infinite number of ways for people to get in touch, spread word-of-mouth advice, and connect online via social media and reviews, great customer service has become the new cornerstone of modern marketing. At any time, people might be discussing your services in-person and all over the Internet, so make sure you give them a positive experience to share from beginning to end.

Make customer service a marketing tool.

2. S A L E S A N D C U S T O M E R S E R V I C E

Deliver 5-star service.Modern owners and renters have high expectations. From initially browsing your listings, to applying for vacancies, all the way through to signing the lease and maintaining happy residents, it’s up to you as the property manager to ensure that each experience is smooth and that your business is equipped for rapid response throughout the process.

Offer convenient services.

In today’s market, ensuring an excellent customer experience means providing services that are convenient and easily accessible. Having online portals for your customers is a great way to add value to your services. Residents can pay their rent online through the tenant portal, and owners can check in on their monthly statements online with just a few clicks.

Sales & Customer Service Checklist

Are all of your team members connected to customer needs?

Are they armed with great questions and the active listening skills needed to offer a more customized sales experience?

Have you chosen the best tech tools to provide your team with a competitive edge?

Are they thoroughly trained on and using that technology to its full potential?

Do you offer your residents convenient and modern options, such as online payments and maintenance requests?

Does your software easily track prospects and inquiries, enabling you to quickly respond and follow up?

3. PAY M E N T S A N D AC C O U N T I N G

Provide online payment options for your residents.Streamline rent week, save time, and reduce costs. With a variety of online payment options that allow your residents to pay rent 24/7 in convenient and secure ways, you will save countless hours during rent week to focus on growing your business.

Instead of the traditional process of printing and mailing checks to owners, you can save time and money by paying your owners via ACH. Using ACH to pay owners electronically will allow you to reduce your monthly costs for printing and sending checks, while providing a better service to your owners. Owners receive the funds directly in their bank accounts so they are paid much faster—which they definitely appreciate!

Pay owners electronically.

3. PAY M E N T S A N D AC C O U N T I N G

Modernize your accounting process.The key to modernizing accounting is in keeping your process paperless, secure, and streamlined. This means running cloud-based software that enables you to carry out customized reports, transfer funds between properties, store your bank statements for quick reconciliation, and maintain all your accounting records and needs in one place.

Payments & Accounting ChecklistDo you provide your residents with convenient online payment options?

Are you able to send electronic payments to your property owners?

Do you run cloud-based software with all of your accounting needs built-in?

4. C O N C LU S I O N

Modernizing is key to staying ahead of your competition. It also streamlines your day-to-day activities—saving you time and money and giving you the freedom to work on the go. Once you’ve checked these to-do’s off your list, you’ll be on your way to running a truly modern business.

If you’re interested in learning more about some of the important topics discussed here, check out these additional complementary resources:

Don't get left behind. Start modernizing your business now.

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