During the COVID crisis, many agents have started to look at property management in a new light. In particular, the regular income that it brings to an agency has inspired some agents to look to build this side of their business.
The problem is many property management companies struggle to grow their books, as their current processes are too labour intensive.
Lets look at three examples of how different agents manage their properties:
Agent A manages 50 properties and does so using a mixture of spreadsheets and shared folders.
They are very good at keeping this information updated, however, they still struggle to keep tabs on all the necessary information for each rental property and tenancy. Although their spreadsheets are detailed, they don’t flag important dates and hence some things fall through the gaps.
Their bookkeeper uses spreadsheets to manage all incomings and outgoings of the client account. Although they are meticulous in doing so, it is a hugely labour intensive and manual task.
A particularly stressful task is producing client account balances for the accountant, which is a nightmare ask each year.
Agent B manages 75 properties and has been using a number of systems to help automate some of the more manual tasks.
They have a client accounting package to help manage the client account and a separate basic lettings system to help track things like tenancy start/end dates and inspection dates.
They do sales so they also have a system to track that side of the business as it is also an important revenue stream.
They have reached their limit on how many they can manage and feel they are double jobbing by entering this info into their multiple systems but are reluctant to change as “it does the job”.
Agent C manages 200 units, closes a number of sales a month, and is growing. They implemented AcquaintCRM a number of years ago and have centralized their sales, property management, and client accounting and waved goodbye to their multiple systems and spreadsheets.
Their dashboard gives them reminders on what properties need attention, so they are confident they are on top of everything.
They have streamlined all of their office processes and automated all repetitive tasks so they can actually focus on growing the business.
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Ciaran Behan on Thursday, June 18, 2020 in Blog