Managing a multi-location property is definitely not an easy task. The major challenge for Property managers in running different properties is to juggle between different property costs, tenancy laws, tax laws, leasing laws, and agreements. This could lead to errors and loss of opportunities due to dynamic changes in the situation of a particular location and property trends.
Property Managers had to use separate property management systems for each property location; therefore, monitoring, interaction, and management with the business center became cumbersome. Apart from this, this type of property management where we have to look after different management setups for different properties poses multiple other challenges such as an increase in expense, complexity in handling, and difficulty in making effective business decisions
Moreover, managing a multi-location property requires time, patience, energy, and skills. Remember that growth is acknowledged as a sign of success. However, multi-location comes with its own challenges. Failure to organize your business’s system and communication strategies for multiple geographic locations can affect efficiency and performance. But every problem has a solution
To gear up, let’s first understand the challenges associated with handling multi-location properties along with their potential solutions
Managing Multiple Accounts of Multiple Properties
Problem : Managing multiple properties involves managing different types of properties scattered in multiple locations. If you are using a standard property management system, you have to create separate accounts for each location where you have a rental property. In the best-case scenario, you might get a central login, but still, you have to keep switching between the accounts if you have to update or manage multiple properties. It would definitely consume a lot of your time and energy.
Solution : Salesforce Property Management Software is the solution to multi-location property management. Salesforce has revolutionized real estate management. Specialized applications built on the Salesforce Platform can be easily incorporated. Property Managers can use these tools and applications to manage data, optimize property listings, guide tenants, and organize a business. It will reduce their headache and take the weight off their shoulders.
More Operations Management Required
Problem : With increasing properties, Property Managers might need to devote more time to keeping track of what’s happening in real-time in each of their properties. There are so many things that need proper management, from cleaning to maintaining the rental properties and tenant details; there are so many things that need proper management; otherwise, the chances of errors are high. You may have to experience negative feedback from your tenants if you fail to maintain your property or cater to their needs. These mistakes can jeopardize your business reputation and lead to tenant dissatisfaction.
Solution : Property management software with real estate ERP for real-time results can help Property Managers with the real-time status of each of their properties to avoid such incidents.
Time Management
Problem : Time management is one of the biggest challenges, especially for self-managing owners. Multi-location property owners may feel like getting pulled in different directions simultaneously. They have to think smartly about managing their working hours. Property Managers should aim for “passive income,” but that’s hard to achieve if they constantly need to market vacant units, manage repairs across the board, and collect rents.
Solution : Here, property management software is worthwhile. Take a back seat and let your investment grow while great software handles every task automatically and manages everything appropriately!
Reports Preparation
Problem : If you are a property manager responsible for managing multiple properties at different locations or running various aspects of the property business for an investor, you are also accountable for providing status reports of every property. You need to prepare reports comprising your profit, loss, expenses, income, and other essential data. This will help you optimize your efficiency and understand your strengths and mistakes. While handling multiple properties, preparing reports for each property is vital for clear understanding, but it’s not a piece of cake at all.
Solution : Real estate management software offers a systematic, scalable approach. It makes sure that all resources, fiscal goals, and outcomes are tracked and that revenue, expenses, and equity shares are reported and reconciled per unit designation. You can organize all your assets in one system with the right property management tool. You will be ensured that your reporting needs are fully accommodated.
Calendars & Payments Management
Problem : Another important thing associated with managing multiple location properties is having a clear visual overview of the occupied properties and tenants’ status information from different properties.
Solution : Cloud-based software is the only solution to your problem as you can customize it to suit your needs. A Salesforce property management software keeps the inventory automatically up to date on multiple distribution channels. This will help you maximize bookings and avoid double bookings. You can also manage property rates, which can be updated automatically based on remaining availability. Moreover, you can enjoy commission-free bookings as you can integrate the system to your website so that inventory updates automatically and customers can make bookings for rented apartments online. You don’t have to worry about payment collection as management software has a secure and automated payment collection system.
Internal Communication
Problem : Communication is the most common issue faced by businesses operating across multiple locations. You must choose a digital communication channel that allows you and your team to share any important information at once so that everyone is in the loop. You can add events, important tasks, and so much more in one place, and everyone gets informed about the same simultaneously. Moreover, a robust communication system is also essential if you have a geographically distributed workforce.
Solution : You can plan structured, frequent, and proactive communication using property management software. With a powerful and efficient communication system, you can easily avoid several problems. Also, you must learn how to manage a distributed workforce and invest in it if you are really looking forward to expanding your property business.
Tenant Screening and Selection
Problem : You can handle property listings and bookings on your own for potential renters, but the biggest challenge you might have to face is screening the tenants and making the right selection to avoid disputes. Using property management tools, you can fetch detailed credit reports, landlord histories, and other relevant information. If you think you can handle these tasks without being properly equipped with the right information and tools in place, then you are wrong! Wrong tenants can make your day longer and your job more challenging. Picking a perfect tenant isn’t easy, and you cannot make it happen quickly.
Solution : Get this part right with the help of Property management software by choosing suitable tenants only.
How Does REDA Help In Multi-location Property Management?
REDA is the ideal solution for all the problems faced by multi-location property owners. It is a cloud-based Property Management System that cuts down the operational expenses required to manage the complex IT infrastructure of multi-location property management. Property Managers can manage operations, business relations, tenants, investors, and others from anywhere and at any time.
- Centralized System: With a centralized dashboard to handle inventories, POS, bookings, pricing, leasing agreements, reports, and more, property managers can have easy control over their real estate operations. They will be aware of leasing laws, tenancy laws, and tax laws that can be varied with the location; thus, helping them create different leasing agreements for different property locations.
- Absolute Security: Security is another primary concern, but cloud-based PMS safeguards business information and all records pertaining to all the properties effectively and efficiently with a strong security structure.
- Omni Channel Communication: Property Managers can work with their teams, residents, and stakeholders in the way they want as REDA provides open, intelligent, omni channel communication workflows.
- Digital Experience: Omnichannel strategy of REDA enables property owners to create a strong customer experience via different channels including portals for tenants, owners, vendors along with out of box CMS (Content Management System) for websites.
There are endless reasons why you should choose REDA for multi-location property management. For more information, feel free to call us or email us!
