Centralization can mean different things to different real estate company models, but it is gaining momentum because it is a time and cost-saving approach. Leasing companies have been working hard to create fail-proof renter experiences for years, and mere automation cannot help. Centralization is an emerging real estate concept and promises efficient operations, happier product and leasing managers, and satisfied customers.
Centralization is a common feature in Salesforce property management software like REDA, through which property owners can significantly reduce the marketing spend, capitalize on cross-selling, and automate mundane tasks. But there are many questions about centralization what, why, and how? Let's cut some noise about centralization by discussing a few important questions. Let's get started!
Question 1: Why is there a need for centralization in the real estate business?
The one-word answer to this question is "Productivity." Centralization gives real estate businesses the flexibility they need to operate their business. It gives them the answer to several questions regarding how to create the best business portfolio, how to create harmony between different teams, and how to get the desired results. Property management software with the centralized feature isn't a one-size-fits-all model. It's tailored according to the underlying goals and objectives of the real estate company. The tailored and scalable software system results in greater efficiencies, reduced costs, and a better customer and leasing teams experience. Centralization allows property and leasing managers to protect their businesses from chaotic external forces like customer behavior and preferences, erratic labor markets, etc., by raising business model flexibility. By leveraging automation and Artificial Intelligence, centralization helps stretched-thin teams create a thoughtful renter experience and increase ROI.
Question 2: Is Centralization applicable to large real estate companies?
That is not true at all! With centralization, property managers and owners can do more with less and increase productivity. These pain points are not exclusive to only real estate giants. In fact, many of these pain points are more common in small real estate businesses as they have fewer resources. From small to mid-sized real estate companies, centralization helps multifamily properties in many ways. It provides back-of-house capabilities by creating efficiencies. Experts even believe that a centralized model powered by the right technology gives operators full control over the resources and maximized marketing spend, resulting in less work for the team, substantial cost savings, and better customer experience.
Question 3: Does Centralization impact teams, and how?
Outdated ways of leasing properties fail because they don't change with time. Things have changed and so do the renter's expectations, tech capabilities, and tech adoption. All of them have substantially increased. Therefore, there is a need to keep a few things in mind:
Firstly, COVID made people choose remote-friendly and hybrid roles, which isn't going away. This has increased the demand for real-time purchases with smooth and personalized digital experiences.
- Because consumers are now habitual to ordering everything online, from their cars to furniture and even groceries, they expect a modern apartment shopping experience that should align with their buying patterns. They expect flawless customer support service, easy payment options, and a centralized system where everything can be visible on a single platform.
- On the other hand, property managers and leasing managers are overwhelmed with the amount of communication and follow-up demand they get daily. They definitely need a hand that can take care of these important things and other administrative tasks so that they can focus on the renters.
What does all this mean? With centralization, real estate companies can witness the transformation in their outdated staffing model. Administrative tasks line processing lease applications, and the respective teams can quickly and efficiently handle the paperwork. This means that other people need not get involved in the application process, and those who are part of the sales team can focus on leasing and customer support. Centralization will create a robust model that will align every role with strengths and result in better associate satisfaction.
Question 4: Why is there a need for centralization when a business is already automated?
Everyone needs to understand that automation and centralization plans are not the same thing. Yes, they both result in improved efficiencies. AI and automation are definitely helping administrative staff by assisting them in taking quick follow-ups and getting speedy responses. However, it's not perfect at a core level. It is not the same as restructuring your property business at the intersection of processes, people, and technology. With automation, you can change the technology to improve a few aspects of your management tasks, but with centralization, you can absolutely become more efficient.
If you wish to leverage the operating model for the future, you will definitely need both automation and centralization. Though sticking to different AI solutions could make your system more advanced, it won't set you up for success. You would definitely need an automated yet centralized business model for business success.
Question 5: Is centralization worth it?
Yes, absolutely! Centralization not only allows property and leasing managers to perform their tasks more efficiently and increase the productivity of their teams but also develops processes to benefit your renters. They can have happier teams, improved business efficiency, and better experiences for renters. In short, it's a win-win for the real estate business.
A Thoughtful Wrap-Up!
Change is indeed difficult, but centralization is a business change that is worth it. REDA can help. Our Multi Family Property Management Software perpetuates mundane tasks and suppresses aspirations to centralize operations.
If you have tired of disjointed teams, tasks, and software or watching operations limp, REDA is the best solution to all your problems. Our highly flexible and scalable real estate management software will eliminate outmoded and confining legacy ERP systems. For more information, please book a demo call at sales@reda.one.
