It’s the million dollar question all property managers and owners alike struggle to find an answer to daily–how can I lower my operating expenses?
Between uncovering that perfect price point for ideal units, unavoidable advertising costs, unexpected maintenance and everyone’s fave–payroll, payroll, payroll–no matter how many times you work the numbers, you just can’t seem to increase your end value. So, you’re left pondering, panting and prodding, all in efforts to answer one question–where does all the money go? If this scenario seems all too real for you, then keep reading…
As a small multifamily manager/owner, the term “cost-savings” tends to hold a special place in our hearts–probably because we literally cringe at the journey to get there. But, there is a solution.
Technology is one of the top methods multifamily professionals are now adopting to reduce costs, and you should too. From online rental payments to automated maintenance schedulers and answering services, these tools are creating huge profit opportunities for properties. Here are a few ideas that you can implement today, using technology, to make the numbers work in your favor. Trust, brighter days can be ahead!
Opt for a website
The first technological investment that you should make for greater cost savings is implementing a property website. No matter how small your multifamily community is, you are guaranteed to see the the ROI from a solid website. When prospects are interested in a property, they’re turning to the search engines first, not your street address or directory. And, if you’re nowhere to be found rather quickly in their time of need, you may as well wave “goodbye” forever. Property owners that see the greatest profit returns not only have a designated website, but dedicate staff to ensure important property information, like rental rates, availability, applications, amenities, photos and other features are always kept up-to-date.
Invest in online advertising
The vast majority of renters today can be found scouring the world wide web for their next abode, and they’re doing it with a mobile gadget within their grasp. So, with that being said, if you are still investing your marketing dollars into print mediums, you could be leaving some serious dinero on the table. Drop the print now, and shift your investment to online advertising, like Google ads, which offer greater targeting capability, pay-per-click pricing and greater visibility in a space that your prospects are actively using 24/7. You’ll see a greater bang for your buck in just a short period of time, resulting in a win-win for the bottom line.
Streamline your maintenance process
When it comes to your property maintenance process, you’ll experience the greatest cost savings if these repairs are not only performed in-house, but managed electronically. Instead of using your leasing team to field those paper or phone maintenance requests, removing them from their core sales duties, invest into an online scheduling tool that allows your tenants to submit requests electronically to the source and your maintenance team to provide updates along the way. With this data, you can note and prepare for trends in regards to frequent repairs, repair duration, and even inventory, which in turn, results in greater news for your profit margins. Additionally, you free up your leasing team, allowing them to do what they do best–lease. You will also improve resident satisfaction through timely repairs, updates and overall courtesy.
Renbot can help.
Rentbot’s property management websites have proven track records of saving property management professionals (both large and small) across the country time and money–two industry delicacies you do not see too often. Through our custom websites and specialized features, we’re able to not only convert your leads into leases, but retain tenants and minimize vacancies at the same time. How’s that for your bottom line?
What’s even better is that each Rentbot site comes with an online maintenance feature, new resident application tool and built in SEO package to boost your organic search engine ranking, allowing your prospects to find you before the competition.
Your savings potential awaits! Let Rentbot go to work for you, and lower those operational expenses in no time, while experiencing greater gains.
About the Author
Jonsette Calloway joined the Rentbot team in 2015. With a background in public relations, advertising and copywriting, she has helped a multitude of clients achieve their marketing and communications goals within various fields, but she particularly enjoys working with the apartment industry.