The multifamily management industry is trending toward technology in every aspect.
In the past several years, other arms of real estate such as mortgage and short-term leasing companies have been “digitizing” their systems.
Yet it is multifamily management teams who stand to benefit the most from the digital shift.
Let’s take a real-world look the benefits of adding software to your multifamily management operation.
Real Time Visibility of Your Property Investment
Every day there are decisions that must be made by property managers and executives alike.
Productive decision-making requires well informed teams. There are so many intricate moving parts to a multifamily management system, that it is easy to have breakdowns.
Shuffling paperwork, looking over graphs and asking property managers to provide numbers, is a process that has many opportunities in which the system can fail.
Property managers have their plates full with day to day operations and often reporting to decision making teams can fall behind.
And maintenance teams get overburdened with work orders and sometimes have to pass up on the preventative maintenance of the building.
The more hands touching a particular property, the more likely it is to become less profitable simply because there are more people able to drop the ball along the way.
Efficient Property Management
Paper-holding binders and handwritten forms are the old way of property management. To create a scalable operation, you need to go digital!
Property management software, such as Leonardo247, can eliminate many of the day to day operational and maintenance frustrations.
It can also vastly improve the transparency and communication between property and upper level management.
By providing real time visibility of your property, software can offer you a clear overview of everything from compliance to unit turnover.
With only a few keystrokes you can easily produce valuable reports that give you insights on where you business is under/over performing.
Lowering Cost of Multifamily Operations
Property management software, can lower the overall cost of operations in nearly every property that implements it.
This savings is real and recognizable because you’re not wasting time requesting the same information two, or even three times.
By going digital, you can simply head to your Leonardo247 dashboard and produce the report you need to make a smart business decision.
Now I understand that software is not a substitute for human oversight, rather it is a valuable tool to augment your property management and help it run more efficiently. People run multifamily businesses, and we will never lose sight of that.
But software frees up more time for your property managers and maintenance teams to complete value-adding tasks rather than write out paperwork that no one will ever read.
When properly implemented, property management software can save your team valuable time and lower the cost of operations dramatically.
Okay, so we have established that yes, property management software IS a smart choice for every property manager.
But, is it beneficial for all portfolio sizes?
Yes, 100%, because with a small unit count, your problems will only grow as your business does.
With large portfolios, any small inefficiency is magnified dramatically due to the sheer number of units you manage.
Leonardo247 is completely scalable and can offer every management team benefits regardless of the portfolio or team size. It works equally well for 30 properties or 300!
Property Management Software Considerations
When adding property management software there are a few considerations for various portfolio and team sizes that we detail below.
Any quality property management software on the market is not going to be free. You get what you pay for, simple as that.
And with software you can spend a lot or little, but don’t always get money’s worth.
We suggest you do your research and schedule demos of all the software options you are considering.
Leonardo247 offers many package options tailored to fit every level of property management. We make custom solutions that will fit the way you do business.
Easy to Use Software
You finally made your software choice, but now you need to roll it out to your entire portfolio.
This is where things can get really tricky, because not all software is built intuitively by a seasoned property manager.
Leonardo247 was built by Daniel Cunningham, our CEO and a fellow property owner/manager himself.
His long time experience in the property management industry enabled him to create our software with ease of use in mind.
Solid software solutions are great, but help with deploying it and answering your questions along the way is just as important as the software itself.
Worried about transitioning your team? Don’t!
Everyone who trusts their business with Leonardo247 software gets hands-on training and help with deployment.
Our main goal is to make your implementation as painless as possible. We are here to be a long-term partner helping you improve your business year after year.
Tips for Rolling out Software
So, you have decided that Leonardo247 is the right choice for your property management software and you are ready to deploy.
Before rolling out any property management software we recommend that you document your current procedures.
You must have an understanding of the full scope of current work being done before you can begin to identify areas in which the property management software can benefit your teams.
I like to tell clients, “Look back before you look forward.”
You need to know where you’ve been before you can get to where you’re going…it is a basic rule in life, as well as business.
Using papers and binders is the out-dated of property management…it’s a strategy that got you from point A to Point B where you are today.
Leonardo247 is what will move you from Point B to Point C, in the fastest way possible, without missing a step. A digital strategy is what will take your company into the future of multifamily property management.
Skillful property management is about creating safe, well-functioning, productive communities for our residents to live in while also protecting your invested capital.
Make a smart choice and request your demo of the Leonardo247 Property Management Solution.