Managing condos corporation presents very unique challenges. After all, not only are you managing a board of directors that are typically not present on a full-time basis, but you're also managing staff and of course, dozens or hundreds or even sometimes, thousands of residents.
While providing exceptional day-to-day property management services is always of utmost priority, in the background lies a side of property management that is unseen by most residents: accounting. Accounting is a foundational aspect that can make or break a property management business. It is a side that is somehow often neglected by some property managers as they are busy multi-tasking and dealing other facets of property management on a daily basis. In an effort to simplify, some use Quickbooks or even Excel to handle numbers. At first glance, it does actually seem simple. Each unit is setup as a customer and the tool can track and issue monthly statements and even automate invoices. However, when you look closely and also compare it to tools specifically geared to property management of condos such as Condo Manager, they in fact do the opposite of simplifying the process.
Anyone that has experience in condo management will tell you that it is a complex job and it goes far beyond merely financials. When it comes to overseeing an entire community, it is of paramount importance to have a system in place that have some key functions in place. Here are six reasons why you're best served by using a condo management software.
1. Twice the Work
While Quickbooks or Excel may prove to be sufficient in certain aspects, it does not have a significant number of functions that are a must-have in condo management. What that means is that for those missing features, you'll have to use other tool(s) to make up for the deficiencies. That means you'll have to use more than one software and no one likes to do that! For example, you'll need to figure out how to track service requests since those are obviously not available on Quickbooks and Excel. What that means is you'll most likely need to manually enter data using various programs, which in the end, is creating more work for you rather than not.
2. Competitiveness
The use of proper tools have direct implications on the level of customer service you provide. While clients may not see it on a daily basis, the use of Quickbooks or Excel is very apparent to the average board member and owner. Especially in this the digital age, having the proper tools is not even a way to get ahead of the competition but rather - they are merely tools to stay on par with the competition. Not only that, they do also provide real tangible convenience to customers such as online statement of accounts and work orders. The last thing you want to be known as is the property management company that does things manually.
3. Centralized Access
Often times, as a property manager, you'll find yourself all over the place. You clearly do not have time to search and dig around for the information you need. You need everything at your fingerprint preferably in a single space - a place that is accessible 24/7 from anywhere. Not only that, you need a system that allows you to easily share and broadcast important information to owners. Access to information to then have the ability to communicate efficiently (see below) are two of the functions that traditional tools do not provide you.
4. Communication is Everything to the Owners
Owners and board members see only what is made available and/or communicated to them. A lack of a clear and transparent line of communication can break everything down in property management. As we all know, communication is the key to efficient and healthy relationships with key stakeholders such as staff, owners, vendors and board members. All of them will very much appreciate if they can access necessary information without much hassle and if they're able to reach property management when needed. A proper tool that includes such communication can go a very long way to establish trust and satisfaction.
5. Service Requests/Work Orders Don't Evaporate into the Black Hole
Often times, without the proper tools in place, it is a hassle for residents to submit a work order request and to also be able to track the progress of it. In fact, it is not uncommon to see work orders simply get lost in the fray when manual systems are in place. The benefits to having a proper system in place is two-fold: 1) it decreases the time it takes to follow up with residents on the status of orders; and 2) allow residents to stay up-to-date on the status without having them wonder if management is even addressing it. Not only that, the right tools even factor in vendors so that the entire process is organized, documented and visible to the appropriate parties. There are no
6. Growing Your Portfolio
The goal of any condo management company is first and foremost to provide exceptional property management services to its clients and in turn, see steady and sustained growth. Without a proper system in place, high quality service and growth is next to impossible to support. Having the proper property management software in place will allow management companies to scale at a certain pace. What this means is that you will be able to do more and at a higher quality in less time. This frees up time to place focus on other areas of the business such as growth and expansion. From having information be accessible to owners, maintaining clear and transparent communication, and optimal organization of financials, property management software such as Condo Manager allows you to streamline your entire business.
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