It's no wonder that tenant management is considered to be one of the biggest challenges of property management and has resulted in countless sleepless nights. Communication with tenants includes collecting rent, answering their questions, meeting their needs, dealing with their complaints, etc. You might not want to deal with all that headache. If you're running out of power, you can always ask the property manager to ensure that tenants get enough attention. Discover customized solutions that are perfectly suited to your role, business size and specific use cases.
Plus, if you're familiar with the industry, there's a good chance you're already familiar with these issues. Even so, reading the article is beneficial for you, since not only do we give you a list of the challenges you know and leave you there, but we have introduced some innovative solutions that will be very practical for you. Well, now you may think that security deposits are a good solution, but sometimes, especially now that medium- to long-term stays are so popular, the damage caused by guests who have stayed at your property for a month is too much that the security deposit you collected in the first place isn't enough. If you want to know this solution in more detail, this page will be useful to you. Did you know that 75% of people looking for businesses online are on Google? GMB (Google My Business) is a free and easy-to-use online platform that will provide you with many opportunities.
In addition, if you don't have our first solution, a direct booking website, we also offer you a website. A smart pricing tool is a powerful solution that finds the optimal price at a given time based on many variables. By taking into account the interaction of supply and demand and analyzing historical and real-time data, dynamic pricing software offers you recommendations adapted to your rental business. After nearly 50 years of managing properties, we have discovered consistent themes across properties. While each property is unique, the problems are similar.
Let's look at 3 of the main challenges and solutions. We suggest that you pay special attention to this feature when choosing your channel manager, because if your channel manager supports API integration and synchronizes with the channels that are the same, the possibility of excessive bookings is completely eliminated. As explained in the previous guide, increasing revenues is one of the main challenges faced by property managers. In addition, with regard to the PMS (property management system) and the channel manager you use for your business, you can benefit from a booking process that performs all of these steps for you. If you ask any property manager, this is the first common property management problem that most of them will say.
If you have an SEO-compatible website, you can publish interesting blog posts and attract the attention of search engines, in addition to showing your properties. Your property manager will respond promptly to residents' complaints and will attempt to resolve their problems immediately. Learn how Accruent Lucernex offers solutions to help property managers achieve efficient and profitable operations. As long as they exist, it's somehow impossible to name a single successful property manager who has started their business without the help of these booking platforms.
To address these challenges, real estate managers must first ensure they have full visibility of their portfolio. Whether it's managing leases effectively, ensuring compliance at multiple sites, simplifying maintenance and project management, or making sites operational, mastering the entire real estate lifecycle is the first step in solving the problems of keeping facility managers awake at night. As you add additional investment properties to your portfolio, property management challenges increase accordingly. You can plan other areas of your business, whether it's hiring new staff, acquiring new properties, or moving to a new head office. Getting more direct bookings is one of the most difficult property management problems for professionals and amateurs to overcome.
