As with all businesses these days, the property management business is also going online for both employees as well as tenants and investors. Property Management Online is a major trend that is impacting all businesses and if your property manager is not heading in that direction it is time to find out why. You could be receiving much more up to date information in real time that also decreases costs over all and allows the owners to keep closer tabs on just about everything.
Online Information for Investors
Investors can look at all of the reports on line regardless of where they are simply by logging on a server or CRM system that the property management company will provide access to. They will be able to see their income statements, expense statements, and all reports. The modern property management online company is now providing these kinds of services. In addition they should be able to review work orders and the status of these orders. In situations where there are multiple investors or owners, a limited number of people may have access to ensure security and privacy levels are maintained. For example the board members might be the only ones with access or someone who is designated the job of keeping tabs on the property manager.
Online Information for Employees
Property management employees can also update the CRM system so that management can review the results, work orders that need to be completed and the status of all of these work orders. All of the information associated with an apartment or facility that is being rented can be viewed online making it easier for everyone to understand what is happening.
This also provides a record of the activities associated with a particular unit. At one glance all work orders for a given unit can be reviewed and the history of the work completed can be viewed. This is a good way to determine if a rental unit has had more work than others completed. The same applies to common areas or the outdoor facilities. It is information that many owners and investors find helpful, but for property managers it is invaluable to them. This information helps them do their jobs better and reduces the cost to manage the building over all.
Corporate memory has long been relied on to manage apartment buildings and town houses as well as commercial properties. There may have been lots of paper records available for someone to dig through, however when it came to finding out what was really going on, you spoke to the superintendent of the building. He or she could always provide anyone with an up to date report of just about everything that was happening.
But what happens when the superintendent leaves for whatever reason. He or she may have retired, or have been let go. All of the real time corporate memory goes with them and this can be a large problem if there are also no accurate records to fall back on. There are many small invoices for repairs that need to be accommodated and if there is no record of them how is anyone really other than the tenant supposed to know.
Also if a tenant was asking for something to be completed in their unit and was turned down for some reason, if there is an online record of this a new superintendent can look at the records and make a decision on better information, rather than just listening to the tenants side of the conversation. There might have been a good reason the request was turned down by the previous manager.
Tenant View of Online Property Management
In some cases tenets of property buildings apartment buildings will also be able to log on the CRM system and view the status of work orders associated with their unit only and any common areas of the building. This provides him with a status update and helps to manage the expectations associated with the apartment.