9 ways property management automation saves time and money

Without technology, it's difficult for property managers to oversee processes and operations. As the benefits from automated technology increase, it’s important to build a tech stack that addresses all property management needs.

With a new wave of Gen Z tenants, your renters are expecting more access to digital solutions that handle rent payments and maintenance requests. This article explores how to automate property management to meet today’s challenges, with useful guidance for software implementation.

Key takeaways

• Property management automation is the use of technology to remove manual steps from property management processes.
• There are nine key ways automation can save time and money. These include rent collection and payment tracking, maintenance requests, and streamlined communication with tenants.
• To automate property management, identify repetitive and time-consuming tasks, research tools, and invest in solutions to save time and improve tenant satisfaction.

What is property management automation?

Property management automation is the use of technology to remove manual steps from property management processes.

Automation tools let you streamline crucial day-to-day operations. This is essential for the real estate industry because of how much manual work is involved in overseeing properties and meeting renters’ and owners’ demands.

Benefits of property management workflow automation

Automation technology lets you do more with less effort, improving how you manage daily tasks while increasing tenant satisfaction. It can also help you stay on top of growing responsibilities as the number of properties you oversee increases.

Here are some key benefits of automation for property managers:

• A better resident experience: Make maintenance requests and rent payments easier for tenants with convenient communication methods and self-service options.
• Improved efficiency: Save time by automating manual tasks and reducing human error.
• Greater profitability: Maximize revenue with limited resources through efficient rent collection and optimized management processes.
• Increased visibility: Enable insights that improve how you manage your portfolio with automation tools that collect all property data in one place.

Related read:Transform your business with AI workflow automation

9 ways property management automation can save you time and money

1. Rent collection and payment tracking

With a system to collect tenant payments and track late fees, you can improve cash flow and save time traditionally spent on outreach and follow-up. Automation in tandem with a digital payment system lets you track late payments, schedule rent reminders, and link to payment portals. It will also notify you and your tenants if a transaction error occurs.

Making it easy for tenants to pay on time helps secure more punctual rent and improve your financial outlook. Offering digital payment options with reminders may also appeal to prospective tenants and increase occupancy rates.

2. Maintenance requests

An automated system for receiving and tracking maintenance requests makes it easier to keep up with repairs.

While fielding outreach from multiple properties can become overwhelming, responding quickly is important for tenant safety and legal compliance. Software can automatically assign tickets to staff members responsible for handling maintenance issues. This lets you coordinate and respond promptly with little to no administrative lift.

You can also increase visibility into maintenance processes with automatic alerts for when ticket statuses change.

3. Lease renewal

Automatic lease renewal reminders and contract creation make sure you and your renters don’t miss deadlines at the end of a leasing term.

Use templates to prepare drafts of renewal notices and renewed leases that can be customized and sent at the right time. This reduces the effort involved in securing repeat tenants, letting you focus on onboarding new renters or assisting residents with complicated issues.

4. Tenant application screening

Simplify the tenant application process with automatic background and credit checks. Expediting the qualifications process helps prevent bottlenecks that delay leasing.

Additionally, automation increases standardization for the screening process, which helps you stay compliant with Fair Housing Laws. It provides assurance that all tenants receive the same treatment, helping eliminate the possibility of bias.

5. Communication with tenants

Scheduling tenant communications and providing chatbots to assist with commonly asked questions frees up time for property managers and improves the resident experience. Some examples of communications you can automate include:

• Routine alerts that could impact a tenant’s day, such as scheduled landscaping, trash pickup, and checking smoke detectors.
• Package delivery notifications.
• Confirmation notices for received rent payments or maintenance requests.
• Messages related to amenity reservations, like waitlist alerts.

Optimizing communications lets you engage with more residents to build positive relationships. You can even use property management sales automation for marketing materials that bring in new renters and entice existing tenants to renew their leases.

6. Property inspection scheduling

To avoid the consequences of skipping property inspections, automate scheduling and reminders. These ensure you’re prepared in advance and inspections occur on time.

Neglecting property inspections can lead to tenant dissatisfaction and even costly lawsuits. It’s important to stay on top of required reviews to remain compliant with federal, state, and local laws.

7. Administrative tasks

Boost productivity and save money by efficiently managing tasks like document signing and invoicing.

As a property manager, you’re in charge of maintaining countless documents and leasing contracts. A cloud-based document management platform that incorporates automation tools can optimize workflows for sending, collecting, and storing these files. In addition, it bolsters security for documents containing sensitive tenant information with features like encryption and access controls.

Related read: Great security doesn't have to get in the way of a great user experience

8. Vendor management

Streamline communication and payments when working with external vendors to improve service delivery at your properties.

Effective communication is crucial when you contract with external parties for services such as cleaning or front desk staffing. Well-run properties require seamless service coordination. Automation can improve relationships with vendors by enhancing processes for:

• Scheduling and reminders for upcoming services
• Contract renewal
• Invoicing

9. Accounting and financial reporting

Automating financial activities like bookkeeping gives more accurate insights into a property’s financial performance. Beyond this, expense tracking is easier to handle when purchases are instantly logged into accounting ledgers. Look for solutions that integrate with your tech stack to build frictionless workflows.

How to automate property management

When done right, automation can deliver all the benefits described in this guide — but it starts with finding the right solutions and integrating them effectively.

Choose the right automation tools

A strategically built tech stack saves you time and manual effort while maximizing ROI. Conduct thorough research to help you select the right software tools. Many platforms already incorporate automation to optimize daily processes, but a combination of solutions may be ideal depending on your needs.

For example, a platform like Sharefile can relieve administrative burden with custom workflow automation, secure cloud-based storage, and useful communication features. Highly specialized companies like Rently allow you to automate specific activities like property showings.

As you conduct research into potential solutions, keep the following considerations in mind:

• What is your software budget? First, decide how much you’re willing to invest so you don’t spend time researching software outside your budget.
• What goals are you hoping to achieve, and which are most important? Identify the goals you want to achieve. Then put those in order of priority to get the most value out of your tech suite.
• What features are you looking for? Conduct a comprehensive review of software capabilities to be sure you will have every feature needed to meet your goals.
• Will you receive quality customer service? Determine what assistance is available and only buy from vendors that provide adequate support before, during, and after implementation.

Integrate automation into existing workflows

The right automation tools will improve current processes. You shouldn’t have to create new workflows to accommodate software solutions — this only leads to unnecessary inefficiency. Here are four steps for seamless automation integration:

1. Map out current workflows. Clearly outline the necessary steps for each process you plan to upgrade.
2. Identify areas that would benefit from automation. Focus on tasks that are overly repetitive, tedious, and time-consuming.
3. Research and implement solutions. Follow the guidance in the section above to choose the right automation software and tools.
4. Educate staff. Conduct training sessions and offer personalized support to ensure all employees can use new systems effectively.

Save time and money with purpose-built automation

Property management workflow automation is an effective way to make your job easier. It takes over routine tasks and gives you more time to tackle complex problems. In addition to boosting efficiency and reducing hassle, the technology improves resident satisfaction with more convenient property-related transactions.

Sharefile makes it simple to build workflow automations that transform essential property management processes. With intuitive interfaces, integrated communication features, and advanced security, it aids real estate professionals in providing an excellent tenant experience.

Don’t wait to implement solutions that modernize property management. Harness the power of automation and move beyond busywork to make a difference in your tenant’s lives.