Every property manager faces some common challenges irrespective of whether you own a residential or commercial property and whether you own a large or small portfolio. These challenges arise without a warning but it is important to be ready to tackle them promptly. 

Here are some of the top challenges in Property Management:

Tenant management

Challenge: Tenant management involves storing tenant data, contract management and ensuring their check-in and check-out is done smoothly. Ensuring that the tenant is onboarded without any difficulties and providing them with their requirements is crucial for tenant satisfaction and retention. 

Solution: Property management software (PMS) can help streamline tenant management tasks by centralizing tenant information, automating lease management, and facilitating smooth communication between tenants and property managers. Having a centralized system to store and manage the data of the tenants helps avoid any human error and misinterpretation of the information.

Maintenance of the Property

Challenge: A property manager has to not just ensure that the tenants have moved in without any hassle but also make sure that the amenities in the property are working properly. When common facilities are used by the tenants, regular maintenance should be done in order to avoid any malfunctioning in the property. Staff members should do their daily assigned tasks on time and also check if the tenants have any issues raised regarding their stay on the property. 

Solution: Property management software helps in keeping track of maintenance of the amenities provided by the property owners to the tenants. Auto-assigning staff to issues raised by the tenants reduces the delay in getting the maintenance tasks done. Automatic notifications are sent to the property owners when a maintenance request has been raised by the tenants and once it is resolved, the tenants are also informed about the same through the communication channel.

Reducing Operational Costs

Challenge: Property managers usually face the challenge of reducing their operational costs. To understand where the expenses have been made, they have to keep track of where the money is currently going. Property managers should find ways to optimize their resources and allocate them efficiently.

Solution: Property managers can overcome this challenge by automating tasks which can be done by the property management software. For example, when a tenant moves into the property, the move-in checklist needs to be done by the staff at the property but if the property owner provides the facility of self-check-in by using PMS, it helps them reduce costs incurred for resources, human errors and time taken to do the task. 

Retaining Quality Tenants

Challenge: Tenant retention is very important to improve the profitability for the property manager. Once the tenant moves in, its the property owner’s and his team’s responsibility to ensure that the tenant has a good experience at the property. It is also important to screen and onboard good tenants. Trying to improve the communication channel between the owner and the tenant enables the owner to understand the tenant’s requests and respond at the right time. 

Solution: Providing a portal for the tenant to communicate and interact with the fellow tenants and the property management team is an added advantage for the property owner to understand the tenant needs. Tenants feel seen and heard when they have a transparent platform to put forth their queries and also a space where thet can build communities. 

Are you a property manager who has faced the above mentioned challenges and more? We are here to provide you with the best solution for all your property management needs. Monetize, Manage & Maintain your real estate portfolio with MonkSpaces.Ai, from managing occupancy to engaging tenants, our software does the heavy lifting so you can do what you do best — grow your business.