Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

3 Ways to Grow your Property Management Business

By Palace
26 March 2020 | 1 minute read
Grow your property management business with Palace

Promoted by Palace

Property managers and agency owners have to stay agile in these rapidly changing times. The health issues we’re now facing, also show we need to adapt. 

Palace

Property managers and agency owners have to stay agile in these rapidly changing times. Besides the current health issues we’re facing, you also need to keep up with legislative changes in the property management industry and the technological developments in order to make sure you utilise the best property software to stay ahead of the competition. 

Now that we’re moving to working from home and have suspended property inspections, it is more important than ever to be working from the cloud having your portfolio accessible from anywhere. 

At Palace we have listed 3 ways to utilise your property software to help you grow your property management business - these tips will help you focus on running your business as efficiently as possible so that you can invest your time and energy on growing your rent roll.

1. Stay on top of your business performance so you know where to invest for further growth

It is no secret that analytical reports can help you identify growth areas in your business. You need to know where your main revenue is generated and where the leaks are that suck away important resources and add extra costs. 

Your trust-accounting software needs to be able to show you these important aspects of your business’ growth in easy-to-read graphs and comparisons. Reminder tabs and alerts can direct you to the areas that need the most attention. Digital invoices provide an instant view of what’s due and whether property accounts have the necessary funds. 

If you’re a business owner, make sure you’re keeping track of your teams’ performance, to ensure they meet their targets. Having this daily oversight at your fingertips will ensure you make the best business decisions.

2. Automate tasks and free up time

 Get rid of your manual mundane tasks by setting up automated workflows within your property management software. Whether it’s chasing up rent arrears, sending inspection notifications or chasing keys, these tasks can all be automated with the right software.

Automate matching bank transactions or setup tenants with direct-debit to make reconciliation even quicker. Palace has a clever document flow process that automatically reads invoices and creates corresponding transactions, saving you plenty of time. This includes processing invoices from 3rd party apps.

Make life easier for your owners and reduce time spent communicating with them. Financial information, inspection videos or reports, and maintenance invoices should be available online anytime for your owners to access. Whether it’s chasing up rent arrears, sending inspection notifications, or reviewing rent increases, set up an easy workflow for all aspects. Communicate with your owners, tenants or suppliers via SMS, integrated emails or online, freeing up time to focus on growing your rent roll. 

3. Be mobile, property managers can work from anywhere

Today more than ever you need to have your trust accounting and property management software at your fingertips. Your applications need to be cloud-based so that you can access it from the office, home, anywhere! Use an integrated inspection app so that you have all your information in one place, allowing you to create inspection reports and organise your maintenance jobs during the inspection - this way you don’t have to organise them from the office at a later stage. Integrate with your favourite third-party apps so you can easily manage your rental advertising, tenant applications, property inspections, maintenance jobs and admin from the one software.

Learn more about how to grow your property management business with Palace.

Palace Learn more button

3 Ways to Grow your Property Management Business
Grow your property management business with Palace
lawyersweekly logo
Rankings
rankings
JUST RELEASED
May 09, 2022

REB Top 50 Women in Real Estate 2022

REB is thrilled to present the Top 50 Women in Real Estate 2022 ranking, which sets t ... LEARN MORE

rankings
JUST RELEASED
May 04, 2022

REB Top 100 Agents 2022

Now in its second decade, the REB Top 100 Agents 2022 rankings are the most revered s ... LEARN MORE

rankings
JUST RELEASED
May 02, 2022

REB Top 50 Agents NSW 2022

Even a pandemic has not put the brakes on the unstoppable property market in NSW, whi ... LEARN MORE

rankings
JUST RELEASED
April 27, 2022

REB Top 50 Agents VIC 2022

The COVID-19 crisis has not deterred the property market in Victoria, which has been ... LEARN MORE

rankings
JUST RELEASED
April 25, 2022

REB Top 50 Agents QLD 2022

As the property market continues to roar in Brisbane and Queensland, the REB Top 50 A ... LEARN MORE

Coming up

rankings rankings
Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.