Top Issues for SMB Property Landlords
Small landlord rental owners are exceptional business people. And the last 3 years, they’ve tested their limits of pain and frustration.
They’ve been model business people with their hands-on approach in how they attract customers, create cash flow, manage budget, resolve operations, financial and people issues, and turn a profit. They’re good with people and help tenants enjoy a normal life at home.
Landlords are models of efficiency in a hands-on, face to face business environment. Yet, today with property portfolios and regulations growing, poverty, and uncaring tenants who argue and don’t cooperate, and with rental administration on the increase, their job is becoming painful.
Traditional not Comfortable Anymore – Everyone is Going to SaaS Systems
Times have changed and how tenants, owners, investors and vendors want to engage in rental property management and leasing is different now. Those who hang onto traditional style management vs the new digital, SaaS-based business models and management systems, may suffer severe pain.
It really is time to upgrade. Those areas of your property management work that are most troubling are a hint at where you need to modernize. Those who tried modernizing 5 years ago now realize they must evolve again with the latest versions of SaaS powered software.
Of course, the picture is about more than obvious frustrations. Real solutions revolve around business models, financing, digital delivery, and using accounting to make decisions. We’ve conducted our own survey of landlords and Buildium has too. The conclusions are similar with notable differences (enterprise landlords and asset managers have different priorities).
The ManageCasa Survey:
Our Recent survey revealed landlords and managers managing staff and budget are the toughest challenges.
Our Survey of Managers on their Pain Points:
Landlord Survey 2023.
Your Laundry List of Pains Keep Growing
With rent controls, payment defaults, cash flow short falls, rising taxes, rising maintenance and repair costs, sudden emergencies and costs of replacing appliances, tenant turnover problems, tenant neglect, long workdays and personal relationship stress, compliance with laws, financing, taxes, and bookkeeping all conspiring to make your work life difficult, the stress is ever-present.
A process takes away the friction and encourages your tenants to behave optimally — such as with the online rent payment, tenant communications portal, and an eviction process.
Paying rent is a good case in point. Are you letting your tenants reside without an updated, signed, ongoing lease? Do they pay in cash? Do they want to pay another way? Here’s a great way to de-couple from friction and let the system streamline revenue collection.
The system helps them see their lease responsibilities so they understand non-payment consquences.
Streamlining Workloads and Automating Compliance to Rules
The beauty of property management software is it streamlines, removes friction from the landlord/tenant relationship. When you adopt a low-cost cloud-based software solution, it will change how problems interface with you. This onus on rules and for others to meet contract obligations then eases your cash flow, tenant issues, and workload pain.
The maintenance ticket system encourages them to report issues, so you can keep ahead of them. That means fewer midnight calls for mechanical or plumbing matters.
Silently and efficiently, the software creates a buffer zone to give you your life back. The solution helps prevent your landlord pains. But that’s only the first part. Next, is your ability to access new profit-generating services.
Please do visit with us at upcoming property management conferences including Apartmentalize. Let’s talk pain points and how technology can help make your staff, budget, leasing and maintenance challenges easier.
More on the ManageCasa blog: Landlord Software | Property Management Software | Small Landlord Software | Top Landlord Mistakes | Landlord Software Features | Landlord Accounting Software | Highest Property Taxes US Cities | Landlord Challenges | Tenant Landlord Issues | Mobile Landlord Tools | Property Management Guide | Landlord Reputation Management
