If you’re familiar with the media franchise Pokémon, you know it revolves around the concept of capturing as many fictional creatures as you can — and retaining the best ones. In many ways, property management is the same way (though admittedly with less battling and evolution). Only instead of fictional creatures, we’re talking about real-life tenants.
A CRE professional’s success is directly tied to his or her tenants. Obtaining tenants and retaining tenants are both keys to a flourishing portfolio. To help with both, let’s take a look at five realistic scenarios where tenant experience can be improved by property management software:
Property management software lets you create critical date reminders and use the data to forecast. This means you can easily track things like lease expirations, renewal options, rent bumps and insurance coverages, then notify and share them with your tenants. You can also create reminders to give your tenants plenty of advanced notice about rent hikes or other changes.
Easily observe and record changes with property management software. Post notes on maintenance, let tenants know about upcoming improvements and give them updates on repair requests. Go the extra mile and keep them apprised of inspections and other critical points related to maintenance.
You can gain an advantage during lease negotiations and give your tenants peace of mind with the market research that property management software provides. Since you’ll be able to easily keep up with the market, you can monitor expirations and market rates for similar properties and share some (or all) of that information with your tenants.
With property management software, you can securely store and share all documents with your tenants. This includes lease documentation, photos, plans and other files. You can even monitor edits made to documents with the activity time, date and author stamping.
OK, this last one isn’t really a tenant experience issue, but it is extremely important to property managers. Avoid this scenario with property management software that lets you track vacancies and adjust marketing efforts accordingly. You can also monitor occupancy costs, create critical date reminders and evaluate the market so that you can obtain new tenants if needed. Hopefully, though, you’ve retained tenants by keeping them happy.
To see how you can improve your tenant experience with property management software like Quarem, request a demo today.
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