There is a lot of talk about the 'cost' of property management process automation—but what about the cost of not automating?
Sure, getting the Geekly Media Property Management Operating System (PMOS) comes with a cost—and it is more than bargain-bin, list-based, or DIY automation tools out there. It's the kind of price tag that many startup property management companies cannot handle when your growth is in a fragile place.
However, property management organizations that have made it past the fledgling stage are probably going to hire again at some point this year, and if they are, we have to ask: What will it cost you to put off automation?
Turnover is expensive—but inevitable. Family changes, retirement, burnout—there are many reasons why an employee that loves their job might choose to move on. Then, there are the employees who don't love their job—the kind that are ready to jump the moment something better comes along. Regardless, you're going to have to hire and fire employees regularly as the owner of any business if you want to stay competitive and functional.
Property management process automation helps you reduce turnover by reducing your need for staffing. We're not saying, 'Go out and let a bunch of great employees go and just automate their jobs!' However, what we are saying is, 'You'll need fewer people to run your business as it is now.'
Whether there are some less-than-ideal performers on your team or you're ready for aggressive growth, automation will save you big time on staffing costs.
Training is expensive—but one of the best investments you can make is your people. Let us train your talent with the RentBridge Academy's onboarding training! You'll be able to ensure your new staff members are up to speed—without needing to take time from another employee to train them on your property management process automation systems.
Some employees love training new hires—but let's be honest; it isn't for everyone. Automation will not only give you a training resource for new hires so they can learn independently, but it will also help you ensure that valuable knowledge isn't lost along the way from migrating employees.
When you use banking features from HubSpot, you'll be able to document the entire training body of knowledge for all of your employees—meaning none of them can hold you hostage when they leave.
Not only do you save on having to use multiple programs when you merge down to the PMOS, but you also get more from the one program you replace them all with! HubSpot is expensive by itself—but only when you look at the price tag without considering all the other programs it is going to replace.
Don't forget all the new cost savings that come from properly tracking your business metrics and making the right changes at the right time! When you have more information about your business, you're better equipped to make the right strategic moves for growth.
Our Rent Collection Pipeline helps create efficiencies that can get a collections department humming. The more rent you collect (and faster), the more you make, right? Instead of waiting for your staff to contact overdue tenants, your property management process automations will spin off the calls and emails at the perfect time—before you even start your day, if you want. Stop losing money on time you're spending to collect.
The best investment you can make is keeping the business you have. Increase your customer lifetime value, and you'll have to spend less on marketing to grow because you'll only be worried about getting bigger instead of replacing lost business.
By automating satisfaction surveys and keeping an eye on client happiness, you'll also be able to predict departmental failings that could create the kind of turnover that would otherwise be a surprise.
We do—but the children of Geekly Media employees sure don't! Once ubiquitous in every city and town in America and sprawling across multiple locations, Blockbuster is now a name that people will only know from hipster t-shirts.
We're not saying your business is going to end if you don't automate—but we are saying that the Netflix and Redboxes of property management are coming. To remain relevant, especially today, embracing innovation is key to not just growth, but remaining in business and growing through the times when your competition is struggling.
Embracing new technology now means you'll be reaping the profit and savings—while your competition is dragging their feet. If you want to get ahead of the pack and cement yourself as the company that is going to thrive, schedule a meeting with our team. We'll show you how much you can save by implementing PMOS in your business!