Elevated Living Blog

5 Ways Multifamily Software Increases Profitability

Managing Class A communities means that you are juggling many different responsibilities all at once. Resident requests, move-ins/move-outs, building upkeep… the list goes on. Fortunately, innovative software for property manager helps your community running smoothly.

Improving Profitability

Trying to manage the many demands of managing Class A properties without the use of appropriate software is not only incredibly difficult, but it has a negative impact on overall profitability. Resident requests can easily slip through the cracks, fees can become difficult to collect, and your turnover rate can increase unnecessarily.

The good news is that our award-winning software can help. The right software increases profitability by:

1) Making it easy for tenants to pay their rent on time.

An integrated system that allows both residents and management to utilize multiple functions makes life easier for everyone involved. Residents can easily pay online, which results in less wasted time trying to track down payments and follow up for reminders. A good system also allows for automated reminders to avoid forgotten payments in the first place. Ensuring on-time payments is a huge part of a profitable community.

2) Providing resident services to reduce vacancy rates.

Software for property managers makes it easy to offer a wide range of resident services. Amenities can all be managed from one place, which saves your team a lot of time and increases resident satisfaction. Both of these elements make for higher profitability.

3) Improving communication to upgrade the resident experience.

Using property management software to facilitate communication among residents and residents-to-management increases satisfaction for everyone who lives in the building.

4) Gathering relevant and useful data for property management.

This type of software can also be used to collect relevant data so you are working with the most updated information possible. You will be able to offer the best possible Class A property experience when you have access to the latest analytics.

5) Increasing operational efficiency.

Overall, software for property managers saves you and your team valuable time. Rather than spending time in front of the computer tracking, emailing, and collecting rent, you can be working on more profitable projects like attracting great new residents, improving current resident relations, and making sure that your properties are incredible places to live.

Choosing the Right Software for Property Managers

When looking for great software for property managers, it is important to find a product that is comprehensive and easy to use. Look for a software company that understands how important your residents are.

Software that covers everything, including communication, rent collection, data collection, maintenance requests, and amenity reservations means that the software will be truly useful to you and your team. Your residents will also love to use a product that is simple and keeps the building connected.

Elevated Living’s software for property managers brings together a new level of functionality for Class A residences. We aim to help you to decrease vacancy rates, increase resident satisfaction, and improve your NOI.

Learn more about Elevated Living’s software for property managers.