From finance to manufacturing to property management, every industry wants to automate the tedious and laborious parts of their work.
Property managers are turning to technology to help speed up processes and take manual work off their plates. They are finding ways to automate day-to-day tasks so they can be free to focus more time on owners, residents, and the growth of the business. When repetitive, manual tasks are out of the picture, property managers are also freed up to have quicker response times to maintenance, leasing, and other tenant or landlord requests.
Property managers can benefit from automating various documents to streamline their operations and improve efficiency. In this article, we list 10 documents that property managers should consider automating to get the most out of their time.
1. Lease Agreements
One of the most important documents within a property manager’s collection, a lease agreement defines the landlord-tenant relationship and is an absolute requirement to retain. Automating lease agreements can save time and ensure consistency in the leasing process. Property managers can use software or templates to generate lease agreements quickly by filling in the necessary details for each tenant. Automating rental agreements eliminates the need for manual preparation and drafting of documents.
Benefits:
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Simplifies storage and retrieval
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Ensures receivers’ receipt of critical notices
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Notifies customers when communication is ready with digital delivery
2. Rental Applications
Generally, your application provides the information and consent required to run background screening on prospective tenants. Retaining this permission slip is important if there is ever a dispute. The application also serves various other uses including proof of non-discrimination, noteworthy information for collection efforts, and basic contact information on the tenant. Automating rental applications allows property managers to collect and process applications efficiently. Online forms or applications can be created to gather tenant information, perform background checks, and streamline the application review process.
Benefits:
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No manual collection of paper applications - instant data capture
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Maintained consistency and standardization in the process for all tenants
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Improved data accuracy
3. Maintenance Requests
Automating maintenance request forms enables tenants to submit repair or maintenance requests online. Property managers can use a system to track and prioritize requests, assign them to maintenance personnel, and communicate updates to tenants.
Benefits:
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Ensure customer receipt of critical notices
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Notify customers when communication is ready with digital delivery
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Simplify and streamline archive and retrieval
4. Move-in/move-out checklists
Whether this be a document with written down defects in the property or a video or pictures of the condition of the property before tenant placement, this information is critical for when the tenant does move out. Property managers can automate move-in and move-out checklists to ensure a standardized process for documenting the condition of the property, which can also be shared with the tenant or landlord if needed.
Benefits:
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Standardized templates that accelerate future prep time
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Reduces the risk of misplacement or loss
5. Tenant notices
Automated notices to tenants can be sent for various purposes, such as rent reminders, lease renewals, termination or eviction notices, or policy updates. Property managers can use email or automation and delivery software to efficiently send these notices. Also, when there are changes in regulations, policies, or lease terms, property managers can make necessary modifications to the template or software, ensuring that all future agreements reflect the updated information. This reduces the time and effort required to manually update each agreement separately.
Benefits:
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Standardized templates that accelerate future prep time
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Efficient distribution and signing
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Eliminates the need for physical storage or retrieval
6. Rent Invoices and Receipts
Automating your invoices helps you log payments and invoice owners, and generally keep track of all the money going in and out of your business. These are ongoing transactional documents between the tenant or services with vendors. Automating the generation and distribution of rent invoices and receipts can simplify the rent collection process. Property managers can utilize accounting or property management software to automatically generate and deliver invoices to tenants.
Benefits:
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Efficient distribution and payment
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Reduces administrative burden
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Simplifies document retrieval for future reference or financial/legal purposes
7. Financial Reports
Financial reports such as income statements, balance sheets, expense reports, or other documents relating to property costs can be automated to help property managers comply with regulations and maintain proper documentation. Digital records of financial information provide a documented trail for auditing and compliance purposes. Automating these can help property managers track income and expenses, analyze profitability, and generate reports for property owners or stakeholders.
Benefits:
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Track income and expenses clearly
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Create a clear audit trail
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Meet compliance standards/SLAs
8. Tenant Communication
Property managers can automate tenant communication through email or messaging platforms. They can use software or templates to send routine communications, updates, or newsletters to tenants. Online forms can include necessary legal disclosures and consent forms, ensuring that applicants receive and acknowledge important information. Additionally,
Benefits:
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Pivot easily from single (ad hoc) or batch mailings
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Avoid time-consuming manual processes like sending physical mail
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Internal approval process built into the workflow
9. Compliance Documents
Property managers will deal with different compliance documents and regulations depending on their jurisdiction, their location, and property type. Automating compliance documents, such as insurance certificates, HOA/COA documents, or miscellaneous permits and licenses can ensure legal requirements are met. Property managers can maintain a library of these documents and generate them as needed.
Property managers may be required to submit compliance reports to regulatory agencies or property owners. These reports can include financial reports, occupancy reports, maintenance and repair records, or other documentation to ensure compliance with contractual agreements or legal obligations.
Benefits:
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Ensure agreements cover essential legal aspects
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Create a clear audit trail
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Reduce the risk of disputes or non-compliance issues
10. Renewal letters
Automating lease renewal letters can help property managers streamline the process and improve tenant retention. Using automation software, managers can use templates to generate personalized renewal offers and also deliver them to tenants.
Benefits:
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Improves overall efficiency
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Avoid time-consuming manual processes like sending physical mail
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Standardized templates that accelerate future prep time
In short, paper-based processes take longer and are much more challenging to track and maintain. Within property management, many employees wear many hats in their roles. Automation helps alleviate some of their administrative duties so they can focus on more core aspects of their job. Automating these documents can save time, reduce errors, and improve overall efficiency in property management operations.
If your property management firm is ready to start automating some of these documents, get in touch with us today.
