Whether you’re new to property management or have decades of experience, there’s always more to learn in this age of rapid technological advancement. By familiarizing yourself with the resources in this article, you can equip your business with new tools and services that are designed to drive profits and reduce your workload.
Property Management Software
Possibly the most important piece of technology for your business is property management software. You’re likely already using one of these packages, but there are many robust options in the marketplace. There are over 280,000 property management companies in the U.S., and they are not all created equal. So, to find the right piece of software for your operation, you would need to consider several factors. Some of these factors are the number of units you manage, the types of units you manage and your personal preferences for cost and features.
The most popular packages will include essential features such as accounting, billing, maintenance tracking, an online tenant portal, and tenant screening. But to maximize your profits and minimize your workload, you should choose the software suite that makes the most sense for your business.
Property Management Software Provides Valuable Data Analytics
The ‘big data’ revolution has been transforming almost every industry, and property management is no different. Many property management software packages will collect data for you, but it is mostly up to you to make use of the data to better your business.
The ability to efficiently analyze data related to your properties can provide insights into the profitability of specific properties and your overall business. This can help you make decisions that are the most appropriate for your situation. In addition, analyzing comparable properties in the area can identify valuable data points, such as pricing discrepancies, and help improve your bottom line.
Financial Services for Property Managers
Property management has historically been a labor-intensive endeavor, and that is the reason why many property owners outsource this activity. But with the advent of fintech, the property management industry is experiencing a renaissance.
Reserve Cash Management for Property Managers
Management of cash reserves has become a money maker since an advancement in fintech was made by the American Deposit Management Co. (ADM) over 10 years ago. Before this advancement in fintech, most property managers would keep a large sum of cash in reserve at their local bank for day-to-day operations, maintenance and emergencies. In some cases, the property management company would receive a small return on the cash balance in their account, but it was tedious to shop for higher rates and maintain multiple banking relationships to maximize this return.
With the advancements made by ADM, the days of sacrificing return for liquidity are over. Because we developed a network of local banks that compete for your liquid cash, a 10-minute application and a single deposit is all it takes to turn your cash reserves into a profit engine.
Once you’ve made your initial deposit into your Marketplace Banking™ account, ADM will distribute your cash throughout their network of community banks, allowing you to get next-day liquidity and the most competitive rates available for your cash. And, if you’re worried about safety, that’s not a concern with ADM. All the reserve cash in your Marketplace Banking™ account, up to $100 million, will be protected by FDIC / NCUA insurance. You get all this with a single deposit and a single monthly statement, and the best part is you keep your current bank.
Escrow Accounts for Property Managers
Escrow accounts have been considered a necessary evil by most business owners. You pay an escrow agent to hold funds safely while a project or a deal is being finalized. This process can sometimes take months or even years.
By leveraging ADM’s proprietary fintech, your funds in escrow can lead to bigger profits. When you deposit funds into an escrow account at ADM, that cash is distributed among our network of community banks, to the highest bidder. With banks competing for your funds, you get the MOST protection and the MOST competitive return available for your escrow cash.
The MOST Protection and the MOST Return for Your Business
We hope these resources are helpful to you in improving your property management business. If you’d like to speak to a member of our team about our valuable services, or for more information, don’t hesitate to contact us.
Lastly, to ensure you stay current on major economic or interest rate developments, follow ADM on Twitter, Facebook and LinkedIn. In addition to valuable resources for business owners, we provide a breakdown of each FOMC meeting, including expectations before the meeting and reaction afterward, so you can stay informed.