Property managers face numerous challenges that come with maintaining, upgrading, and renting a portfolio of properties. One of the most impactful struggles associated with rental management is the turnover process. Property managers are under pressure to reduce property turnover times and streamline the move-in/move-out process in order to maximize rental income and increase profits. However, properties often require maintenance and repairs before they are ready for new tenants, which slows down the entire turnover process and puts your profits at risk.
Successful property managers are looking to technology to automate turnover maintenance repairs and shorten the duration between tenancy. Read on to learn how field service software simplifies the complexities of property management, compresses turnover timelines, and maximizes your profits.
The Importance of Efficient Property Turnovers
When it comes to managing properties, efficient turnover rates can determine profitability. After a tenant moves out, landlords cannot collect rent on the vacant property until a new tenant moves in. However, this vacancy doesn’t put a stop to the bills and maintenance costs that the property requires. On top of these costs, a vacant property also incurs greater workloads for maintenance staff and property managers. Further, the longer a property remains vacant, the more likely it is that the home or apartment will become a target for theft and vandalism attempts.
As such, efficient property turnover rates are essential to maximizing your rental income. After all, maintenance costs will always be present, and the best way to offset those costs is to keep rental properties occupied with tenants that value the space in which they reside. A clean, well-maintained property does a better job of encouraging tenants to remain in place than one that requires constant repairs and move-in delays.
Additionally, a well-planned turnover process ensures tenant satisfaction by verifying the vacant property is clean and ready for them to move in.
Common Challenges Faced by Property Managers During the Turnover Process
Property turnovers introduce an array of challenges for landlords and property managers, especially when vacancy times become extended or the move logistics gets complicated.
During the turnover process, some of the most common challenges that occur include:
- Manually tracking and managing turnover tasks and work orders
- Difficulty coordinating with outgoing tenants and incoming tenants
- Determining which repairs and maintenance are needed and scheduling accordingly
- Various opportunities for miscommunication to arise between maintenance teams and property managers
- Tight preparation turnaround times
Though each of these issues presents its own struggles, landlords and property managers can use technology to remedy many of the avoidable challenges that emerge during property turnovers. Software solutions can address most of these issues and streamline turnover processes, that is, aside from the communication challenge that incoming and outgoing tenants may pose.
How Technology Can Improve Turnover Rate and Efficiency
Advancements in technology have effectively improved an array of property turnover challenges. For instance, field service management software aims to organize the turnover process, manage the repairs required for a new tenancy, and create a quicker, simpler property turnover.
Benefits of a Field Service Management Solution for Property Managers
Field service management solutions make it easy to source skilled labor and repair broken appliances, electrical, and plumbing in a timely manner. By using AI scheduling, you can easily request and book a technician to resolve an issue in one of your vacant properties. Certain companies like ServicePower even provide you with access to a certified contractor network, enabling you to access and schedule skilled contractors exactly when you need them. Qualified technicians with a mobile field service application can troubleshoot complicated issues on the first try. Improving key metrics like first-time fix rates enables property managers to streamline property turnovers and decrease vacancy timelines.
Field service software with predictive maintenance capabilities also allows for remote appliance monitoring. Technicians can remotely monitor appliance parameters, allowing them to use data to identify the best time for maintenance. This reduces equipment downtime and keeps rental units running smoothly.
Key Features Property Managers Should Look For
Property managers seeking field service management solutions will find an array of service options available. To ensure the best possible fit in terms of management needs and solution components, look for the following service features.
- Automated Scheduling: Automated scheduling takes a great deal of time and effort off of a busy manager’s task list. In addition, automated scheduling dispatches maintenance work without forcing teams to waste time handling manual requests.
- Work Order Management: A program that organizes work orders and keeps track of each action from start to finish reduces the risk of running into issues before new tenants move in.
- Mobile Accessibility: Mobile accessibility enables property managers and technicians to access key maintenance data on the go, as well as the ability to schedule service jobs and communicate through the app.
- Real-time Updates: Real-time updates and communication between managers and maintenance staff can reduce timelines and prevent miscommunication that leads to mistakes.
- Analytics & Reporting: Data analysis tracks team performance and determines where improvements are needed.
- Inventory Management: Inventory management makes it easy for managers to keep track of equipment, inventory, and other valuable items that require maintenance, repair, or replacement.
- Access to a Contractor Network: Utilizing a certified contractor network empowers property managers to find and select the best contractors for the task at hand, which eliminates much of the need for second visits and lengthy repair times.
ServicePower’s Comprehensive Solution for Property Management
ServicePower’s comprehensive field service solution modernizes property management. The tools included in the platform provide property managers and maintenance teams with everything they need to improve communication efforts, complete maintenance orders, and prepare units as quickly and efficiently as possible.
Utilizing the capabilities of AI-driven technology enables rental property teams to reduce vacancy timelines, improve property quality and tenant satisfaction, and discover new ways to deliver the best possible service.
ServicePower helps companies like yours modernize property turnover workflows. With the help of AI-driven scheduling and maintenance, you can rest assured that repairs will be completed quickly and your properties will be ready to please new tenants.