The Promise of a New Year in Property Management: 4 for 2024

Here at WindsorTurner, we love the promised of a new year. Clean living, minimalist aesthetics and going to bed EARLY. It’s an opportunity to correct poor practices and improve for growth, because let’s be honest, sometimes may have become a little loosey-goosey through the merriment of the holidays. Organizing your real estate management practices is crucial, critical, and just plain makes sense for efficiency and success in an industry which we have found to be rapidly evolving. Here are four (four for 2024 - see what we did there?) ways to enhance organization in your real estate management practices.

Utilize Property Management Software:

Invest in a robust property management software system to streamline tasks, track property details, and automate various processes. These tools often include features such as tenant and lease management, financial tracking, maintenance scheduling, and communication tools. We are big fans of Buildium, AppFolio and Yardi. All have strengths and weaknesses depending on the portfolio.

Centralized software helps consolidate information, reducing the risk of errors and providing easy access to critical data. It also facilitates collaboration among team members, allowing real-time updates and communication.

Establish Standard Operating Procedures (SOPs):

Develop and document standard operating procedures for various aspects of real estate management. This includes processes for tenant onboarding, property maintenance, financial reporting, and emergency response. All WindsorTurner clients experience the same level of care and service based on repeatable, documentable processes and procedures.

SOPs provide a clear roadmap for tasks and responsibilities, ensuring consistency and minimizing the risk of oversight. Regularly update and review these procedures to adapt to changes in the real estate market, regulations, or internal workflows.

Implement a Document Management System:

We won’t deny with that documentation that comes in the form of paper and digitized can give us pause. Create a systematic approach for organizing and managing documents related to each property. This can include leases, contracts, maintenance records, and other relevant paperwork. Create digital files that match any paper files.

Use a digital document management system to categorize and store documents in a secure and easily accessible manner. Implement naming conventions and folder structures for consistent organization. Cloud-based systems enable remote access and collaboration, enhancing efficiency for property managers working in different locations. WindsorTurner works with Sharefile and Dropbox with our clients.

Adopt a Task Management System:

Utilize task management tools to keep track of assignments, deadlines, and ongoing projects. This helps prevent important tasks from falling through the cracks and ensures that responsibilities are clearly assigned. At WindsorTurner, we’re a fan of SmartSheet for its ease of use.

Break down larger projects into smaller, manageable tasks with specific deadlines. This not only facilitates better organization but also improves accountability within the team.

By incorporating these strategies, property owners can enhance organization, reduce operational inefficiencies, and ultimately provide better services to clients and tenants. Regularly reassess and update these systems to adapt to evolving industry trends and technologies. Cheers to 2024! If we can help you in any way in 2024 to set yourself up for a better NOI and a better tenant experience, let us know.