In a recent Webinar, “5 Key Principles to Boosting Profitability,” AppFolio provides landlords with tips on how to expand income without expanding their portfolios. One key tip: reduce your overhead costs by automating your leasing processes. In fact, according to an AppFolio and John Burns poll, 35.1% of property management companies say manual processes are one of the top factors prohibiting growth. To smooth the property management process and give your team time back, here are ten processes that AppFolio recommends automating:
- Lead-to-lease
- Vacancy posting syndication
- Scheduling for showings
- Communication
- Tenant Screenings
- Rent Payments
- Payables
- Maintenance Requests
- Performance Reporting
- Rental Pricing Optimization
We also recommend automating processes for your financial and tax reports, marketing, and late fees. With software available such as AppFolio, automation for landlords is now easier and more affordable than ever.
In addition to optimizing your automation abilities, AppFolio recommends landlords improve their leasing efficiency, reduce tenant turnover, use amenities to drive revenue, and save on utilities with smart home devices. For more insight on how to boost profitability, view the full Appfolio Webinar. Also, check out our blog category “Maximizing Rental Profits” and our Investor Resources Page.
Related: Top 10 Reasons Renters Move, Our Top 3 Tips for Tenant Retention
