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5 Ways Multifamily Software Will Increase 2023 Profitability

February 27, 2024
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Ready or not, 2023 is only a few weeks away. The current multifamily real estate market is still fluctuating, as national and international events change its course. And you may be wondering, how do you plan for a successful 2023, during such a turbulent time?

It's easier than you think. Ask anyone who uses multifamily software. They'll tell you it is a key factor in increasing your profitability, especially going into an unsettled 2023 market. Personalized multifamily technology can help your Class A community stay successful even in a downturn. That's why the best platform to streamline efficiency also increases profitability, letting you focus on critical priorities.

Improving Profitability

Innovative software for property management helps your community run smoothly while your team takes on face-to-face interactions that increase resident renewal. Resident requests, move-ins/move-outs, building upkeep, and much more can be automated instantly with an all-in-one platform.

Trying to manage the many demands of managing Class A properties without the use of appropriate software is not only incredibly difficult, but it has a negative impact on overall profitability. Resident requests can easily slip through the cracks. Rent and fees can become difficult to collect. Operational efficiency decreases and employees become frustrated.

But improving the bottom line gets easier with the right software. Here's how to increase profitability in 5 simple ways.

1) Make it easy for tenants to pay their rent on time.

Payment management is a necessity, especially when companies have thousands of payments to process. Paper checks are no longer an option at scale. Thinking how far automation has integrated into multifamily life since the start of the pandemic, it’s hard to imagine paying rent any other way.

An integrated system that allows both residents and management to utilize multiple functions makes life easier for everyone involved. Residents can easily pay online, which results in less wasted time trying to track down payments and follow up for reminders. A good system also allows for automated reminders to avoid forgotten payments in the first place. Ensuring on-time payments is a huge part of a profitable community.

2) Provide resident services to reduce vacancy rates.

Software for property managers makes it easy to offer a wide range of resident services. Amenities can all be managed from one place, which saves your team a lot of time and increases resident satisfaction. Both of these elements make for higher profitability.

Residents can use self-service portals or mobile apps to request maintenance requests, submit rent payments, report incidents, pay bills online, and just about anything else your community asks from your personalized app. Software tools enable residents to interact with management on their own terms, making life easier for both parties involved in interactions.

3) Improve communication to upgrade the resident experience.

Provide a way for tenants to communicate with each other through a branded forum right from your community app. This allows them to ask questions or get advice from other residents who have been in similar situations before them. Using property management software to facilitate communication among residents and residents-to-management increases satisfaction for everyone who lives in the building.

One of the biggest benefits of multifamily software is that it can improve communication between you and tenants. This will allow you to manage expectations and make sure they are getting what they need, while allowing them to communicate with each other and make the most out of their living spaces.

4) Gather data for property management.

Multifamily software can also be used to collect relevant data so you are working with the most updated information possible. Your property team is able to offer a top notch Class A experience when they have access to the latest analytics. Gather relevant and useful data that helps you make better decisions, improve operations, provide better service, and reduce costs.

5) Increase operational efficiency.

Multifamily properties are complex, with a wide range of staff from property managers to maintenance workers to leasing agents all working together to provide high-quality service to residents. As more and more people live in multifamily properties, operational efficiency is key: The more efficiently you can run your business, the more money you'll have left over at the end of each month.

Overall, software for property managers saves your team valuable time. Rather than spending time in front of the computer tracking, emailing, and collecting rent, you can be working on more profitable projects like attracting great new residents, improving current resident relations, and making sure that your properties are incredible places to live.

Choosing the Right Software

With the right multifamily software in place, you can increase profitability in 2023. It all comes down to knowing what tools will work best for you and your team members. When looking for great software for property management teams, it is important to find a product that is comprehensive and easy to use.

Software that includes communication, rent collection, data collection, maintenance requests, and amenity reservations is a necessity for your property management team. Your residents need a simple and complete all-in-one platform. Elevated Living has both covered.

Elevated Living’s software for property managers brings together a new level of functionality for Class A residences. We aim to help you to decrease vacancy rates, increase resident satisfaction, and improve your NOI. When you're ready, let us help you see how easy profitability can be in 2023.