5 common administrative and financial obstacles in property management and how to address them

Property and community management can be challenging tasks, especially when it comes to overcoming the many administrative and financial obstacles that can arise. Inefficient or outdated financial systems, lack of communication and coordination between property managers and tenants, managing contractors and other professionals, insufficient staffing or resources are just a few of the common problems that can impact your bottom line.  

In this blog post, we will outline five ways to overcome these obstacles and improve your property management operations. 

1. Lack of communication and coordination between property managers and tenants is one of the most common administrative obstacles in property and community management. This can often result in confusion among residents about who to contact with questions or concerns, as well as delays in getting important work done. One way to overcome this obstacle is by establishing clear protocols for communication and coordinating tenant requests with property managers. This can be done by creating a resident handbook or FAQs page on your website, and making sure that all staff are familiar with these protocols.
    
2. Inefficient or outdated financial systems are a common stumbling block in property management. This can often lead to delays in getting payments processed and affecting your bottom line. To overcome this block, it is important to invest in updated financial software and systems that can automate many of the tasks related to payments and bookkeeping. This can also help to automate some of the administrative tasks related to managing contractors and vendors, such as billing them for work performed.  
    
3. Lack of protocols for administrative tasks is another common obstacle in property management. It can lead to a lot of wasted time and resources as staff scramble to figure out how to do things like ordering supplies or submitting maintenance requests. To overcome this obstacle, it is important to create clear and concise protocols for all administrative tasks. This can include templates for forms and instructions on how to make orders and process payments.
    
4. Coordinating contractors, service providers, and other professionals can be a serious hurdle in property management. Poorly managed contractor and vendor relationships often lead to frustration among residents as they wait for work to be completed or for service providers to show up. To overcome this obstacle, it is important to have a well-organized system for coordinating contractors and other professionals. This can include setting up dedicated email addresses and contact forms, as well as creating a master calendar of all scheduled work or implementing integrated property management software.
    
5. Insufficient staffing or resources to manage all aspects of the property management function is the final obstruction to efficient operations that we will discuss. This can often lead to a number of problems, such as delays in getting work done, missed deadlines, and unhappy residents. To overcome this obstacle, it is important to assess your staffing and resource needs and make sure that you have the necessary personnel and tools in place to manage all aspects of the property management function.

RealCube real estate management software offers one of the best tools to manage employee productivity, financial operations, workflows and resident relations. Request a demo today to see how our software can help you overcome these common administrative and financial obstacles in property management.