Exploring the Main Challenges of Residential Property Management Businesses

Property managers in today’s competitive marketplace are facing numerous challenges. Recent polls abound regarding the most pressing issues property management businesses are struggling with. Growing revenues and unexpected maintenance costs are the usual suspects. But there are others.

Because the economy and rental property markets are growing, it is very difficult to acquire and retain qualified staff as well as decrease tenant churn. Time management, managing tenant complaints and communications between staff and tenants are other major challenges that property managers frequently indicate.

Let’s look more closely at these various challenges and how business text messaging can help.

Are you facing any of these challenges?

Communication with tenants and leads

What do owners and tenants have in common? They both expect instant communication with their property managers. Owners, whether they are actual customers or leads of a property management company, expect their questions to be answered in real time. They don’t want to wait a long time on the phone or for days at a time for their emails to be answered. Better communication with owners will make them happier and increase their customer satisfaction. This will contribute to attracting more leads and adding more properties to the property manager’s portfolio.

Similarly, tenants’ number one complaint is about the lack of response and communication from their landlords or property managers. Property managers have everything to gain from improving their communications with tenants. Overall, happy tenants stay longer but also attract more of the same types of tenants. Beyond the obvious benefits of retaining tenants, better communication also simplifies answering complaints and requests for repair; it therefore makes it easier to maintain properties as problems are resolved before they get worse.

By fostering consistent communication with their tenants, property managers ensure higher retention rates and a better sense of community. While it may be impossible to foresee an outage, keeping tenants informed is easy. This quality communication adds transparency to the relationship, improves tenant engagement, and builds stronger relationships with residents.

Text messaging allows property managers to send many kinds of messages to tenants, such as rent payment reminders, monthly payment receipts, invites to special events, reminders for visits, notifications and updates for maintenance, alerts for lease renewal deadlines, and updates on ongoing conversations. The use of text messages helps reduce costs, including printing flyers and hiring the workforce to distribute them. Furthermore, by saving time from following up over the phone, businesses can improve team efficiency, overall operations and profitability.

The Kimoby platform helps property managers enhance customer service and build strong relationships with long-term tenants. Kimoby allows you to reschedule appointments and automatically send text message reminders that your residents and leads can easily reply to for last minute inquiries or further instructions. You can therefore manage all of your appointment confirmations, cancellations, and rescheduling in a single, user-friendly interface as well as get full visibility into your staff’s daily workload.

Tenant retention

Every time a tenant leaves, there is a cost associated for the property manager. There are many reasons for a tenant to leave a dwelling, from personal and professional ones. However, oftentimes, tenants are upset with their property managers. There is nothing property managers can do to influence personal and professional motivations for leaving. However, they can influence the tenants’ satisfaction. And this begins with the way they manage their complaints.

Complaints come in all shapes and sizes, such as plumbing and electrical issues, problems in the surrounding vicinity, and more. While it is difficult to solve all issues, the way and speed with which complaints are handled have a great impact on tenant satisfaction. Tenants expect instant responses from their property managers. They want their problems to be solved quickly.

Maintaining a good relationship between tenants and property managers starts with good communication, timely responses to tenant complaints and requests, and proactive touch bases. This will help increase tenant retention, reduce their churn and de facto reduce costs and improve profits.

Our web-based communication platform helps property managers instantly communicate with tenants through text messages. Property managers can not only answer tenants enquiries, but also engage conversations with them and transfer a conversation to their colleagues when required for a better follow up and tenant satisfaction.

Rent collection

Rent collection is probably one of the biggest challenges property managers face. Collecting rent from tenants also takes a huge part of their time every month. The reason is simple. Life goes by so quickly that people sometimes forget to pay their rent. Also, late payments may happen because tenants have unexpected circumstances and need some extra time.

In all of these situations, property managers have to follow up on each tardy payment. They can follow up by sending emails, letters or by calling each tenant. Afterwards, tenants have to send checks, which may add another delay to the rent collection.

These operations are time-consuming. The larger the property portfolio, the more time spent. What about automating rent collection follow-ups? What about offering online payment options to tenants?

Kimoby help property managers automate their rent collection follow-ups by sending text messages to tenants through targeted campaigns. They can easily communicate with the appropriate tenants and send them gentle reminders. Furthermore, they can offer them an online payment option to accelerate and facilitate rent payment as well reduce the amount of time spent recording and depositing rent checks.

Kimoby Pay will accelerate and streamline the entire payment process in a secure way. You can request payments from ongoing text conversations: and your tenants can conveniently pay from their mobile phones. This will help reduce the late payments and provide your tenants with a great customer experience.

Regulatory compliance

Depending on where you operate your business, you may have to comply with regional, state and national regulations. The first regulations people in North America think about when talking about texting are the Telephone Consumer Protection Act (TCPA) and Canada’s Anti-Spam Legislation (CASL). Both legislations require that the people you are texting opt in to receive messages before any text conversation is sent. Make sure you comply with these regulations!

Furthermore there are regional and state regulations. Some require property managers to advise tenants before any visit. In case of disputes, property managers can be required to prove they advised tenants according to the law. This also implies documenting the conversation (i.e. collecting and keeping track of the exchanged messages).

Our web-based communication platform helps property managers instantly connect with their tenants through texting and multimedia messaging. Kimoby collects and stores, in each tenant’s conversation, the history of all text messages. You can also share the conversations with your colleagues for proper follow-ups and add notes for further use. Text messaging is conducted using one easy interface designed for effective teamwork and seamless staff collaboration.

Improving efficiency

While your business is growing and your portfolio is getting bigger, maining ideal customer service levels and tenant satisfaction may be challenging. Hiring more people may not be the only solution for you if you wish to also improve your profits and efficiency. Enabling your staff to be more productive is one option as far as you provide employees with tools that will simplify their work and make their daily routine tasks more efficient. Otherwise, they may quit. You need to choose the right technology solutions to help improve your workflows and processes.

As a company, you probably also monitor your business’ success through several key performance indicators (KPIs) such as tenant churn, percentage of vacancy, time to resolve complaints, net promoter score (NPS), reviews and more. To ensure your business remains on target with its goals, you need to improve your operations and meet your clientele’s expectations.

Beyond expansion challenges, property managers deal with new generations of tenants who are changing the game. These tech-savvy customers are fond of texting and live in a world where instant communication is a must. They expect immediate feedback to their queries and look for an easy way to reach out to their landlords or property managers.

Our Kimoby platform helps your staff free up time so that they focus on revenue-generating activities and customer satisfaction. Easily leverage text messaging to improve your business operations and add efficiency—all while reducing the volume of phone calls.

Kimoby brings together everything you know about your current and existing tenants to build campaigns that are relevant to them. Use the information you have to send them personalized messages, based on their interests and behaviours. Notify them of new available rents, special events, and maintenance operations. Spark engagement, increase retention, and boost your online reviews the smart way.

"Before [Kimoby] when calling [a tenant], we were not able to answer the phone at the same time as doing other tasks. Today, we can do two things at a time. This is a huge time saver!"

Maxime Aubry, Rentals Coordinator

Gestipro

Coordination between teams

Property managers don’t just manage properties. They manage people. Many teams are involved in property management businesses, such as rental agents, front-desk managers, administration, maintenance teams and professionals. Improving communication between these teams is a huge challenge for property managers. Here’s an example. A tenant calls the front desk to report a minor water leak. The line is busy so she leaves a voicemail. The front desk person gets the message and turns to the maintenance team to see when a plumber is available to go to the tenant’s place. It is from there that the front desk will start calling back and forth to schedule an appointment with both the tenant and plumber.

How long will it take the front desk to schedule this appointment? Is there a risk that the leak will get bigger and damage the property? How will you keep the tenant up-to-date? Will the tenant be happy with the way her request was handled?

Kimoby’s platform can help you improve your maintenance processes by offering a flexible, two-way communication between both your tenants and front desk. Furthermore, your teams can communicate through notes added in each conversation with tenants, which makes both the supervision of repairs and the efficiency of each process easier.

Our web-based platform will streamline the time-consuming tenant callback procedures, help you stay on top of maintenance requests and manage operations smoothly.

"With Kimoby, the conversation thread is more easily managed as conversations are shared. Everyone can see the answer and keep in touch with tenants."

Maxime Aubry, Rentals Coordinator

Gestipro

Maintenance and repairs notification management

Any property portfolio comes with its share of maintenance and repair work. The largest part of the workload does not come from repairs themselves. Most of the workload comes from informing and updating tenants about repairs and maintenance to come, such as power outages, water service interruptions, roof snow removal, gardening services or lawn care maintenance, and more. Property managers use many means to notify tenants of upcoming repairs, which can be costly and time-consuming endeavours, such as printing notifications, distributing flyers in mailboxes, displaying posters in buildings, and sending emails.

Apart from the fact that there is no real way for property managers to make sure tenants received the information, keeping tenants updated on the progress of maintenance operations is an additional challenge. Giving tenants timely information about day-to-day operations will avoid them calling in for inquiries and reduce frustration by being more transparent with ongoing maintenance or repair services.

Kimoby helps property managers proactively communicate with tenants by sending them text messages to let them know of upcoming maintenance and repair operations. Our mobile app, which can be uploaded on any mobile device, allows your teams to leverage the use of Kimoby wherever they are at their desks or onsite. With an open rate of more than 90%, text messaging is the safest and most effective way to make sure that tenants get the information they need, wherever they are. Furthermore, text messages serve as handy reminders. For more information or further inquiries, tenants can text back.

Reputation management

Attracting new owners helps grow your business. Beyond fees and services, what will make you stand out compared with the competition? Your reputation plays a key role in your branding and positioning; it begins with online reviews from both your tenants and customers. Managing your reputation and getting good online reviews should be one of your top priorities. It is well-known that dissatisfied tenants will tell up to four or five times more people about their experience than happy tenants. Therefore, the main challenge is not only getting more reviews but also getting better reviews to balance unjustified and bad reviews from upset tenants. Good reviews will attract more tenants and referrals to your business.

How can you make sure you are getting more good reviews? Our Kimoby platform helps property managers improve overall customer satisfaction and keep a good reputation by saving time for your staff so they can focus on tenants’ need for a better customer service.

Kimoby also helps property managers streamline personalized feedback requests via text message after each maintenance or repair intervention. Our software analyzes feedback in real time and transforms them into clear visual insights that you can instantly act upon. You can automatically forward negative feedback to the most relevant staff, spot issues as they arise, and proactively reach out to unhappy tenants with speed and professionalism.

Text and Multimedia Messaging

Kimoby helps property managers increase their profitability and productivity by improving the communications between their staff and their audiences. Are you ready to improve your profitability?