How Property Managers Can Save on Technology During Budget Season
Budget season is upon us, and technology expenses are essential line items for property managers. Though building owners may view tech investments as luxuries, smart technology spending can cut annual costs, reduce time spent on menial tasks, and maintain and recruit new tenants.
While there are always new technology trends for property managers, budget allowances are often limited. Be realistic about the funds available and avoid requesting an excessive budget that may be difficult to get approved. So how do you know what to invest in? Consider property management technology that will give you a competitive advantage, make the most impact on your bottom line, and lead to optimal returns.
A common oversight owners make is investing in a host of cool amenities but failing to market them once tenants are in the building. As a property manager, ensure tenants can effortlessly plug into amenities and services by budgeting for tenant experience software. Use the platform to promote features such as accessing fitness and health facilities, securing conference rooms, reserving game rooms, lounges, and socializing spaces, and ordering lunch from nearby restaurants. You can announce building-wide events to foster a sense of community among businesses. This camaraderie can play a vital role when tenants are considering lease renewals.
For many owners, improving how efficiently their building operates is a top priority. This means property managers need a quality building operating platform. The ideal solution will not only stores vital records such as leasing agreements, tenant information, and financial documents, but also allow managers to schedule and track maintenance tasks, repairs, inspections, and other work that ensures properties are well-maintained and compliant with regulations.
While there are many options on the market that manage either tenant experiences or building operations, cove is the only solution that merges them both. No longer will you need a separate system for visitor registration, meeting room bookings, work orders, paperwork tracking, access control etc. Everything is available through a single interface.
Not only does the platform reduce costs by streamlining multiple systems and processes into one, property managers can use it to monitor insights, understand tenant preferences, and make data-driven decisions to enhance future offerings, thus saving more money in the long run.
Please reach out to Cove for quick estimates for your property’s tech budget planning. We are also happy to assist with ideas to highlight ROI and strengthen your budget proposal.
