How to Become a Data-Driven Property Management Company with TownSq Insights
It’s no surprise that the popularity of managed communities and homeowners’ associations (HOA) across North America is increasing at an unbelievable rate. Believe it or not, there are over 370,000 HOAs in the United States, with an average of 22 new associations forming daily.
As these HOA communities grow and develop, so does the need for property management companies. A property management company is a company hired by an HOA’s board of directors to fulfill tasks and duties they can’t carry out themselves. In most cases, these property management companies and their employees oversee the operational aspects of the association and assist with vendor management, communication, maintenance requests, financial matters, board meetings, and more.
The relationship between an HOA board of directors and residents and their property manager can make or break the success of any organization. Depending on the size and type of management company, property managers can be responsible for as many as six to 15 communities at one time.
So, it’s crucial to prioritize this partnership and leverage property management software and community data to work together and make data-driven decisions. Read on to learn about property management software, community data, how to become a data-driven property management company and property manager, and more.
What is property management software?
Property management software is a technology platform, often an app, designed to help manage and organize the activities and responsibilities of property managers, HOAs, and members. This software supports handling tasks such as:
- Tracking dues and payments.
- Communicating with residents.
- Managing community events.
- Maintaining key documents.
- And more.
Essentially, it's a tool that makes it easier for an HOA to stay organized and efficiently complete their everyday operations.
Why is property management software important?
From better communication and financial transparency to neighborhood engagement, property management tools offer several benefits that streamline community management. Additionally, property management software allows community managers to obtain data that can be used to reduce workloads and deliver an enhanced client experience.
Property managers can oversee multiple communities simultaneously, which can pose various challenges. However, when property managers leverage property management software, they get access to community information, insights, and reporting that empower them to manage communities in a data-driven and productive way.
How to use community data from property management software
Today, management companies need data to make intelligent business decisions, maintain satisfaction, and remain ahead of the competition. Luckily, property management software can help your organization become a data-driven business.
For example, TownSq Business is a data-driven enterprise solution that enables property managers to manage their entire portfolio from one application. Taking convenience and optimized performance into consideration, TownSq Business’s new feature, Insights, provides management companies and community managers with accessible data in a user-friendly dashboard.
With the Insights feature, the following data is available:
- Requests by period and status.
- Assigned requests per manager.
- Request categories.
- Average closure time.
- Average days since updates.
- Total, reopened, and closed tasks.
With access to these unique details, property managers and companies can improve accuracy and efficiency, reduce costs, save time, identify innovation opportunities, and boost the customer experience.
Benefits of using community data & TownSq Business Insights
The benefit of data intelligence is that it allows management companies to track key performance indicators (KPIs). KPIs are a large part of the success that leads to a well-rounded property management company and happy communities and clients. Gaining access and analyzing these insights helps define actionable steps to refine business operations.
Other benefits of using community data include:
- Business development efforts. Track the number of lost and acquired properties to ensure a more effective budget for the coming year.
- Feedback. Obtain feedback from clients to improve your company.
- Net operating income (NOI). Track a community’s overall financial health.
- Vacancy and occupancy rates. Review market rates and evaluate and compare them with surrounding areas.
- Average arrears. Arrears track the company’s cash flow and indicate financials that are owed to the company, including past-due fees and rent.
- Client retention. Lower your churn rate and maximize recurring revenue while reducing turnover expenses.
- Performance. Assess performance and roles and identify specific open opportunities.
Making data-driven decisions for your company with TownSq Business
Leveraging property management software and community data can help your company become a data-driven business and help your employees make more informed decisions. With TownSq Business, the leading data-driven enterprise solution for the property management industry, doing this is easier than ever. Learn how to work smarter—not harder—by requesting a free 30-day demo of TownSq now.