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Property Management Companies Facing a New Reality
In the current downturn, previously successful owner/investors (the underbelly of successful property management companies) are no longer able to refinance properties as they once could and are generally not able to take advantage of the "cheap money" that exists in the market. With rents, occupancies and property values down like never before, property managers, whose main source of income is a fixed fee charged on monthly property cash flow, are the ones most affected by this turn of events; many are now struggling to stay afloat.
In light of this new reality, property managers must seek to become more efficient, learn how to accomplish more with less resources, and adopt a creative approach in their rebranding efforts and client retention strategies.
By fully utilizing a property management accounting and reporting solution like SS&C's SKYLINE Property Management Software, more work can be done more efficiently – and that is the best way to prove that a property manager can manage properties better than an owner.
SKYLINE's Imaging Module allows easy retrieval of important legal documents and tenant correspondence within the software, significantly reducing time spent searching through file drawers and people's offices for this paperwork. The SKYLINE Escalations Module allows for automated calculation of annual escalations, monthly escalation estimates and the issuance of letters communicating this information to tenants. The SKYLINE Lockbox and Cash Receipts Import Module allows for faster automatic posting of cash receipts. SKYLINE's powerful archiving functionality allows for easy retrieval of reports by all SKYLINE users and provides an efficient method of emailing reports to tenants, owners and bankers.
With SKYLINE E-Billing,sending monthly statements is much less labor-intensive than stuffing envelopes and certainly less expensive than spending the postage necessary to send out traditional paper statements. Entering budgets and really scrutinizing budget comparison reports is also of utmost importance right now and SKYLINE provides its users with the tools necessary to accomplish this objective.
All in all, there are manyinitiatives that property managers can undertake to prosper during these very challenging times. SKYLINE Property Management Software is one of the best tools in the real estate industry for enhancing the overall performance and ultimate success of property management companies everywhere.
For information on SKYLINE Property Management software, please contact Mark Ziemba at 312-443-7531 or mziemba@sscinc.com, or download a brochure that highlights the features and benefits of SKYLINE.
By: Qualitech
A Michigan-based preferred SKYLINE partner.
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This article first appeared in the 1/29/2010 edition of our Real Estate eBriefing.
CONTACT US
- Mark Ziemba
312-443-7531
mziemba@sscinc.com
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