Last time, we found out why landlords should have to write a check for their vacancies – it draws attention to waste that otherwise slips away unnoticed. And we saw that waste isn’t just limited to landlords, it’s everywhere. You can read Part One here.
We also indicated that waste is so insidious that even when you’re working hard, you may fall victim to needless effort. The problem we’ll explore this time is inefficiency.
I’ve often said, the job is hard enough if you have the best tools. If you’re working hard but using antiquated technology, you may be wasting time.
I’ve been a landlord for nearly 40 years. In the old days, apartment applications and rental agreements were on paper forms. Often, information from applications was transmitted over the phone as the receiving person took notes. Leases were prepared from a master copy, which was first photocopied and then filled out by hand.
That was then, this is now. Today everything is electronic. When a prospect fills out an application, they are typing their information directly into our property management software. Running a credit report is achieved by clicking a button. Leases are also produced electronically with just a few clicks. Signatures are electronic and everything is stored electronically without absorbing staff time filing paper.
Further, rental payments are received electronically. No rent is ever, “lost in the mail,” and our staff can’t inadvertently misapply the funds when we have too many residents named Smith.
Whatever business you’re in, adopting cutting edge technology is a must. Not only is it more efficient for your staff, your customers may expect it as well. Our residents expect to be able to make a free secure payment without writing a check or paying for stamps. Further, they have access to their payment history, account balance and rental documents.
Adopting proper technology allows you to work smarter instead of harder. The alternative is to waste precious time on mundane tasks that could have been automated.
Put another way, our residents become our accounts receivable clerk because they enter their information into our system as they make their payments. We never make a trip to the bank with their funds. The time saving devices are nice, but ultimately necessary to survive in our hyper competitive business environment.
What technologies have you overlooked for your business that would free up your time?
Come back next time so learn about combating check fraud.
And as always, click the red email button below if you’re interested in my upcoming third book, How to go to the Super Bowl for Free and Other Lessons from a Lifetime in Business.
Thanks for checking in.