A property manager wears many hats. Filling vacant units, collecting payments, communicating with residents, processing move-outs, and implementing new technology solutions are just a handful of the day-to-day responsibilities. Ultimately, a property manager needs to be familiar with every single aspect of their property’s operations.
The versatile job of property management presents many unique challenges. In a recent Obligo survey, we discovered the five most common issues property managers deal with, and how deposit-free living can be a solution for each.
Here are the top 5 challenges of property management:
1. Move-In Payment Collection
It’s not surprising that move-in payment collection is the highest ranking roadblock. Property managers need to spend a lot of time providing customer support and manually updating their PMS system. The move-in process could be further delayed if approved applicants don’t have sufficient funds to pay the security deposit. This was especially common during the pandemic.
Property managers looking for streamlined and paperless move-in payment collection can find the answer in Obligo. Simply put, if you don’t take a traditional deposit, your leasing process will be faster. Furthermore, Obligo’s certified move-in payments eliminate the need for cashier’s checks. Now renters can complete move-ins right from the phone, and property managers won’t need to wait for them to get checks from the bank.
2. Staying Competitive in the Rental Market
In today’s red hot rental market, attracting quality renters who will take care of the property should be the goal for property managers. Deposit-free properties are more attractive to residents, quicker to lease, and at the end of the day help you achieve a more optimized rent. Offering deposit-free rentals with a trusted third party such as Obligo ensures that you’re enjoying these benefits while protecting yourself from bad debt.
When your competitors are offering this amenity, you don’t want to miss out and get left behind. As proven by our partners, offering Obligo’s deposit-free service gives property managers a leg up in competitive markets and helps boost retention rates.
3. Refunding Deposits: Printing & Mailing Paper Checks
Slow deposit refunds are the most frequent renter complaint. But refunding deposits is not a picnic for property managers either. In fact, property managers ranked refunding deposits, especially printing and mailing paper checks, as a top challenge.
Refunding deposits electronically through a seamless platform is a great way to improve operational efficiency and simplify the move-out experience. This helps property managers avoid the admin hours necessary to find forwarding addresses, print and mail checks, chase renters, resend checks, and issue stop payments on checks.
Obligo’s Electronic Deposit Refund solution automatically processes deductions and engages with residents until their deposit is reconciled and refunded. Of course, you can also offer deposit-free living and eliminate deposit refunds altogether.
4. Meeting Regulatory Requirements
Another piece to the deposit management puzzle is compliance. Deposit processing at move-in, refund rules and deadlines vary state to state, and it’s a challenge to keep up with ever-changing regulations.
The easiest way to avoid compliance issues is not to take a deposit at all. But if you do, refunding deposits electronically through Obligo ensures a timely and compliant move-out process. Our flexible suite of integrated solutions will help you more easily comply with local and state regulations.
5. Avoiding Negative Reviews
Savvy property managers today understand the importance of great resident experience. A single delayed deposit refund or one upset resident can lead to negative online reviews, hurting the property’s reputation and brand.
Deposit-free living offers financial flexibility to renters and lets them keep their cash, which they’re always happy about. Obligo’s integrated platform provides an easy move-in right from their phones, and refunds their traditional cash deposits quickly and electronically. At the end of the day, a better resident experience will not only prevent negative online reviews, but better yet, turn residents into evangelists for your business.
Ready to let Obligo help you handle these property management challenges? Want to streamline your operations and power a better resident experience? Schedule a demo today!