Asking yourself if property management software is worth the cost?
We have a hunch that once you realize how much you’ll reap in savings, you’ll be ready to make the investment. An ROI calculation can help you get an idea of how much you’ll save. ROI stands for return on investment, and it reveals whether you’re getting more money back than you spent.
ROI (Return on Investment) = (Amount Gained – Amount Spent / Amount Spent) * 100
You want to be sure you’re investing money wisely; calculating ROI can help to validate your purchase decisions. Keep reading to get an idea of the areas where you can expect savings and the steps required to calculate your company’s ROI on property management software.
Expected Savings with Property Management Software
As shown in the ROI formula above, you’ll first need to estimate the amount that will be gained upon adopting property management software, in this case, TOPS [ONE].
You’ll see savings in both time and costs from our award-winning property management software. Let’s jump right into the top areas where savings can be realized.
- Customer Support – Using Community Websites and Enhanced Communications, you can minimize the number of questions your staff has to answer. Not only can they keep their attention on more important duties, but you won’t need someone to handle phone calls after hours. Instead, residents or homeowners can submit their requests or questions online after they’ve put their kids to bed at 9:00 PM or 5:00 AM before heading out to work. They can also log in to view their balance, payment history, and other account data.
- Measure it: How much time does your staff spend handling resident or owner requests each week?
- Accounting – TOPS Pay minimizes check payment processing by allowing residents to make online payments. The money will be in your account sooner, your staff won’t have to deposit so many checks. More so, homeowners will appreciate not having to write and mail or drop-off a check each month.
- Measure it: How much time does your team spend processing paper checks each month?
- Mail – Sending out mailers usually entails manually filling templates or writing letters, printing documents, stuffing them, adding postage, and then getting them out to the mailbox. TOPS Mailroom saves your staff time by outsourcing the paper-pushing tasks. It can also help you to save money with bulk postage rates.
- Measure it: What portion of your staff’s time is spent processing mail? How much do you spend on postage each month?
- Vendor Management – Save time and money managing vendors with VendorAlly. Property management company employees generally spend 40% of their time managing vendors and account payables. VendorAlly eliminates the tedious tasks of managing invoices, insurance, and contact information for vendors by enabling them to make their own submissions. No more being bothered with phone tag, back and forth emails, or slow postal mail.
- Measure it: Since we know the average time spent managing vendors is 40%, take the number of hours worked and multiply it by .4 to find out how much time is dedicated to managing vendors.
- Automatable Tasks – Many of the tasks associated with running a property management company are repetitive and completed on a schedule. Setting up automations within TOPS [ONE] will save time following up with vendors and residents, running reports, sending communications, and more. Automating some of the work and using automations can also help to reduce the number of mistakes saving time and money.
- Measure it: Consider how many recurring tasks are completed at your property management company each month and estimate the amount of time that would be saved if they were eliminated
Steps to Calculate ROI for Property Management Software
Now that you have a better idea of where you will see actual savings, it’s time to dig into the profitability of property management software for your business.
If you’re in an administration role for a property manager, presenting your findings could be highly advantageous in supporting the case for a tool that will not only help you do your job but also make your boss more money.
Follow these four steps to calculate the ROI:
- Review your current numbers – the time and dollars spent to run your property management company and current profits.
- Estimate your savings by reviewing where you’ll cut costs with property management software.
- Get a quote to estimate your costs.
- Plug your numbers into the ROI formula and analyze the results.
With an estimated ROI, it should be easier to land on a decision.
Contact Us to Start Doing More with TOPS [ONE] Property Management Software
Don’t waste another minute, week, month, or year without calculating your ROI.
Incorporating all the right tools into a single HOA management solution will make a big difference in your bottom line. Through the process of calculating ROI for a tool like TOPS [ONE], you will recognize its enormous value for your business. Contact us to speak to a Sales Representative and start doing more with [ONE].
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“Calculating ROI for Property Management Software”
Are you asking yourself if property management software is worth the cost?
Incorporating all the right tools into a single HOA management solution will make a big difference in your bottom line. We have a hunch that once you realize how much you’ll reap in savings, you’ll be ready to make the investment.
This is the resource you’ve been waiting for.