It's a common misconception that a property management business has to have a large portfolio to justify investing in PropTech. Or that an enterprise won’t gain anything from a platform that’s also used by mom and pop businesses.
In reality, the benefits of property management software for small businesses and the benefits for large companies are often two sides of the same coin. Here’s why you’re never too big or too small to invest in technology.
Streamlined operations
Small-scale property management businesses typically lack the manpower to get everything done. On the other hand, portfolios of 100 units or more can easily become overwhelming to manage manually. You could hire another person to take care of the books, but then what do you do when you add another 100 properties?
In either case, a property management platform like PayProp can be the efficiency boost you need.
With PayProp, you can automate burdensome, time-consuming tasks such as rent collection, reconciliation and payment, maintenance requests, and client communication – all from one convenient platform.
PayProp’s payment-centric solution design enhances organization, facilitates faster decision-making, and ensures important information is easily discoverable. Powerful automation reduces the admin workload without having to hire an additional bookkeeper, which minimizes payroll expenses and per-unit costs – two sought-after pros for any size company or portfolio.
“With the introduction of PayProp, that time commitment now versus then would be 1/20th of the time,” says Eric Cleary, co-founder of OrangeList Property Management.
The growth solution
On top of that, a platform like PayProp is flexible and scalable, easily accommodating the addition of new properties and evolving needs with the same time savings – but compounded.
From startups to international franchises, property management firms around the world find that PayProp is the efficiency and growth solution they need. And efficient growth is the number one profitability tactic of property managers the world over.
Tropical Springs Realty nearly doubled its portfolio between 2020 and 2023, and now owner Anthony Nastase believes he can do it again with the help of PayProp.
“If you can build a rental portfolio up, the possibilities are endless – and if you have a good system that allows you to grow, then it’s easily achievable,” he says.
OrangeList saw its portfolio quadruple since signing up for PayProp. Starting with 200 units in 2018, OrangeList now manages over 1,000 properties across Ontario and has recently expanded into Florida.
“PayProp was a catalyst for us being able to actually scale and grow,” Cleary says. “As much as I love getting out and seeing the properties and meeting the tenants, I just didn’t have the time. PayProp’s been one of those things that’s given me that opportunity back.”
Both companies performed in line with the average 36% growth seen by PayProp's new clients over the first year of using the platform.
Cloud computing
The ability for property managers to track their rental business performance on any Web device, at a glance and on the go, is particularly advantageous for larger rental portfolios, because they are more likely to be spread further across different locations. Cloud solutions can also be used to give self-service account visibility to owners and tenants, helping larger property managers cut down on client servicing time.
And for mom and pop property managers, it makes multi-tasking a snap: being connected to your portfolio all the time can let you check if the rent has come in for one property while overseeing renovations at another.
This mobile accessibility allows property managers to monitor and address issues and queries from anywhere, improving productivity and responsiveness.
Data-driven insights
Being able to track their entire portfolio performance, summarized in one dashboard view, benefits any business. It makes it easy to see trends at a glance, identify strong and weak areas, and enables better growth decisions.
Likewise, comprehensive management reports have benefits for businesses of all sizes – especially bigger ones, helping them track their growth across multiple indicators, find gaps in their local market, and easily share insights across business functions.
One size fits all
The benefits of property management software for small businesses, large companies, and everything in between are too plentiful to ignore. Embracing PropTech not only maximizes efficiency but also paves the way for increased profits and sustainable growth, regardless of portfolio size.
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