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Property management is commonly managed by owners to manage residential and commercial properties
To coup with the day-to-day challenges of handling heavy data required to manage the medium to large-scale business; it is quite advantageous to adopt software which is compatible with the business requirements and to suffice and mitigate the need to engage large numbers of manpower required to maintain daily logs; hence Odoo becomes an economical solution.
Odoo is user-friendly and is proven to be very quick and efficient. Needless to mention that during old age business problems handled manually, were both cost and time effective and; hurt ruthlessly to business management.
6 Problems with Property Management and How to Fix Them
Property management includes business strategy, business policies, markets, customers, accounting and finance, communication, and much more. Multiple problems originate from all these fields during property management. The aforementioned issues and their solution are briefly discussed below:
Time Management
Since property management warrants the need to daily enter a lot of data entries and maintain logs which have been proven to be very time-consuming if handled manually. It would be very difficult, almost impossible to manage everything involved timely.
To solve this problem, Odoo becomes an instant and effective solution to timely manage all this without involving a lot of manpower for this task. For this specific reason, Odoo provides a timesheet module that can be beneficial for the firm in various ways since it tracks the exact time that is being spent by the employees on assigned projects and meetings. It can also be used to analyze employee working reports.
Overlapping Expenses
To acquire sustainable and fruitful properties, a vast number of employees would be needed costing a lot. Every angle of work in property management requires a special employee that is always tough on a budget. Moreover, the work gets done at a slower pace. Similarly, the results are not precise mostly as they are calculated with the assistance of manpower.
Odoo 14 introduced the expense management module. Managing finance and accounts manually can be very time taking and sometimes it cannot produce precise results. Hence Odoo digitally takes care of accounts and finance. It manages all expenses including travel, stationaries, salaries, and many other expenses. It helps employees submit the bill along with receipts. The administration on the other end has the admin right to create, edit, or approve these bills. It tracks every penny that is being used during property management and it assists you by providing the best property management techniques.
Missing on Important Dates
It is extremely inconvenient to stick through the schedule manually. For instance, you may forget rendezvous time, scheduled meetings, contract dates, registration deadlines, maintenance dates, and much more. Missing a single key date can deprive you of acquiring many opportunities, Or, missing a regular maintenance date can, later on, come up with emergencies. A human mind can’t remember the whole schedule and implementing one’s daily routine according to it is even tougher.
Odoo 15 provides a calendar module that is used for scheduling meetings and marking appointments. Moreover, you can customize the calendar features as per your requirements. It also provides meeting information and details about the attendees.
Stagnating Communication
Among all other problems faced during property management, communication breakdown is a major problem that causes exasperation. Missing emails and calls can give birth to many mishappenings and can rage up your client. Every property manager must be effortlessly reachable by tenants and clients. Due to poor communication, many problems and inconveniences are borne.
Odoo has recently introduced a module named Odoo Discuss. This module is emerging rapidly as it is proving itself to be very convenient and time-saving, instead of answering phone calls and replying to emails most of the time. Odoo Discuss automatically takes over your responsibilities and handles them conveniently and timesaving. It is also known to be user-friendly. It can direct all kinds of communications to a focal point. You can also manage messages and warnings separately
Hiring New Employees
It has always been a challenging task to recruit new employees for your firm and have them adopted according to the requirements of the firm. As per a survey, 49% of people marked hiring and moulding people as quite a hassle. Quality employees are necessary as they make or break any organization. They should carry modern-day skills such as multi-tasking, basic IT skills, and positive learning behaviour towards teams and clients.
Odoo has proved itself to be the most efficient ERP as it produces precise results and is time-saving. The users can apply for the job by filling out the form available on the website. Odoo digitally manages the recruitment process on the backend as it automatically sends emails to the applicants and provides them with schedules for their interviews. It stores employees’ data in a repository that can be easily retrieved. It also allows the applicants to upload their data, review offers, and build their benefits package.
Increasing Yields
Among all other challenges faced during property management, growing revenue is among the biggest. To assure that your property remains readied, growing income should be your prime concern. No organization would invest more and gain less from a particular business.
Odoo provides every possible precaution and most suitable technique to avoid squandering money. Odoo ensures that no penny is wasted, and it records all transactions and tracks them. Odoo also provides an accounting management module that takes care of bills, invoices, bank synchronization, and easy reconciliation. These all tools are required to grow your income and boost your business.
Conclusion
Considering the day-to-day increase in manpower wages, it is quite imperative to adopt ERP software such as Odoo to mitigate and minimize the time and cost required to manage the business without hurting and breaching the contractual requirement by coming up with the easiest way of business solution. Thanks to such miracle inventions that make lives easier.