Efficiency & Profitability: How much is your time worth?

“Remember that time is money.” ~ Benjamin Franklin

How much would you say your time is worth? 

If you could shave off 30% of the time that your company spends on tasks, where would you reallocate that time? 

How could that time savings impact your profitability?

These are all questions that every business owner needs to be asking, especially small businesses; and property managers are no exception. 

It’s interesting to me how often the simple act of saving time is overlooked in favor of other tactics. Those other tactics can be well and good, but without internal efficiency, they can only get you so far. Eventually you get to the saturation point and for every new property or task that you add, another one falls through the cracks. 

The Cost of Inefficiency

Property management is jam-packed with hundreds of small, repetitive, daily tasks. Naturally, as you grow and add properties, the tasks multiply proportionally. 

However, what smaller companies don’t realize until it’s too late is that there is a hidden cost: the addition of new management tasks.

More properties require more context sharing, internal communication, and QA management.  The team spends more and more time on meetings together to try to stay on track, lowering their personal capacity. Managers need to interrupt their team’s day to get updates. 

There’s just too much for any one person to remember like they used to. Things start slipping through the cracks. 

The typical approach is to simply hire additional people to address the increased task burden. This approach can help mitigate the pain, but doesn’t address the additional tasks now needed to keep on top of everything.

As the cycle moves on, the quality of service begins to go down, churn increases, and more mistakes are made, to the point that even fees can go uncharged and uncollected. (Think about how that’s affecting your profits!)

But if you want to grow, and hiring into the problem isn’t enough, what else can you do?

You don’t have to choose between incredible service and an increased output. You can have both. It’s time to take a different approach. 

It’s time to look for all the ways to save time.

“Being Busy Doesn’t Always Mean Real Work.”

~ Thomas Edison

Taking it back to profitability, put simply, every task done on a daily basis is either a dollar-producing activity or busy work keeping a teammate from those dollar-producing activities. 

What’s more valuable to the company - an employee stuffing envelopes or them spending time building relationships with clients?

Automating the busy work allows a company to:

🛠 Spend less time fixing mistakes, thus increasing capacity to manage more properties

💸 Have more time to focus on the customer experience, reducing churn

📢 Streamline internal communication, freeing up time to sell more doors

The list could go on and on.

It’s time to stop spending so much time:

• Entering data
• Writing & sending emails
• Trying to keep track of what still needs to be done
• Interrupting each other’s day to stay updated
• Training new team members / reminding each other how to do tasks
• Looking for & fixing mistakes
• Replying to inbound questions from clients
• Stressing over forgotten tasks
• Re-inventing the wheel

As your systems improve, the busy work is automated or eliminated, and your efficiency increases, changes will begin to be felt all across the company.

All the benefits of efficiency, from an improved customer experience creating raving fans, to handling a higher volume without hiring, to retaining great talent on the team, to an increased close rate, are going to improve your company’s performance and profitability. 

Write this down and put it on your wall:

Increased Efficiency = Increased Profitability.

But how will you get there? How will you eliminate or automate the busy work in a way that will allow the company to scale as it grows? 

This is where LeadSimple comes in. Our systems management tool is designed specifically for property managers and the unique challenges they face. Pair it with our world-class systems design and support team that knows property management in and out, and you’ve got everything you need to create a world:

• Where management can see what is in progress and what is being completed in real time without interrupting their team. 
• Where emails are templated, automatically customized, and sent automatically at just the right time in the process. 
• Where every task has detailed instructions right there in the task so anyone can do it. 
• Where decisions and scenarios are built right into the process with if-then conditional logic. 
• So much more!

"Massive gratitude to the entire Lead Simple team! The transformation taking place in the company has been amazing. They have an excellent team but didn't have the right tools. Seeing an awesome team work with the right tools, and supported by another awesome team, has been a pleasure. This is one of the greatest transition successes I've seen in our industry. It's playing out everywhere in their organization. From the team having individual accountability and taking pride in their accomplishments to a significant increase in the bottom line. Everything seems to be getting more efficient. Absolutely awesome." ~ Jacob Grant Property Management

There’s so much possibility to save time right at your fingertips! Why not get started today?