In a time when watches can tell us our heart rate, steps taken, calories burned, and other data points, it’s clear that people want to know more.
They want details, not just the time (or the basics), and they want them now. So, do you think anyone wants less from their property management system website?
Property managers, board members, and residents want to know things like what’s owed and what’s due, which properties have violations, and where requests stand. A comprehensive website for managing your property can serve to provide a comprehensive overview of your business, just as an Apple health monitor provides the transparency people crave.
By giving your board members and residents transparency, you can cut through skepticism and show that your organization is trustworthy.
Benefits of Transparency in Property Management
Transparency is the basis for trust and means being open and honest when communicating about matters related to business.
It keeps residents and board members informed and creates a sense of accountability. You can expect several benefits if you adopt transparency with your residents and board members in 2022.
Create Trust- Transparency builds trust between property managers and residents. When residents and board members feel like they know what’s going on, it can make them feel more confident in your abilities. It also makes property managers look better to the board. If everyone knows where the money goes, there’s less reason for concern or scrutiny about expenditures and expenses.
Build Long-Term Relationships- With trust comes loyalty and retention. Long-term relationships can help you sustain and grow new accounts as a property manager. As an association, you’ll find that being more open and accountable to your residents can improve those relationships too.
Generate Understanding- HOAs can get a bad rep with homeowners for charging too much. Transparency is an excellent way to show residents and board members why you set the fees and where their funds go each month. Being transparent can help form empathy between property managers and owners/residents, making them more understanding when something happens, and you must charge an unplanned assessment.
Attract New Residents/Associations- Residents and board members will share their experiences – give them a good reason to talk about the association or your property management company. If you’re a project manager, transparency can help attract new buyers/residents or new accounts. By sharing everything and being accountable for what you say, you add value and show that your community is worth the investment.
Improved Efficiency- Another benefit of transparency is improving efficiency. Providing owners with 24/7 self-service access to their account information and board members with the ability to run reports, check balances, and monitor violations, saves you and them time and frustrations. A self-serve option makes data more accessible and eliminates any need for phone tag.
“Enumerate Central provided us with levels of transparency that improved our operations and increased quality of services for our residents. Management always has access to key documents, and residents have 24/7 access to details on their accounts. Everything is right there.” ~ Tom Sinyard, Winter Haven Resort
How Property Managers Can Be More Transparent
Everyone benefits from a transparent relationship that provides value for all involved.
Here are some ways property managers can improve transparency and be more open with their board members and residents:
Make Self-Service Available– If you’re not providing online access or an easy way for owners/residents to check balances and track expenses, then there’s no point in being transparent. Transparency means that data is available wherever/whenever people want it, even just the latest balance information. Make sure what you offer is useful; otherwise, don’t bother making self-service available since doing so will likely hurt rather than help.
Give Regular Updates- Whether that’s on your website or via email, text, or voice messages. Property managers should be giving regular updates about progress made and any issues that need attention. It gives people peace of mind knowing what’s happening in their community. You’ll find residents are more responsive when they can communicate online.
Respond Promptly to Emails/Requests- Being transparent requires commitment from everyone involved, including promptly responding when someone asks questions or submits a request. Without a timely response, the transparency goes out the window. A property management solution with trackable communications can help.
Be Transparent on Social Media- Property managers need to be transparent across social media platforms. Transparency means staying engaged through multiple channels so people know they can get information from any source whenever they want it. If your communities have an active online presence, show that same commitment to being open with your board members and residents by sharing community news and updates about what’s going on in their neighborhood there.
Putting Transparency into Practice with TOPS Property Management System Website
If you’re looking to be more open and accountable, we recommend checking out Enumerate Central.
We aim to empower property managers by providing tools such as customizable reports, automation, owner access, and online payment options so you can stay on top of deadlines and quickly respond to requests in an efficient manner. Contact us today!
