HOW TO MANAGE YOUR SERVICE AND RENTAL BUSINESS USING ERP SOLUTION?
ERP software has become a reliable solution among real estate rental and service businesses that look for ways to keep their clients satisfied as well as ensure their own cash flow moving. What was managed manually now can be done with the help of real estate ERP software. Companies who have migrated their operations on automated platforms are able to effectively utilize employee time, have more defined business processes, capable of identifying new opportunities, make better decisions, and easily manage teams working from different locations. This shift has made businesses more productive and clients happier.
Challenges of Rental and Service Business
Maintaining profitability has become challenging for most of the real estate rental and service businesses. The best way to survive the testing times and grow the business is to identify the core issues and find sustainable solutions. Here, we discuss the three major challenges almost every business from the sector struggles with at some point of time.
Maintenance is an ongoing process in the real estate service and rental industry and is easier to handle when it is planned. However, there always exist the possibilities of unplanned maintenance and incident management scenarios. If there are no processes to conduct periodic checks and initiate regular maintenance, the chances of such unplanned maintenance increase. Furthermore, many facilities don’t have effective request tracking mechanisms to ensure timely resolutions.
Service and Payment Issues
Manually handling financial records is challenging and highly susceptible to errors. Not only does payment and service agreement monitoring becomes time-consuming; there is also a great risk of missing track of your financial transactions and records of services provided to the clients.
Rental and service business requires frequent communication with tenants and clients about a variety of issues throughout the day. Misplacing these details due to poor communication creates confusion between processes. This could result in rental payments go unpaid, renewal deadlines getting missed, and service requests goes unattained, and even leave you wondering about the status of the rentals and services done. All these could significantly impact the bottom line of your business.
The right ERP software enables you to achieve business productivity through the following features and capabilities.
- Centralized Data
- Better Collaboration
- Operational Proficiency
- Data-Driven Decision Making