How to Manage Your Single Family Portfolio Holistically

As your residential property portfolio grows, so too do the complexities of managing it. The life cycle of assets that power each property is not infinite, which means breakdowns and disruptions are realities that must be reckoned with around the clock. Coordinating technicians for repairs and maintenance at different properties can be cumbersome, especially if you don’t have the right specialists for the right jobs. First-time fix rates can easily turn into second- or third-time visits as a result.

Lessen’s suite of solutions are designed to ease the burden of vendor management by centralizing work orders in one place. By harnessing the power of data analytics, the process transforms from one that reacts to emergencies when they strike to one that is preventative.

The tie that binds these features together is Lessen. We are driven to make sure every aspect of managing your properties is integrated to give you a seamless experience every time.

The Problem: Fragmented Systems

Traditional residential property management can be disjointed. The paperwork involved in handling work orders, maintaining maintenance records, and dealing with vendors can be overwhelming. Even if it’s computerized, managing all those components is a burden, especially if your facility manager is charged with more than one property.

The risks of continuing down this path poses numerous risks, including:

1. Work order mismanagement. Not having work orders in one place can lead to one thing: chaos. Because assets can last many years, and property managers may not, it is too easy to lose track of historical records.

2. Communication breakdowns. Without establishing the right time, place, and service details, vendors may need to return multiple times to fix a simple work order.

3. Unhappy residents. Your brand reputation is at risk if tenants are unhappy because the breakdowns affecting their daily life – leaky plumbing, appliances that don’t work, etc. – are not attended to swiftly.

4. Escalating costs. There is no doubt about it: It is more expensive to react to emergencies than it is to adopt a culture of preventative maintenance for all your properties.

The Solution: Integration with Lessen 

Lessen provides a centralized platform where every step of maintaining your residential property is aligned. In one view you can access:

Work Order Tracking: Now you have full visibility into all work orders and can track their progress in real time, from assignment to completition. Once completed, work orders are archived for each access by you and future vendors.

 VendorManagement: Scheduling is easy because Lessen gives you direct access to a network of qualified vendors in your area, including those covering a wide range of specialties. Lessen also enables two-way communication between you and the vendor. Automated dispatch ensures requests go to the right person for the right job.

HistoricalData: You and the vendor now have access to records of past maintenance to inform present-day decisions. Asset data gives you greater insight into the life cycle of all the components that power your properties so you can make informed decisions about whether to repair or replace, which also helps when it comes time for annual capital planning.

A Smarter Approach

Adopting a holistic approach to single family property maintenance offers numerous benefits. In no time you’ll enjoy:

1. Cost savings. By focusing on sustaining your assets over the long term opposed to reacting to emergencies, you’ll save money on costly repairs. Plus, tenant retention will increase, which will strengthen your long-term growth.

2. Increased visibility. Now you’ll have a comprehensive view into every aspect of your property’s health, both past and present. The nuances of the data will help you generate smarter budgets, and your planning will become more precise.

3. Improved accountability: The improved visibility will lead to improved relationships with trusted vendors. By tracking every step of the process, you can make sure projects are completed on time and at budget with no hidden gaps.

4.Time efficiency. Replacing a fragmented process with a seamless one means your facility managers will get time back to use for other ways to grow your business.

Future-Proof Your Property Management

In an industry where time is money, integrating all the things that make facility management work is essential for staying competitive and growing your portfolio. Contact Lessen to learn more. Our all-in-one, end-to-end solution will position you to become resilient to unexpected emergencies and other risks that threaten your portfolio and, as a result, keep your future bright.

Learn how Lessen’s end-to-end solutions can help grow and scale your single family rental portfolio.

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