Why HubSpot Works For Property Management
Here at Rent Bridge, we've found great success using HubSpot as a platform for operating a property management workflows. What makes this tool so useful? Why use HubSpot as your Property Management Operating System? Many of the standard property management software tools do some of the same work.
While no tool is perfect, most dedicated property management software handles the accounting side of the property management house effectively. However, their creators didn't necessarily design them as business or operating tools. These platforms can fail to provide effective solutions for managing people, assigning or overseeing tasks, and workflow automation.
Many widely available software options handle task management ineffectively. As you well know, property management is an unusual business. Your growth might look linear from the outside. You acquire doors one at a time in most instances. Growth in this business also has a less visible "exponential curve" to it as well. Straightforward growth in properties always brings exponential growth in the human side of your business. Between owners and tenants, a single new property can bring two to six people along with it.
This growth can dramatically increase the communication burden on a property management business as they must now manage the needs of this ever-widening network of individuals. Property management companies often hit a ceiling when it comes to growth. Something along the line strains their resources to the point that they are no longer capable of sustaining further development: their business plateaus—or even declines. Many property managers lack the right communication and automation tools that would allow them to get over that hump.
Operating Several Businesses in One
Property management is unique in that you are effectively running several businesses under the guise of one. You are likely offering a full range of services and dealing with many different properties. If you are, then you're managing:
- A sales and marketing company
- A leasing company
- A renewals company
- A maintenance company
- A collections company
- An inspection company
- And everything else in between.
This wide array of needs and services means that it can be challenging to get your arms around the entirety of your property management business without the right tools. HubSpot is a tool that can help you achieve this goal.
The Evolution of HubSpot
HubSpot was built originally as a marketing platform, and that's how our team at Rent Bridge came to know and use the tool. Over the years, HubSpot has evolved, adding modules that expanded the capability of what the platform could offer. Beginning with marketing and marketing automation, HubSpot added a sales module that allowed users to manage deal pipelines and automate sales-related tasks. Finally, HubSpot added a service module that delivers many customer-facing services (such as customer service ticket creation) which led to automation for these services. HubSpot is now a functional ecosystem of marketing, sales, and service platforms that allows for a high degree of automation.
How Can You Use HubSpot?
HubSpot can be a highly effective complement to traditional property management software options. Property managers can mirror HubSpot and their favorite property management software and have them work together to cover gaps. We recommend pulling data between platforms daily, which allows you to match the information on tenants, properties, and owners across both platforms. If you do this effectively, you can build communications around a common set of data and use HubSpot's tools to create effective process pipelines. We often build:
- Property management collection pipelines
- Property management leasing pipelines
- Property management renewals pipelines
While automating communication around each of these processes. We have been able to automate 60-70% of the communication that goes into a process such as late rent collection. Automation can help your business efficiently do more with less.
HubSpot can also be effective at allowing you to get a solid operating picture of your business. This picture extends beyond metrics like "How many tenants do I have?" or "How much rent am I bringing in?" Through HubSpot, you can manage tasks and processes, see where your properties are in a given pipeline, or see what assignments you have distributed to your team (or remain unassigned). HubSpot allows for a remarkable amount of clarity on how your business is operating.
Growing Your Doors Depends on How You Operate
You can continue to rely on your preferred property management software for all of the services that it does well. You can also live in HubSpot as your day to day "operating environment." This environment is where you manage the daily workflow of your business, assign tasks, and communicate with your owners and tenants.
HubSpot has evolved into an effective platform for managing workflow and automating several important processes. We've used it with great success, and we think you'll find it to be a powerful tool as well. If you have questions or would like to get more information on how a Property Management Operating System can help grow your doors, reach out to us! We'd love to talk with you and see what your needs are.