|
Guide
How Smart Property Managers Are Reclaiming Their Week, Saving Money, and Improving Tenant Satisfaction
Based on insights from a 2024 study of hundreds of property managers across the U.S.
01
02
If you’re reading this, chances are you’re spending your weekends chasing late rent payments, drowning in spreadsheets, or feeling like you’re running a business that runs you instead of the other way around.
You’re not alone. We recently surveyed property managers and owners across the country, and what we discovered will probably sound familiar: the average property manager is spending 76.3 hours per month on administrative tasks and rent collection alone.
That’s nearly two full work weeks every month just keeping the lights on.
The good news? The most successful property managers in our study found a way to reclaim nearly three full work days per month while simultaneously increasing their on-time payment rates and annual profits.
This guide will show you exactly how they did it.
03
The Hidden
Time Drain
That’s
Costing You
Thousands
04
Let’s start with some hard truths from our research. Before implementing automated systems, property managers in our study spent:
That’s equivalent to hiring yourself as a part-time employee at $25/hour just to do paperwork. Except you’re not paying yourself – you’re losing that income opportunity.
But time isn’t the only thing you’re losing. Consider this cascade effect:
What used to take days now takes minutes. The automated rent collection alone saves me at least 3.5 hours every week.
Property manager, 85-unit portfolio
05
The 23-Hour
Fix: What
Our Research
Revealed
06
When we analyzed the data from property managers who implemented comprehensive automation systems, the results were striking:
Time Savings & Financial Impact:
The property managers reaching these results weren’t using magic – they were using the right tools for the right jobs. Here’s what made the biggest difference:
Top 5 Game-Changing Features:
07
From Chaos
to Cash Flow:
The Payment
Shift
08
Let’s acknowledge the elephant in the room: rent collection is probably your biggest headache.
Our research showed that property managers were spending an average of almost a full work week every month chasing rent payments—money that should be automatically hitting your account.
of tenants paid
rent on time
average on-time
payment rate
But here’s where it gets really interesting – the results varied by portfolio size:
1–10 Units:
+6.1 pts
11–50 Units:
+6.8 pts
51+ Units:
+7.9 pts
09
DoorLoop sends our tenants reminders for upcoming rent payments, any late fees that will be added, and when they will be added to their balance. This feature of the automatic reminder has increased our tenants paying on time (or before payment is due) by at least 40%.
Property manager, 1–10 unitsThe formula that’s working for successful property managers:
Online payment portals make it easy for tenants to pay
Automated reminders keep payments top-of-mind
Automatic late fee application encourages timely payments
Real-time payment tracking gives you instant visibility
10
Breaking
Free From
the Manual
Trap
11
Our research revealed that property managers generally fall into three categories when it comes to their management systems:
Category 1
The Spreadsheet Warriors (38.3%)
Still using manual methods, spreadsheets, and paper records. Often drowning in details but missing the big picture.
Category 2
The Generic Tool Users (27.0%)
Use general accounting software like QuickBooks. More organized than spreadsheet warriors but lack property-specific functionality.
Category 3
The Purpose-Built Tool Users (34.7%)
Use property management software. Seeing the biggest gains in efficiency and profitability.
Some of the most compelling feedback came from managers who made the switch:
From QuickBooks User:
The fact that this software has everything in one place is what sold me. I used to use Zillow for listing, apartments for management and payment, then bookkeep in QuickBooks. I like going to one software and seeing everything.
Property Manager, 11–50 unitsFrom Previous Property Manager:
The previous property manager using QuickBooks would take a full week to finish rent collection and generate reports. I’m able to do it in 1 day using DoorLoop.
Property Manager, 100+ unitsThe bottom line? Sticking with manual processes will continue to cost you time, money, and opportunities for growth. By choosing to stay with outdated systems, you’re essentially paying a hefty premium both financially and with personal stress.
12
Size Matters:
Solutions
for Every
Portfolio
13
One of the most interesting findings was how different portfolio sizes have different pain points and priorities.
14
The Real
Cost of
Doing
Nothing
15
Let’s put this in perspective. If you’re managing properties without proper automation, here’s what you’re potentially leaving on the table annually:
23 hours/month × 12 months =276 hours per year
276 hours × $25/hour =$6,900 in lost opportunity cost
$483/month × 12 months =$5,796 in annual direct savings
Potential elimination of part-time bookkeeper ($400–800/month)
Slower payments, more errors, higher stress
Reduced need for multiple software subscriptions
Total Annual Opportunity Cost: $12,696+
But here’s the real kicker: these inefficiencies compound as you grow. Every additional property managed manually requires proportionally more time and creates exponentially more complexity.
Managers who stuck with manual processes hit a ceiling around 15–20 units, while those who embraced automation successfully managed 50, 100, even 200+ units with less stress.
16
Your Next
Steps to
Freedom
17
Based on our analysis of the most successful property managers in the study, here’s the proven path to reclaiming more of your time:
Phase 1: Month 1
Payment Revolution
Priority:
Implement online rent collection and automated reminders
Action Steps:
Phase 2: Month 2
Communication Centralization
Priority:
Streamline tenant communication and maintenance requests
Action Steps:
Phase 3: Month 3
Financial Integration
Priority:
Connect accounting and banking systems
Action Steps:
You’ll know you’re on the right track when:
If any of these sound familiar, you can’t afford to wait:
18
Week 1
Week 2
Week 3
Week 4
The property managers achieving extraordinary results in our study aren’t superhuman – they’re simply using the right tools for the job.
They’ve discovered that the cost of proper property management software is a fraction of the value it creates. They’re saving time, improving tenant relationships, increasing on-time payment rates, and building scalable businesses.
The question isn’t whether you can afford to implement these solutions – it’s whether you can afford not to.
Every month you wait is another step away from the scalable, profitable property management business you deserve.
19
The insights in this guide represent just a fraction of what we learned from our comprehensive study. Contact us for a free consultation if you’d like to:
Don’t spend another weekend chasing rent payments. Your time – and your peace of mind – are worth more than that.
Request A Demo → https://www.doorloop.com/This guide is based on a comprehensive Q2 2024 survey of property managers conducted by DoorLoop. All statistics and quotes are from verified customers and represent actual results achieved through implementation of comprehensive property management solutions.
20
Visit our blog
What is DoorLoop?
Free resources library
.avif)
%20(1).avif)
.avif)
.avif)
.png)
%20(1).avif)
%20(1).png)
%20(1).avif)
%20(1).avif)
%20(1).avif)
.svg)
.svg)
%20(1).svg)
.avif)
.avif)
.avif)
%20(1).png)
.avif)
