Maximizing Efficiency and Reducing Expenses: Strategic Automation for Multifamily Property Management in 2025
The Residential Multifamily space had a tight Q3, with one of the first widespread drops in rent growth for the year. Activity, however, did not slow and we are seeing an increase in acquisitions and developments planned for Q4 delivery. This combination begs the question - how do management companies keep up the pace with tightened expenses to compensate for Q3?
The current 2025 budget season is the perfect time to reflect on opportunities for expense reduction. Implementing cost- and time-saving strategies now will give you a competitive edge going into 2025.
There are many ways to automate processes and reduce expenses for 2025. The first step is AP automation, which can include implementing workflows and AP coding support through tools like Predict AP or Virtuoso. Coupled with bill payment automation, this approach can significantly reduce both expenses and invoice processing time.
Some companies are still physically taking checks to the bank, resulting in lost valuable time at the property. By implementing check scanning or, better yet, online payments, efficiency can be greatly improved. These methods allow payments to be posted to Yardi and the bank in a single step. Additionally, implementing WIP (Work In Progress) processes can dramatically reduce or even eliminate the need for money orders.
There are many system automations available to reduce the time it takes to process leads. Chatbots can be used to answer basic questions, schedule tours, and handle initial responses. Additional tools like lead nurturing systems, email automation, and drip campaigns can save significant time on follow-up. Finding the right balance between human interaction and consistent automated communication will lead to higher closing ratios, allowing leasing teams to focus where it matters most.
Leveraging automated correspondence—such as tokenized renewal letters, late letters, and rent demand notices—allows these monthly procedures to be completed in less than half the time they currently take.
Bank reconciliation has saved our clients significant time and resources, especially when paired with payment processing. Up to 85% of reconciliation items can be resolved through a one-time file import, allowing accountants to focus on exceptions rather than daily transactions. These files can be uploaded in bulk, clearing all properties tied to a specific bank account at once. Even greater efficiency is achieved when reconciliations are done weekly, as timely issue identification results in fewer discrepancies.
There are many more ways to optimize systems and leverage features you already pay for. Reach out to BC Solutions Consulting today for a best practice review to help maximize your NOI.
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