If there’s one thing that all property managers have in common, it’s that they all have a budget that’s much too small. Options for increasing revenues are generally limited: once all of your units are rented, they’re rented. That means that the only viable route to boosting profitability is cost containment.
Package management is a stealth expense for many property managers. You may not even have a line item for package management on your budget. You can save money using a cloud-based package tracking system like EZTrackIt, but are the savings enough to justify the expense? To answer that question, you first need to know how much you’re spending.
Begin by determining how many man hours are devoted to handling one package without the help of package tracking software if everything goes perfectly. This includes manually receiving the package, documenting its arrival, storing the package, notifying the recipient of its arrival, and finally making sure the recipient physically receives their delivery. In some instances, you may need to notify your recipient multiple times that they have delivered items waiting for pick up. Factor that into your time estimate. Now multiply that time estimate by the hourly rate you pay your employees who handle the package management expense.
Now multiple that number by the number of packages and deliveries that come to your building on a typical day. It’s a pretty staggering number, isn’t it? But we’re not done yet.
As a property management, you’d certainly like it if everything went right on a daily basis in your building. But as is often the case, the world doesn’t work perfectly. Sometimes things go wrong. Thinking back over the past year, how much time have you or your team devoted to tracking down packages that were lost or never delivered? You pay for all that time too! Multiply the hours spent dealing with problem packages by your hourly labor rate and add that to your package management expense.
Many property managers are shocked to find out how much money they’re spending on package management. EZTrackIt is a fully automated, cloud-based package tracking system that dramatically reduces the amount of time and money you spend on package management. Some of our clients have cut their package management expense by up to 90% – which amounted to more than $4,000 – with our package tracking software. Wouldn’t it be nice to find an extra 4 grand in your budget? Reach out, schedule a demo and see how much you’ll save with our affordable, efficient package tracking software.
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