With the advent of technology, every type of industry has been made easier. At times like this, where technological innovations are at their peak, and internet technology is helping every individual not only manage but expand their business ROI, anyone would be a fool not to.
As a property manager, if you have finally made the decision to take the road to technology, then you have made a smart choice. Now, it is all about understanding how to navigate your way through it.
If this is your first time using technology to ease your job, do not be alarmed!
Confusion is an inevitable part of such a journey, and your knowledge is likely to increase with every step of the way. Therefore, simply understanding how this software can help increase your efficiency and profitability is the first step.
That is exactly what we will be discussing in the excerpt below.
What Is Property Management Software?
Stepping aside from the technical definition of such software (which is not quite comprehensible for a layman), we will be tapping into a more layman’s definition.
Gone are the days when you, as a property manager, worked late in manual inputs. Just to keep track of every potential client, the property they are interested in, and locations that are doing well in terms of the real estate economy.
With the help of property management software, you should be able to automate it all. These include:
- Maintenance tracking of each property.
- Online tenant portals where tenants can renew their leases, give monthly rents, and directly complain.
- Electronic lease generation and e-signatures.
- Storing all important and necessary data over the portal.
Whether you are an independent landlord or a commercial property owner of large units, property management software should be able to provide you with the right digital infrastructure to maintain, organize, and streamline your real estate journey better.
Qualities Of A Good Property Management Software
When we talk about good property management software, these are some of the features we refer to, according to experts at Rising Realty Partners.
Scalability
Just like any other business, yours is not stagnant. There is a maximum chance of expansion, and that means more users. Whenever you pick property management software, ensure they have the scalability to afford such an expansion. That is, when you are adding users every year, there is no infrastructural obstruction you are dealing with. After all, this is software that your customers will be using as well. Therefore, you wouldn’t want complaints from your customers about a slow loading software.
Good property management software should extend beyond the properties and tenants to whom a manager is offering their service.
Software Upgrades
Technological innovations are not only dynamic but ever-changing. This means any software cannot simply create a software prototype and stick to it. With the change in audience psychology and what modern settings they require next, the software has to upgrade itself.
When it comes to any real estate business, property value, market trends, and the current economy play a very important role in customer behavior. Hence, any property management software should adhere to them with time and bring new upgrades.
Plus, other upgrades should provide better security from cyber criminals since most of the documents are saved in the cloud. Fixing the bugs that plague the software and make it slow is also an upgrade every software management software should think about.
Automation
The top reason why any property manager would be thinking about getting software is streamlined work. This means any form of manual labor has to inch towards automation. When looking through different property management software, here are a few automation features you should be looking for.
- Creation of invoices, payment e-bills, and credit statements.
- Automated inventory, which keeps track of new tenants or buyers.
- Automatic email and personal message generation at regular intervals for the contact provided over the portal.
- Chatbots to help ease the tenant’s complaint when a human is not there to help.
- Automatic reminders to the property manager for timely consultancies.
Preventing mistakes during workflow is the first step to expansion. The more you avoid mistakes, the less capital you spend on rectifying them. Hence, you will have enough to spend on better business plans.
Plus, smooth streamlining leads to less error, which impresses the customers. They are more likely to recommend you to their peers.
Security
Amidst all the e-documentation, signing of confidential items, and saving every tenant’s information in the cloud, many overlook the security aspect. However, the internet can be a dangerous space, and when not careful, you could be a victim of online theft and ransomware.
It is especially important to ensure that every document within the cloud system of a property management website has top-tier security. Therefore, every software should have multi-step authentication, which ensures that only the property manager is accessing these sensitive data and not anyone else.
Accounting
For a small business of property management, it could be a nuisance to hire an accounting manager. Therefore, it is imperative that you look for property management software that provides basic accounting automation.
These include:
- Getting an invoice and tracking the payment.
- Tracking the important expenses.
- Tracking the end of leases and reminding the manager.
- Tracking the income each month from each tenant.
Lease Management
With the number of properties increasing, it is difficult to keep in check the amount of leases. Especially when each lease differs from the other. For individual landlords and commercial property owners, it is next to impossible to manually go through every lease. This is why they look for an efficient lease management system in every software management.
This includes:
- An automated lease inventory.
- A reminder after the end of each lease.
- Reminder for not receding the monthly or quarterly payment from your tenant.
- A tenant profile inventory with their name, location, and emography details.
Interface & Design
Remember, you aren’t the only person accessing the application. Your tenants and potential buyers of the property will be doing so, too. So, you wouldn’t want any of them to choose a customer based on a technical difficulty.
This is why, before picking on a property management software, you should check a few prototypes. Use every website and compare their interface, design, and how navigable they are (because not every tenant and buyer would be tech savvy).
As a rule of thumb, you should go for clean and minimal software with understandable units. No user has to look for long before finding what they are looking for.
Designs also play an important role in impressing a customer base, including color schemes and fonts. Another important feature would be to have a mobile-friendly version of such an application. After all, not all tenants will be using their desktops to reach out to you.
Why A Good Property Management Software Creates A Great Impression!
Credible property management is not just meant for you as a manager. Rather, it is an overall experience that you can give your customer.
Good property management software impresses by boosting efficiency, tenant satisfaction, and financial transparency. It streamlines tasks, minimizes errors, and enables quick communication and maintenance responses. Investors appreciate the transparency it offers in financial matters. Effective marketing tools attract quality tenants faster. Automated compliance tracking mitigates legal risks, reducing potential fines.
Cost savings, data security, and scalability further enhance its appeal. Customization showcases adaptability, while tenant screening ensures reliable tenants. Insights into property performance aid decision-making. Overall, using modern property management software demonstrates professionalism, making a positive, lasting impression on clients, investors, and tenants alike.
