There is a lot that goes into managing several properties. The complexity of dealing with the different tasks and managing stakeholders can be quite challenging.
Technology brings efficiency and higher chances of realizing ROI. Investing in the right software will save time and money. It could explain why the sector is growing. By 2027, the property management software market could reach $4.1 billion.
Let us look at why you need to invest in property management software.
Property Management Software
Imagine taking care of over 100 estates in your portfolio using manual processes. Alternatively, you may have invested in facilities management software. But, over time, you start to notice that the scale of the business no longer allows for the use of such.
Property management also brings together so many different stakeholders. These include staff, contractors, operations teams, and clients. The company needs an efficient way to communicate with, and manage such diverse groups.
The solution lies in a good property management software. You get features like:-
- Cloud-based solutions, thus freeing the company from the limitations of physical hardware.
- Functionalities like visibility on resource allocation, tenant management workflows, monthly rent calculator, and lease portfolio consolidation.
- Occupancy status to know when to market the properties.
- Quick access to live data.
- Mobile accessibility via apps, thus better communication amongst team members.
Let’s explore some of the points above in more detail below.
Why You Need Property Management Software
Time Savings With Property Management Software
One of the most critical advantages of automation is time-saving. As we hinted above, manual processes can take a long time. Imagine managing emails, phone calls, and site visits with a lean team.
Automation can take care of repetitive tasks like responding to general questions. Most of them tend to be pretty repetitive. Turning over such jobs to technology will save time and streamline workflows.
The accounts department can also find a good use for property management software. You can, for instance, automate the entire billing cycle. It helps take care of reconciliations, payables, invoicing, and collections.
Digitalization of Property Monitoring and Management
Property monitoring is critical when managing several properties. Yet, we can all agree that workflows can get pretty complex. Throw in a whole mix of different stakeholders, and things get tougher.
Property management software gives quick access to information. Let’s take the example of submitting work orders. The teams can simply use the mobile apps to record images of the work they need to handle.
They send these to the contractors, who in return resolve the issues and use the same platform to communicate completions. Without meeting, the teams can close the work orders remotely, thus higher efficiency.
The right software allows for the digitalization and organization of property data. These include aspects like rental yields and asset maintenance costs. The data insights are critical for achieving optimal returns and maintaining expenditure.
The right tools allow for the centralization of data in one place. Graphical presentations on the dashboards make it easy to digest the information. Real-time data gives the property owners critical actionable insights.
Better Communication With Stakeholders
Communication breakdowns can impact the relationship between the property management company and the different stakeholders. It can be hard to keep up with some of the processes when managing many properties. Total reliance on phone calls or emails may not yield the best results. It is easy to forget to respond to tenant concerns due to other workloads.
Property management software gives quick access to real-time information. Even if in a remote location, you can still get information with cloud-based solutions.
Best of all, there is no restriction on the type of devices you can use. These include mobiles, tablets, or any internet-connected device. With a simple property management app, things like sending out mass texts, or emails, are easy.
Imagine how long it would take to send out general information to each party. Using emails or phone calls can be time-consuming.
The notifications ensure that you never miss important communication with the different stakeholders. It will also remind you to make renewals and provide late fee notifications.
Good communication means property managers can personalize tenant experiences. Email communication that addresses a tenant’s concerns shows you are listening. It beats blanket communication that addresses nothing specific.
One of the biggest challenges for property managers is finding quality tenants. They must undertake thorough screening to find the right one. The process can increase the time between finding leads and converting them.
If your company has this challenge, invest in management software with tenant screening capabilities. Such use criteria like income levels and credit scores to determine the best tenants.
It will save the team’s time that would go into sieving through the leads and filtering out those that do not qualify.
When finding tenants, you also need a tool to help with bookings or scheduling. The management software calendar feature can help with such tasks. You will discover that workflows are so much smoother with the technologies.
Better Financial Management
As we stated above, property management software can help with different accounting functions. But it goes farther than that. With the right integrations, it is possible to receive payments via the software. This brings convenience to both you and your tenants. You don’t need to line up at the banking hall to make payments.
The functionality also frees up the staff from handling money. You can also add many payment options. This enhances the convenience of customers.
Anytime someone makes a payment, the software updates the records. The same happens when recording expenses for generating income reports. That means your books are always current. All these and more without needing someone to manage such tasks.
Finally, the software will generate clear reports of all transactions. You will need such for your records. The same applies if there are stakeholders who need the records.
And, as we hinted above, with cloud storage, all you need to do is assign access privileges. Whoever has permission can access the information, even from remote locations.
Property management software increases efficiency and will save the company time and money. They also assist with better management of the properties.
Notifications ensure that you never forget what needs handling. Accounting processes like financial tracking and bookkeeping are easy with the right tools.
When shopping for the right software, determine what your company needs are. You should only spend money on an innovation that will provide the perfect solution.