The article shows the ways in which property management software joins the game and changes real estate business productivity. It explains the most striking reasons why property managers need it so much today.
Real estate has always been a lucrative business to be involved in, yet it is multifunctional and stressful to handle. The whole merry-go-round hassle starts with maintaining property records and collecting rent payment and goes further to compliance with regulations and dealing with lost reports. This is the industry where any mistake made at any stage of the process only increases the risk of dreadful losses. Some of them are listed here:
- Keeping an eye on late-paying tenants becomes a challenge if you use paper records. You eventually notice that your figures do not match your estimated plan. It will take hours of calculation to add clarification to your records or otherwise you'll just lose cash.
- Too complex property management procedures will not only bring extra headache to property managers but will also make tenants stay away from you. Extra complexity only adds extra trouble. In other words, customer retention levels will be unlikely to grow.
- Delays in handling maintenance requests will only increase dissatisfaction in the service offered to tenants. Inaccurate move-in and move-out forms will only bring confusion and harm to your property.
- Missing cheques and documents are a frequent consequence of traditional property management. Imagine your tenant claims he has sent in a cheque but you fail to find it in your records. One more headache-causing issue to handle.
- Poor online presence or mobile readiness of your property unit will decrease your chances of attracting tenants who are quickly going to find a property online from their smartphones and make all the arrangements upon arrival in your town.
But who wants to lose money, deal with misunderstandings, go through routine hassle and waste precious time? It has become far more beneficial and time-efficient to use property management software. It does not just eliminate the risks and fuss, but also helps landlords grow their real estate businesses.
New tools, capabilities and opportunities means no hassle, no risks and no time/money wasting. That is not to say that a human factor now plays a minor role. The value from implementing property management software will keep everyone pleased: landlords, property managers and tenants. Just how would it change the whole process for you if you experience the following changes?
All the Files, Information and Payments Are Just a Few Clicks Away
As it’s normal for people of all generations to use technology to look for information, they will find it favourable to be able to look through all your offers, prices, contact information, property photos, customer reviews, availability dates right from their devices. Create a fully-functional, easily-navigated and mobile-friendly website that will give tenants all the information they need as well as enable them to book and pay online.
In the same way, all the information about tenants, their payment history, move-in and move-out reports will be available to property managers and accessed within seconds. Cloud-based property management software will make it possible to access, edit or retrieve data from anywhere in real-time without a need to install anything.
Increased Time and Money Saving
Process automation enables property managers to avoid performing routine tasks such as sending reminders, maintaining reports, going to banks to pay bills, and not even mentioning the need to deal with missing files or records. The reduction of daily functions reduces the need in manpower and thus helps to save valuable resources.
Opening New Business Growth Capabilities
Less stress and more time means you can take steps towards expanding your real estate business, attracting more customers and building the strategies of successful property management. With fewer risks and more tools, the chances of growth are much higher than in the case of the traditional property management scenario.
Extra Layer of Convenience
With suitable property management software, there will be fewer tasks left for property managers. There is simply no need to spend ages doing tasks that the appropriate software could do automatically. And considering the value that property management software brings, the investment will return to you soon after launch. Get in touch with our dedicated team of software developers to find out about ready solutions or discuss custom options.
Beata Green is Director of HeadChannel Ltd. She is responsible for overall strategic direction and overseeing the company’s continuing growth, building closer client relationships and maintaining best working practices. She enjoys brisk country walks with her red fox labrador and then relaxing in front of a TV crime drama with a glass of red wine.