For many property managers, handling their routine tasks consists of a large number of juggling tasks around. Manually performing such business operations as tracking rent payments and managing maintenance requests is highly time-consuming and often overwhelming, and these processes form only a small part of what property managers face on a daily basis. Luckily, there is a solution which is attracting more and more companies: property management software.
Property management software enables its users to automate multiple business operations which usually require hours of work. What is more, the benefits coming from implementing such software go far beyond saving time. If you wonder how your company can benefit from having property management software designed and developed, we provide the answer.
You can find various ready-to-use property management software solutions. Their main disadvantage is the fact that they are produced for the mass market, which means they contain a wide range of functionalities to meet the needs of as many property managers as possible. However, you may find a lot of these functionalities unnecessary and useless, and there is no point in paying for features your business will never use. That is why it is beneficial to use custom property management software developed especially to suit your requirements.
The best way to build a perfect property management software is to know exactly what problems it should be solving. Things that most property managers struggle with on a daily basis are:
1. Bad communication
Managing multiple properties equates to being ready to help each of the tenants. As they may come and go, you must be prepared for running a constant leasing process as well. Both of these operations require an excellent communication flow, which may be hard to achieve if you rely on e-mails and phone calls only. Without an instant access to contact history, it is easy to forget about a tenant waiting for a response from you.
2. Maintenance requests
Accidents can happen any time of the day but often tenants cannot call you to inform you about them right away. Another factor prolonging the maintenance requests are fixed working hours when you can contact and hire a contractor to repair the defect and set up a date which suits both the tenant and the contractor.
3. Late payments
Running financial records manually is highly prone to errors. Not only is reminding each of the tenants about an upcoming rent payment time-consuming, there also is a great risk of missing payments records. Losing control of your finances means losing control of your business.
Automation, which follows implementing property management software, solves most of the problems that property managers struggle with on a daily basis. It does so by enabling you to achieve the following:
1. Real-time access to information
You either keep all the necessary information on spreadsheets on your laptop or in great piles of documents, which disables you from working anywhere else but your office.
With property management software which is a web-based platform, you can work from anywhere at any time. Data is updated automatically and stored online, allowing both you and your tenants to access all the necessary features right from the mobile phone.
2. Improved communication
You are not the only person involved in managing a property. Tenants are expected to perform many operations as well, including paying rent and reporting maintenance requests, which requires their time and your availability.
With property management software, tenants can log into their own profile and perform all the necessary operations online. Offering access to a tenant portal allows them to report a maintenance request any time of the day and track every update.
3. Quick property inspections
Inspecting the properties is one of the most time-consuming business operations which property managers must face. It requires visiting properties one after another, noting down all the necessary information, and then typing it up back in the office.
With property management software, you can conduct property inspections and generate insightful reports while out in the field. Using inspection templates prepared beforehand, you can save a lot of time and never forget about anything.
4. Reduced administration work
Introducing data into spreadsheets manually is highly time-consuming and, more importantly, prone to errors. It also does not give you immediate results, you need to analyse the data yourself to gain insightful information, which clearly requires even more time.
With property management software, data is automatically updated. You can generate comprehensive reports on demand and regain control of both your finances and your entire company.
5. Online payments
Rent payments may be troubling not only for you but also for your tenants. When done manually, it is difficult to keep track of payments which require a few days to process. It is also easier to miss a payment record when introduced manually to spreadsheets.
With property management software, tenants can pay their rent right from their mobile phone and you can receive it within minutes. It is easier to monitor payments from each tenant when you keep records online, which also enables you to run financial reports automatically.
6. Securing sensitive data
In every business, storing sensitive details of your customers, such as their credit checks and lease agreements, is extremely important. As a property manager, you are responsible for keeping them safe.
With property management software, there is no need to worry as all of the personal data is securely stored online. Software development companies offer data encryption which secures it even more.
7. Data analysis
For a business to prosper, it is necessary that its owners make accurate, data-driven decisions. However, their data and its analysis may be incorrect when gathered and performed manually.
With property management software, all the information you introduce into the system is stored, which enables you to run thorough analysis and gives you insights on your business. Proper data analysis allows you to spot any inefficiencies and discover new opportunities.
To sum up
As you can see, having property management software designed and developed to meet all of your needs can help you to improve almost all of your business operations from monitoring payments to managing maintenance requests. With automation, you gain valuable time which you can now spend on growing your business.