7 benefits of using proper management software
Property management software automates routine tasks, improves communication, and enhances data analysis, allowing managers to focus on business growth and efficiency.
For many property managers, handling their routine tasks involves many juggling tasks. 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 tiny part of what property managers face daily. Luckily, there is a solution that is attracting more and more companies: property management software.
Property management software enables users to automate multiple business operations, which usually require work hours. Moreover, the benefits of implementing such software go far beyond saving time. We provide the answer if you wonder how your company can benefit from having property management software designed and developed.
Bespoke property management software
You can find various ready-to-use property management software solutions. Their main disadvantage is 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 many of these functionalities unnecessary, and there is no point in paying for features your business will never use. That is why using custom property management software developed especially to suit your requirements is beneficial.
Read also a case study – Property maintenance portal for Hamways
Main problems of property managers
The best way to build perfect property management software is to know exactly what problems it should solve. Things that most property managers struggle with daily 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 also be prepared to run a constant leasing process. Both operations require an excellent communication flow, which may be hard to achieve if you rely only on e-mails and phone calls. Without instant access to contact history, forgetting about a tenant waiting for your response is easy.
2. Maintenance requests
Accidents can happen any time of the day, but tenants can often not call you to inform you about them immediately. Another factor prolonging the maintenance requests is 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 tenant about an upcoming rent payment time-consuming, but there is also a significant risk of missing payment records. Losing control of your finances means losing control of your business.
Benefits of property management software
Automation, which follows implementing property management software, solves most of the daily problems that property managers struggle with. 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, a web-based platform, you can work from anywhere, anytime. Data is updated automatically and stored online, allowing you and your tenants to access all the necessary features 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, including paying rent and reporting maintenance requests, which require their time and availability.
With property management software, tenants can log into their profiles and perform all the necessary operations online. Offering access to a tenant portal allows them to report a maintenance request at 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 back in the office.
Property management software lets you conduct property inspections and generate insightful reports while in the field. Using inspection templates prepared beforehand, you can save much 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 requires even more time.
With property management software, data is automatically updated. You can generate comprehensive reports on demand and regain control of your finances and 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 manually miss a payment record when manually introduced 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, enabling 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, its owners must make accurate, data-driven decisions. However, when gathered and performed manually, their data and analysis may be incorrect.
With property management software, all the information you introduce into the system is stored, which enables you to run a thorough analysis and gives you insights into your business. Proper data analysis allows you to spot any inefficiencies and discover new opportunities.
As you can see, having property management software designed and developed to meet your needs can help you 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.
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