As our society becomes more and more reliant on technology to make our lives easier, landlords, property management companies and letting agents are adopting software to help manage their portfolios. Arthur Online looks at the top 10 benefits of using proptech to simplify management and make your life easier
Hours on spreadsheets and manual messages increases the manpower needed to manage properties. The whole automating process decreases this communication time benefitting both tenants and yourself/ property manager through a more streamlined process. Reminders including rent due dates, viewings and check ins/check outs can be automated which means the property manager or tenants don’t forget a thing!
- Workflow management
Efficient workflow management is essential when trying to organise multiple maintenance issues at once. Contractors need to be made aware of the situation quickly and this needs to be resolved as fast as possible. Delays and miscommunication leads to time wasting and hassle for the tenant and the contractor. Clarity is necessary from the start in terms of accessibility instructions into the house and availability to carry out the work order. The solution to this is communication via software – app or desktop. This makes the issue clear starting with a message from the tenant to the property manager who then sends a message directly to the contractor with a tap on the app. Images and videos can be sent across supporting the message. All parties can then track the issue and be notified immediately once the work order is completed. Quotes, tracking and access details can be uploaded simply via software minimising communication time and leading to efficient progress of any maintenance issue.
At its heart, property management is a people business. Managers are tasked with keeping tenants, owners and contractors happy whilst trying not to tear their own hair out at the same time. One way that PropTech is making management easier is by bringing all these groups together. In the past, disparate communication between the different groups involved meant a manager would spend half their time on the phone, typing with one hand and writing an address with another and heaven forbid if they had to produce proof that someone received it. Using technology, property managers can email /message their tenants with a tap of the app, which allows all message history to be tracked, allowing management to be easier. Management software can also have a permissions option, which allows you to control who see what in the company and allowing the different groups to communicate with only the people that they need too.
If you are managing several properties within a team, it can be more efficient to organise tasks via a software in which you allocate tasks/viewings/ and tenant complaints with each other and use an automated function for smoother management.
- Financial control
Property management software allows property managers greater financial control. When it comes to rent collection, it is important to have automated reminders sent out to the tenants when the due date is approaching. These platforms can integrate with accounting packages such as Xero and QuickBooks which makes rent reconciliation even easier. Payment portals such as GoCardless and Stripe allows managers to have control over charging and recharging tenants if the rent is overdue or missed.
Property management software provides a platform where all parties can access all documents anywhere at any time. This makes contracts and vital information regarding the property readily available. Permissions can be put in place so certain information is only made available to the appropriate person.
- Legal benefits
Software can constantly update your documentation to ensure you have a legal contract, notice etc. It also helps the property manager abide legally by reminding property managers when something needs to be done. As an expiry date approaches for a certificate, systems are able to automatically contact contractors or managers to inform them of the news. This prevents a manager’s business from falling behind in terms of compliance.
- Cost efficiency
Additional costs put on by the government mean that people want to reduce costs. One of the ways to do this is to reduce time (and therefore money) spent on admin. By introducing software designed specifically for the property sector (aka PropTech), businesses can streamline their management business, allowing them to scale more easily or simply reduce the cost of their current business.
- Time efficiency
Property management can involve a large amount of paperwork, which can be a pain to manage especially if you need to file contracts on behalf of multiple tenancies. This can lead to documents going missing and time wasted trying to find paperwork. It also limits the accessibility to the property managers who store all the information, whereas on software all parties can access it instantly with no time delay.
The property sector is becoming progressively competitive and as more companies focus on growth, more emphasis is placed on opportunities to scale business operations and reduce costs. If you are growing your property portfolio single handily or even if you are a small business managing an ever-increasing number of properties, management can take its toll and having to remember multiple different rent due dates, viewings, deposits, check in and check out dates can become overwhelming. In order to achieve success when scaling, software can help you stay centred and in control.
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