Property management software is a tailor-made solution for property managers, letting agents and landlords to help them manage and oversee properties. Features such as automation, communication, report generation and work order management are designed to improve efficiency of the processes involved in property management. It is important to remember that property management software is beneficial not only for letting agents but also: owners, tenants, contractors and accountants. Acting as an all-in-one solution, property management software provides many benefits to all the stakeholders involved. Here are the five top benefits of property management software:
1. Improved communication
Efficient communication is so important when there are multiple stakeholders to consider. Being able to reach out and get feedback minimises the chances of delays, misunderstanding and mistakes.
Property management software allows managers to send emails, messages or push notifications to their tenants, contractors or property owners. This can include reminders such as rent payment or outstanding orders, making sure that everyone involved is kept on the same page in terms of deadlines, payments.
Tenants can also communicate with their property manager and inform them about any necessary repairs – all on the platform! This benefits both the tenant and the property manager; for the tenant, they have a fixed structure of communication, and if they have any problems, they can access all necessary documents from their portal, such as certificates for the property. For the property manager, communication is all managed on the platform, rather than coming to their personal phones in a disconnected manner. Upon receiving the request, the property manager can then execute a work order to a contractor on the system, which minimises the need to make calls or write up long emails. The tenant is then made aware of the job, when it will be done, so transparency is maximised.
2. Saving time
Property management software implements automation and integrates with other platforms all with the aim of saving managers time to focus on more important issues.
Traditionally, property managers had to write up several emails saying the same thing, they have to check manually when the rent is due and send a reminder, they had to reconcile accounts (often done on a spreadsheet). Thanks to the automation that property management software allows, standard email drafts can be sent out at the click of a button, so you never have to repeatedly write the same thing. Reminders can be set up, like EPC checks or an upcoming viewing. This is especially useful for agents who manage large portfolios as it will be easier to keep track of many activities all at once.
Some property software is integrated with third-party platforms, for example for accounting, credit checking and tenant-finding platforms. These integrations further improve time-saving; for example, integrating with accounting software allows you to synchronise all the payments made with your property management platform, eliminating the need to switch between two platforms and manually transfer the data.
3. Saving money
Property management software performs many admin functions that would usually take a lot of time perform. Therefore, it saves on labour costs, as you can manage your portfolio by yourself or with the help of only a few people. That doesn’t mean that the software replaces people, it simply requires less focus on admin as most of the processes can be automated.
The software has the potential to save hours of work on admin tasks, therefore saving you a lot of money. Tedious, repetitive tasks can be replaced by the automated tasks and once the information was placed into the software it doesn’t have to be dealt with again.
Going paperless will also save your money, as all your documents and reports will be electronic. This will also reduce the chances of your documents getting lost.
4. Greater Accessibility
All the data that is stored in “the cloud” can be accessed if you have Internet connection providing you with much greater accessibility. You can access your data from any place, device and time zone.
Certain property management software will provide you with multiple portals for your tenants, contractors and owners. This will allow them to access all the data in the real-time. For example, a letting agent who is constantly on the go will be able to access all the property-related information from the app, instead of waiting to go back to the office. Furthermore, a self-managing landlord can take care of issues and track any activity while travelling, within or outside of the country.
It is very easy for employees to work remotely, while the entire company is connected through a cloud interface. All you then need is a device from which you can access the software.
Having a property management software will allow you to have greater control over your portfolio. Being in the centre of all processes, lets you decide which of your stakeholders have access to certain bits of information and which don’t. Features such as data tracking and report generation are very helpful to stay ahead of the curve with any updates within your properties.
Data tracking is a very useful feature that allows you to know where something is at any point in time (i.e a report, certificate). Data tracking minimises the chances of your documents getting lost or forgotten about.
These reports can then be sent to your tenants or owners with a click of a button., and you are in control of who receives which reports.
Technological developments has been constantly used to solve problems for society, from automating the textiles production to the creation of Artificial Intelligence. Property management software is one of the technological developments that was created specifically to solve problems associated with property management for managers, agents and landlords.
Property management software was created to make your life easier, by taking control of many aspects involved in managing your property. Features presented in the software will help you to be in control of your properties without wasting more money. Better efficiency and integration results in better communication with all the stakeholders and leads to an improved workflow. Cloud storage will make it almost impossible to lose important documents, which can happen if you have large piles of paper stored in your office.