Summary: The boom in the real estate business came with management challenges. Property management software is the one-stop solution. Collect rents, schedule routine inspections, and stay updated on recent trends with a few clicks. However, it is necessary to understand your management needs and get developers to provide you with a customized product.
According to the IMARC report, the expected valuation of the global real estate market will stand around USD 7,954 billion by 2028. It indicates there’s going to be a heap of advantages that accompany the real estate market. Technology integration in the real estate market is one aspect of it that’s still under-developed.
For way too long, property management software was stuck in the Stone Age. But thanks to our tech experts who delivered in the form of an efficient property management software development.
PropTech is the real estate industry’s newest gadget that’s making property management a walk in the park. If you’re still stuck with your outdated methods, it’s time you move on.
In this blog, we’re going to dive deep into the A-Z of property management software solutions. We’re about to show you how to get rid of the spreadsheets and embrace the future of property management!
What is a Property Management System?
A Property Management System (PMS) is one of the best software and application-based solutions to oversee your real estate. It helps you in keeping extensive records online replacing traditional piles of documents.
It works by collecting and maintaining a record of customer and owner activities. In this way, it builds on a massive database that facilitates not one but multiple real estate businesses anywhere in the world.
Widespread use of computers and mobile devices further eases the process of property management systems. You can access customers’ data (such as reviews and suggestions), manage billing, and keep track of check-ins and check-outs.
For more insights on the role of mobile applications in modern businesses, you might find our article on great examples of React Native apps particularly interesting.
Property management software features are diverse. One such feature is its cloud-based project management. However, there are certain local servers available as well.
Property Management Pain Points: Commercial and Residential Property
Despite differences in the types of property, some issues are common to both commercial and residential property managers.
Here’s a list of these, including:
- Finding the Perfect Tenant:
Careful screening of the tenants to make sure that they can meet financial obligations, keep the space safe, and minimize disturbances is a common issue that PMs have to face constantly.
The process involves strong background and credit checks.
- Staying Compliant, Avoiding Fines:
Property managers have to abide by the law and keep themselves updated on the new laws and regulations. The rules stay frequently change which creates trouble for the PMs.
- Keeping Your Properties Top-Notch:
Renters want well-managed facilities. It plays a key role in the overall experience and directly impacts the property’s market value.
- Managing Tenant Transitions Smoothly:
Every PM has to deal with incoming and outgoing tenants. Making sure the tenant complies with all the rules and pays dues before checking out is itself a challenge.
- Ensuring Timely Rent Payments:
Collection of rents from both residential and commercial property tenants is a crucial step. PMs want a smooth process on both ends: customer and owner.
- Streamlining Property Inspections:
As a property manager, your key responsibility is that you keep a routine check on your property. It involves scheduling inspections within the framework of agreed rent agreements.
For more information on managing remote work effectively, especially if your property management team operates remotely, check out our article on mastering remote work.
Role of Property Management Software to Address These Issues
Each property management software has its unique features and ways to address the above issues.
Following is a list of benefits of using property maintenance management software.
- Effortless Rent Collection: Online Portals for Property Managers
Collection of rents is the biggest hassle if you’re running a large real estate business. Property management software provides easy access via mobile to pay and receive rent in no time anywhere.
Such apps also have strong security protocols, making online transactions safe.
- Boosting Communication: Bridge the Gap Between Property Managers and Residents
Both the PMs and tenants remain in contact owing to these property management software features that can be used to send notifications. You, as a property manager, can send early alerts for upcoming inspections or rents.
More so, it enhances the tenant’s experience and boosts the overall renewal rate of the properties.
- Streamlined Income & Expense Tracking:
As a Property owner you always have to keep track of your income and expense. In case you don’t keep track of it, things can go wrong in many unexpected ways. Property management software features enable you to monitor every property and see which property is performing well and what to do about non-performing ones.
It produces great effects, such as managing losses and increasing efficiency.
- How Property Management Software Enables Growth:
Enhanced communications, smooth financial flows, and property maintenance via property management software are reflected in business growth.
It also enables managers to focus on other aspects of their property management, such as;
- Make and organize property listings.
- Marketing of property
- And automate the processes.
- Data-Driven Decisions
As previously discussed, the biggest edge that property management software has is the massive data that it drives itself on. This data provides multiple insights into customer-owner behaviors.
Based on this data, you can look at the tenant’s credit score and residence history and, eventually, transform your future strategies to boost your business.
Features to Consider in a Property Management Platform
Three basic categories provide a set of features to consider when deciding the right property management software.
- Tenant-Oriented Features
- Leasing Features
- Accounting Features
Now, the following discussion will briefly describe these key features that have a transformative impact on your management of real estate.
Tenant-Oriented Features
In this particular set of features, the idea is to maintain the property in a way that brings more clients and increases its market value. They are tenant-oriented features, and here’s an overview:
- Online Payment Systems: Safe and timely transfer of funds is ensured via online payment portals, a most important and useful feature for PMs.
- Documentation Systems: Property management involves multiple levels of documentation – an online and easy-to-navigate documentation process is another key feature.
- Communication Process: Keeping both the customers and owners in the communication loop also enhances the tenant experience, making it another must-have feature in a property management system.
- Maintenance Request Systems: Sending inspection and routine maintenance requests via PMS makes the whole management process efficient, a must have feature.
Leasing Features
These particular features are part of marketing and leasing campaigns to attract more tenants.
- Property-specific Websites: To target a particular tenant base, this feature aids in making custom websites to market and target such customers.
- Screening Tools for Applications: Choosing the right tenants is an arduous task for property managers. Application processing tools are a useful advance in this regard.
- Marketing Availability: Tracking vacancies and publishing to promote available spaces is part of this time-saving tool.
Accounting Features
An accounts dashboard that can show expenses and revenue makes property management practical and data-driven, thus boosting growth. Every property management software should have such a feature.
- Displays expenses and revenue: Provides a clear overview of financial performance.
- Makes property management practical and data-driven: Facilitates informed decision-making based on real-time data.
- Essential for boosting growth in property management software: Supports strategic planning and growth through accurate financial insights.
What’s New in the Property Management Software Ecosystem?
- Cloud-based PMS
Cloud-based property management systems are becoming popular day by day. Factors such as flexibility, accessibility, and scope are the unique aspects behind this trend.
- IoT Devices
Self-check-in, maintaining thermostats, and controlling sensors allow owners and managers to access everything remotely.
- Advanced Analytics
Data-driven decisions are helping in optimal project management and workflows. Modern software also provides reporting capabilities that, in turn, increase efficiency.
Conclusion
Property management is a highly competitive and saturated domain. Adapting new tech, such as property management software, to boost efficiency and growth has become essential. A property management guide such as this one provides deep insights into the features of this software. More so, the quick you incorporate this technology into your business, the more positive results will arrive.
Frequently Asked Questions
How can property management software save time?
By streamlining all operations from rents to routine inspection reminders, property management software saves time by reducing manual inputs by property managers.
What are the benefits of using cloud-based property management software?
Cloud-based property management software offers several benefits, including remote access from any location with internet connectivity, automatic updates and backups, scalability, and often lower upfront costs compared to on-premises solutions.
