In a highly competitive property market, whether you’re an individual landlord or a commercial property manager, managing your assets is difficult. Fortunately, property management tools can automate processes and streamline operations, allowing you to focus on more vital activities.
This article provides an introduction to property management software. We’ll go over the advantages of utilizing this program as well as the features that are frequently included. In addition, we will examine the many types of property management software and assist you in determining the appropriate platform for you.Major property management functionalities
There are several property management options on the market today. Although each solution’s functionality will vary, the majority of property management software systems will offer these fundamental capabilities.Rent Collection Processing
Rent collection is made easier using property management software. Most systems include an online resident portal where your renter or leasing party may electronically submit payments. Furthermore, automatic email and SMS reminders can help decrease late payments.Screening of Tenants
Most property management solutions collaborate with tenant screening services. You may include tenant screening in your electronic rental applications and view screening reports immediately on the platform.Property Promotion
Many property management platforms syndicate your rental listings to numerous property listing websites automatically. Tenant applications submitted through these websites are automatically deposited into your property management database. For individuals with a big portfolio who wish to advertise their homes on several listing portals, this is a major time saver.Maintenance Monitoring
Tracking repair requests and managing contractors can be difficult when you manage many properties. That’s why most property management software includes an online interface where renters can upload images, videos, and descriptions of problems they’re experiencing. In the property management solution, you may track maintenance requests and create maintenance tickets for contractors.Lease Administration
Property management software assists you in automating the leasing process by centralizing tenant information, maintaining electronic leases, and sending automatic lease renewal reminders. Always go for property management software that is cloud-based so that you may access tenant information while out in the field.Administration Automation
Most property management software includes automatic bookkeeping, making it simple to digitize receipts and keep track of your expenses. These apps also send out alerts automatically if there is any maintenance work happening or in such cases.Property Management Software Types
This section will explain the distinction between residential and commercial property management software.Software for Residential Property Management
Residential property management software is used to manage homes, student housing, and low-income housing.Property Management Software for Businesses
If your portfolio includes retail outlets, office spaces, and industrial buildings, you’ll need a system with marketing and leasing tools that are targeted to your business requirements.What Should I Look for in Property Management Software?
Here are four factors our analysts employ when reviewing software to assist with your investigation into property management systems. We also go through typical pitfalls to avoid during the assessment process.Features
When considering other options, determine which features are most important to you. We mentioned the essential features of property management software earlier in this blog.
- 1. A feature chart containing must-haves and nice-to-have features is a recommended practice for assessing features. This will assist you in narrowing down your selection of platforms to those that are most relevant to your company.
- 2. Must-have features are those that will help your core company run more efficiently. This category often includes maintenance tracking, in-app communications, and online payment processing.
- 3. Nice-to-have features are those that you are ready to give up if the solution is less expensive. AI leasing assistants, maintenance contact centers, and two-way texting are common examples of these services.
Free trials are the most effective approach to assessing usability. You should simulate a common procedure and compare the results to alternative options.
- 1. Is the solution’s user interface up to date?
- 2. Are there any shortcuts for frequently used features?
- 3. If a free trial is not available, you should arrange for a product demonstration.
The cost of property management software varies greatly depending on its sophistication. To get started, look at the pricing comparison chart of today’s most popular software solutions.Customer Service
When debugging product difficulties, excellent customer assistance may be a time saver. Customer assistance is vital while you are onboarding and learning how to utilize a product for the first time. Here are some questions to ask while evaluating customer service.
- ● Is there live chat, phone, and email help available?
- ● Does the organization provide one-on-one onboarding assistance?
- ● Is customer service available around the clock?
- ● Is customer service included in all subscription plans?
Purchasing software may be a complicated process fraught with hazards that can cost you both time and money. Here are some frequent blunders to avoid while acquiring software.
- ● Evaluating tools that were not designed for your portfolio type
- ● Software evaluation is not appropriate for the size of your portfolio.
- ● Not distinguishing between must-haves and desirable features.
- ● Not registering for free trials and product demonstrations
The finest property management software for you is determined by your portfolio type and the number of properties you manage. Several real estate firms use sophisticated property management software to handle several properties on a single platform.
EQUAL is one of the best alternatives for the property management system because of its ease of use and creative and flexible structure options. Rent payments and maintenance issues are made easier with EQUAL. Our ERP Software for Real Estate automates all of the tedious tasks and acts as a personal assistant for your company.