As a property manager, it is essential that you are aware of all the features of your Property Management Software. The secret of a successful property management business lies in its software. Not all property management software is equal.
You may think that you are familiar with all the features that your property management software has in place. However, this is usually not the case.
You might not be aware of the full capabilities of your property management software. If you’ve found an excellent software package to help you manage your rental properties, ensure that as a property and asset manager you can efficiently utilize your time, and improve collaboration and communication between management and accounting.
Let us know all the features in brief so that it enables you to streamline business processes and establish best practices in an easy to use and quick to implement a solution.
Your property management software should be with you at every step of your functionalities. It should able to guide you and support you with a friendly user support team without any extra hidden charges. The software should be able to give you instant resolutions, in case you are stuck in any case. Optimised experience is what it should guarantee.
To be able to analyze vast amounts of data your property management software should be able to create reports and organize the chunks of data appropriately. When in a property management business, one has to deal with lots of financial data. This reporting feature helps the property manager to quickly refer the data, analyze the economic trend and take fast decisions.
Back-Up and Recovery :
The property management software that you choose must have the feature of backing up all the essential information and data. The automatic backup of any task performed within the software assures you of security and peace of mind in case of emergency breakdown or failure of the software.
Document Management :
Your chosen property management software should give you an option to attach and sync documents to a property, lease or tenant. You should also be to access and update the records from any location.
When it comes to leasing space for business or renting a home, you will find that there is a lot of paperwork involved and your property management software should be an easy way out to organize and store the documentation.
Asset Management :
Your property management software should provide the ability to manage portfolios of real property and maintain archives or threads with prospects that are yet in the conversion process. It should be able to perform cash flow valuation and disposition calculations to the maximum accuracy possible.
Time Tracking :
If your software for property management can track time in and rime out for employees, you’d be saving a lot of time on this exercise. To be able to track work schedule is an added feature that is not included with all the property management software.
This feature will give you an efficient option of monitoring labor hours, identify trends and straightforward reporting. It can also be integrated with mobiles devices to ease the process of submitting hours worked from any mobile device.
Broadcast Messaging :
ERP software for real estate will make communications faster and quicker exchange of information. Efficient property management software reduces the time required to deliver the message to the appropriate person. Different online portals for tenant and management team has given the ability to post messages from a mobile device to a tenant portal or a property website. It has also enabled.
Advanced features like the ability to pull up a right tenant contact or send-off messages to pre-defined group simplify the communication process for everyone involved.
Financial Management :
A quality property management software makes it easier to monitor and organize the inflow and outflow of finances into the real estate property business. It enables you to manage all tenant accounting transactions with utmost accuracy
Maintenance and Repair :
The property management software should enable you to keep a record all the maintenance and repair request from tenants. You must be able to track the service request made by your tenants and the progress of the service request too. This would also enable you to pay your workers on a timely basis.
This feature applies to all repairs and maintenance transactions to the correct individual unit and property.
A comprehensive property management software is required to manage and make an impact in productivity and revenue of your real estate business. There are probably many hidden features within a property management software.
However, the responsibility of choosing the right kind of ERP software for your real estate business lies upon you. You need to figure out a single best solution for automatically calculating, tracking and billing your real estate transactions, that will drive your business to the next level.
The benefits and additional features of property management software overpower its share of challenges. This is not indicative that all software will suit your need.
Real estate transactions have advanced in organization and ease of completion since new technologies have entered the industry, but the choice of the real estate property management software is still a critical decision.