The exponential growth in the real estate industry calls in for a system that goes above and beyond work orders and essential communications. The operational efficiency of your organization must rely on this system. Since the advent of newer technologies, real estate industry has also felt the need to combine business intelligence, document management, and the core business processes into one tool. This tool should form the backbone of your business.
An efficient real estate property management software should match the specific need of your business. It is designed to be as flexible as your business, to scale as you grow, and to be easy to pick up and use. Earlier it used to be that property manager who would have to manually handle tasks including tenant applications, maintenance requests, marketing, rent collections etc.
However, with the ever-growing competition, more companies are now investing in the best commercial real estate management software to stay competitive in this technology-driven era while making their redundant tasks easier.
Real estate transactions and activities have taken a different course altogether since new technologies have been introduced into the industry. Nearly 50 percent of the real estate businesses already some or the other property management software that fit into their area of business.
It streamlines the operations, mitigates risks and takes care of work orders and maintenance. Hence, you must invest particular time and consideration choosing the right one for your business. Before deciding to purchase, you must evaluate which factors are more important and useful for your business.
Intrigued? Let me take it one step further. Here are seven reasons why you must invest your time rather than money in a commercial real estate property management software.
Earlier Property managers had to complete their tasks manually, however, with the advent of property management software and the integrated processes tasks have been automated. The commercial property management software can be accessed with commonly used mobile devices that operate on Android or IOS.
The workflow has been automated with tools from the Maisonette ecosystem various other tools to boost efficiency. This enables your field staff to access, review, edit, add and distribute data and documents using a mobile device and thus become more productive and connected with the enterprise.
TRANSACTION MANAGEMENT :
An efficient commercial real estate software offers automated management of tasks and transactions that allows easier access to financial data, enabling property managers to have more control on expenses, review invoices to be paid, and even will allow tenants to pay online.
Few property management software automatically generate due diligence tasks for you and your property managers to complete. A commercial property management software enables property managers to create accurate records to invoice tenants, manage debts, detailed financial reports for management, with account receivables tracking, bank reconciliation.
PROPERTY MANAGEMENT :
With the right property management software, one can keep their tenants happy and satisfied by staying on top of any repair or maintenance requests. Keeping track of these might lead to errors, denials, and distrust. When property management software runs seamlessly, you can please everyone from tenants to employees.
It allows your property managers to complete tasks with ease and remove the complications for the tenants. Tenants can submit any maintenance requests online and can get quick assistance which helps improve the tenant-owner relationship. The property management software paves a convenient way to attract tenants as well as a way to help you build a positive reputation when it comes to leasing your properties.
TIME & MONEY SAVIOUR :
Integrated accounting and property management software is designed to save your precious time and money by automating the redundant tasks like maintenance request tracking, issuing rent notifications, email communications etc. The automation of these tasks indirectly lead to less workforce being required saves you a lot on payroll.
This software also gives property managers a more unobstructed view of their resource distribution and make transactions much smoother thus allowing them to deliver excellent customer service. Few features are customizable allowing you to save more time and money and thus increasing the productivity of your human resources.
DOCUMENT MANAGEMENT :
An excellent commercial property management software provides real-time access to information. As a business owner or a property manager, you may need access to essential property files, lease contracts or any other document. A cloud-based property management software makes storage of data and organization of materials simpler and safer.
It allows convenient access to the papers anywhere and at any time. Managing a real estate business involves a lot of paperwork, and manual documentation can become very tedious. Investment in a good property management software enables more natural collaboration, better data management, and accessibility.
As your business evolves, you may need to scale or downsize your business. The size of the property should not affect the efficiency of the property management software. The software is capable of mounting itself as per the business requirement and flexible enough to support the growth of the organization as a whole.
It also makes transitions smoother that helps you adjust to your changing needs and requirements. Deploying a commercial property management software will enable you to process your payments faster while allowing you to stay competitive with your rivals.
The earlier real estate business had to rely on third-party brokers to elevate property marketing, however with this added benefit of customizable property management software available today, you can opt for software that takes care of this requirement.
The property management software also allows integration of mass mailing activities and marketing templates. Ample tools and suites make marketing operations and email campaigns more straightforward than it used to be. The advanced version of the property management software manages the leads and keeps the contacts data synchronized into one unified database which in turn enhances productivity and saves your staff’s time.
Even service requests from the tenants can be addressed using a real estate management software fostering long-term relationships with owners and tenants.
The commercial real estate management tool acts as a resource to make future decisions and grow your business. It is a data machine that has itself seen some beautiful improvements coming to the software used to keep track of data.
Whether you manage property or you hire a professional to take care of the job for you, real estate businesses of all sizes rely on software to streamline and automate their accounting, marketing, and even maintenance tasks.
Across most of the real estate businesses, property management software has helped users to gain insights to make better decisions, build processes faster, save effort and streamline productivity.
It does not matter which industry you’re in, the software you deploy must make an impact in both revenue and productivity. By providing a consolidated view of the commercial real estate data and documents, the property management software helps you increase visibility and productivity simultaneously.
While the core responsibilities of a commercial real estate software management system are operational, it should be able to save your time, money and increase organizational efficiency. Many of the reasons mentioned above will be appealing to most real estate businesses. However, not all are mandatory. Hence, you must take time and evaluate which factors are most important for your business.