Wikipedia defines real estate rental software as software that could end-to-end functionality such as marketing, rental applications, property management, payment processing, and accounting.
According to Wikipedia and other websites, real estate rental software are used mainly to manage essential aspects of business such as finance, marketing, and property management. However, there is more to what real estate rental software can do.
There are several lesser-known functionalities in a real estate rental software that help property owners to manage properties efficiently and offer excellent service to tenants. Some of these functionalities include:
1. Reports to analyze how properties are managed:
As a property owner, you will agree that managing multiple properties at the same time can be a hassle. In the absence of real estate software, you cannot keep a track on how many queries have been raised, how the team has addressed the questions, and how many of them are still open.
It becomes even more tedious when you manage multiple properties at the same time. Few real estate rental software offer inbuilt reports that provide an overview of the open, closed queries for each property. They also offer more in-depth stories such as they spend on advertising, the number of leads and conversion, and the mode of communication preferred by the target group.
2. Better customer engagement:
We live in a world of personalization. The most real estate management software provides you with a detailed profile of your prospect. With the help of this profile, you can send the personalized communication to your prospect with details of your units that match their requirement.
Real estate management software is also useful in engaging with ex-tenants by retargeting them and sending them wishes on special occasions such as birthday, anniversary, festivals, and sending them details on available properties that match their previous and current preferences. By sending customized messages, you will be able to re-engage with them again.
3. Safeguard the details of the tenants and the properties:
One of the major concerns that most property owners have is regarding data security. They fear the data of the tenants will not be secure. However, few real estate management software is reliable and safeguard data such as leasing details, account details, and the tenant’s details.
The key is to select a suitable real estate management software that is capable of keeping all the crucial data related to the tenants and properties secure. You must choose a software company that builds the software in a safe environment and provides firewall, encryption, and data recovery/ backup facilities.
4. Better management of documents:
If you own multiple properties, you know how difficult it is to manage the paperwork for every tenant and every property. The probability of losing the documents is high especially if you do not have enough storage places to organize the documents.
With commercial real estate management software, unorganised documents will soon become a memory of the past. You can organise the property and tenant’s lease documents efficiently on one platform. You also do not have to worry about data loss as most software have backups on the cloud. So data recovery is faster.
The software not just gives you access to all the documents in one-click, it also saves your time as you can search them by just adding relevant keywords.
5. Better operations management:
Gone are those days when employees had to log in to multiple platforms to manage the daily functions related to maintaining a property. With real estate management software at the helm, employees can now perform day-to-day operations efficiently through a single login feature.
The software also provides functions to create task reminders, follow-up reminders, and schedule meetings with the tenants, which facilitates the employees to address queries, generate leads and close the rental cycle without spending too much time on it.
6. Scalable according to the needs of the business:
The most real estate software is customizable and can be scaled as per your needs. So, if you were using software to manage a single property and are planning to extend it to other properties, or if you want to include more features to cover the entire ambit of your business; then you can upgrade your software to match your needs.
There is no doubt in the fact that a real estate management software enables you to stay ahead of your competitors. The important thing is to select the right software. Here are few things that you must consider while selecting a software:
Software should meet your needs and adapt to changes: Always select software that can be customized as per your business needs. Since the real estate industry is strictly regulated, there can be changes in the compliance rules. For example, the government has started to levy Value Added Taxes (VAT) on real estate transactions this year. In such cases, the software company should be able to upgrade your software with these features to ensure that there are no disruptions in the business.
Select the platform that suits your needs: You can either select an on-site software package that can be installed on your computer or opt for a web-based application. The advantage of a web-based application is you can access your data from anywhere in the world.
Select the package that fits your budget: Most of the real estate rental software is available on a per-user or per-unit basis. Always consider your business needs before selecting the package. Also, several software companies only provide the base price, so check with them if there are additional costs on training, support, and upgrades before selecting it.