With recent advancements in property management businesses, property managers ought to handle different kinds of tasks apart from renting out properties. Tenants, maintenance services, billing and accounting, and sales are some the overwhelming tasks which form a part of the day to day responsibilities of a property manager. It becomes an overwhelming task to manage different properties at the same time. Property management software acts as a saviour for all the property managers in the real estate industry who struggle hard to keep pace with the changing technologies.
Today there are a plethora of property management software available out in the market that is revolutionising the way real estate property managers do business. The real estate property management software has entirely disrupted the property management software world. What’s more challenging is that the property managers find the features available very confusing and difficult to use. ERP software does not have an API integration feature, while few others do not allow you the freedom and control to choose different vendors and what you want for different pieces and various aspects of your business.
Due to these set of challenges landlords are still stuck with the traditional methods of an Excel Spreadsheet, or pencil and paper and a bag full of receipts with all of their taxes at the end of the year. This has called in for more flexible and convenient Property management software that can be customised according to the business requirements.Plus, they should be pocket-friendly too. The ability to list vacancies online, virtually share and sign documents, is just the beginning. For small property managers, these technological tools can be a boon for day-to-day operations.
Property Management Software has enabled businesses to make their task more comfortable and will further simplify the functions in the future. Tenants now have their portal where a renter can post and find listings. They can submit maintenance requests, keep track of it, history, and have all of it in one accessible location and communicate.
The feature requirement of property management software is changing with the fast-paced technology. Also, the need and logistics of property managers define the features that are required by the property management software. The need for a CRM software is quite robust. There’s a lot of it out there, and we have much more to go. Some things are yet to come for property managers and businesses at the same time.
1. Manage Accounting:
The most significant pain point while managing multiple properties is when you have to do all the tasks and manage their accounting all by yourself. Property management software comes handy in such scenarios. The productivity of the property managers and landlords is not hampered. It keeps track of the services rendered and the cost incurred to deliver that service. You will not have to keep track every accounting receipt that comes your way. The property management software does it all for you. Store the invoice, the receipts, track the maintenance request and much more.These features will disrupt a lot of those property management companies.
2. Maintenance Coordination:
Many Property Management Software comes with the feature of tracking maintenance requests. However, these requests need to be monitored at the point of transaction. This is indicative of the fact that any transaction that takes place will become a tax issue at the end of the year. If the operations are not being appropriately tracked from the start of the year, the year closing is messed up. Hence, monitoring of maintenance requests and coordinating them will become much more accessible and balanced to have a smooth year throughout.
The different property management tools that are available today have to be managed by a human being as in case of maintenance requests, accounting, maintaining a track record of the services rendered etc. Instead of people having to manage, the tool should manage itself. This feature will be seen in future property management software. The ease and convenience of using a property management software will thus be further enhanced because of this self-managing feature. The CRM software will keep everyone in sync, be it the service providers, the maintenance guys, the employees or the tenants themselves.
4. Payment Engagement:
Getting involved in every payment becomes a big task and keep a record of them is even bigger. There are still many businesses that rely on paper checks here and there. The future property management will be designed in a such a way that it takes care of automatic fees and payment collection all in the frontend. We see a substantial amount of rent that go untracked or are off the record. However, with the futuristic property management software tenants and service pros be able to engage a system that’s doing its thinking. This, in turn, helps you to cut out your work, effort, of having to answer calls from tenants and allows you to be more productive.
5. Customised Integration:
Companies will be able to operate and engage the property management platform that helps the customised integration of multiple products. With an open API in place businesses and property owners will be able to unlock something even digitally, and even potentially, virtually showing the unit to your guests instead of having to do it in the property itself. API available to them to integrate how they use their system. If somebody wants to use a specific platform for maintenance coordination or they want to use a particular platform for tenant showing scheduling, the goal is to have this API that allows integration for all the tasks.
Everybody has lots of unique and excellent quality products. The property management software should be more like a platform to engage all of them; then the better-customised property management company can compete with the other. Integration is the future. This allows property managers to pick and choose the best software, and best platform, best vendors, best systems, which will provide a competitive edge over the existing property management software.
Everyone is aware of the kinds and varieties of property management software out there, but they are not aware that only a few are doing it well, and doing it right, and even still there’s a lot of room for improvement as most of the property managers out there know. Technology is indeed one of the fundamental ways they can get the property managers past the hurdle on the fulfilment side which is holding them to reach multiple doors at a single time. It will help them systemize their business, without requiring to hire anybody.
Now, a property management software will enable a manager to engage companies that are willing to distribute or would love to have a contract to supply consumer durables to every single one of those on contract, on demand with a button. The durable consumer supplier will pay for the software for that customer. This would be disrupting property management software. Currently, businesses are spending thousands of dollars a month to outsourcing companies to handle doing some of those back office stuff because the existing software isn’t doing some of these pieces for them.
The existing software is up for disruption, part of that is because they don’t know how to integrate, they don’t know how to work within balance, they see only one vision. The software should be customizable and open to finding that everybody wants customisation. If you can’t customise, which means integration, and integration says it can’t be an exclusively built system, it needs to be integrated into a customised environment. If you think there’s one solution for everyone, you might need to think again because your software should be global.
Currently, there’s this big disconnect, businesses have got their property management software, and then they need some CRM for the sales side, these two and not interconnected. Again, they need some task management or project management system for their internal team and staff. The ability to be able to pick and choose which applications you want to build your ultimate property management software is fascinating because there’s enormous competition out there.
Businesses need a marketing team, a scheduling team to manage leads and manage maintenance request, inventory lists, and financial tools to know how their investment’s performing. Most companies, there are departments for each one of those. However, a tool like that where someone can have a free website, hit one button, have a list everywhere in the world and find a new tenant and screen them all in one place will be 0revolutionary for the real estate businesses. A visionary property management software is all set to bring this revolution in the next five years.