Managing a single property is tedious enough, let alone an array of different types of properties located in different geographical locations.
As a property manager managing a portfolio, or set of portfolios, on behalf of its owner(s), you have tons of responsibilities on you. You are responsible for many things including finding good tenants, collecting rents, administering agreements, building maintenance and general compliance with property laws in the jurisdiction where the property is situated.
The job can be very overwhelming. The many things you need to keep track of and the different tasks calling for your attention. You want to attend to every issue on time, and on budget while keeping very accurate records and data of each task, transaction and interaction. Property management software streamlines these processes and tasks for you making you more efficient and your burden a lot lighter.
A good property management software helps you function more productively and efficiently. By automating many aspects of your business operations, you are able to achieve more with a lot less; you get to save time, money and other resources while achieving better results.
A good software is a great business enabler. Let’s see some of the ways a property management software is of benefits to the modern property manager:
It Enables You to Work Remotely
In today’s world, remote work has become a grand reality. No longer are business professionals confine to work within the four walls of an office premise. The whole has changed. A good property management software will enable you and your staff to work and collaborate on your business from anywhere.
Because all the information you need, along with the documents, financial reports, contact database of your tenants, landlords, vendors, leads, etc are centrally managed in the software, you are able to work and collaborate with your staff as if you where in the office
As property manager, you communicates a lot. As the number of your portfolios and client base increases, so does your need and frequency to communicate increase. You need a good time-table and memory to maintain and keep fluent communication with your tenants about rental payments, service charges, maintenance and much more.
And if you manage multiple residential and commercial properties, that means you also have tons of professional-grade tenants to communicate with and manage. A good software will enables you to reliably and more efficiently handles your business communication.
A property management software provides mobile portal for both tenant and landlords called tenant portal and owners portal respectively. This portal often provides a centralize way to communicate and provides each tenant and landlord with real-time communication. You reduce phone calls and numerous emails.
Centralized and Accessible Information
Data and record keeping are central to the task of property management. Each property added to your portfolio and each tenant on-boarded leads to exponential increase in records keeping. As a property manager, you must keep detailed records of all information and organize them in a way that is very easy to find.
Most property managers keep a file for each property, another file for each tenant and still another file for each landlord. And then you have property inspection records, managing leads, keeping signed agreements, expenses, and so on. Without a specialized software, this leads to an unmanageable pile of information scattered across paperwork, emails, spreadsheets and various apps. A good property management software will help you better manage and keep your record securely in a way that you can access from anywhere.
Because the software is cloud-based, your records and data are securely stored in the cloud ensuring their automatic backups. This will free up lots of real estate space in your office used for storing documents and save your money buying stationeries.
Tenant and Leasing Management
Managing tenants and ensuring they pay their rent as at when due, handling all complaints issues including maintenance requests are some of the pressing tasks of a property manager.
A good property management software helps you better manage your tenants and their leases. Automated reminders helps you and the tenants easily keep track of when rent payment or service charge is due. Tenants can log on to the tenant portal to view any records on their previous payments, status of maintenance requests, download the lease agreements and see history of communication with your business.
“The best investment is in the tools of one's own trade.”– Benjamin Franklin Tweet
In some case, a property management software enables tenants to conveniently pay their rent, pay bills and service charges online. No need asking for bank account details and other information before they make payment.
Technology is a great business enabler and a force multiplier. It enables you to be more efficient and productive. You are able to focus more on the tasks you are better able to handle like sales, negotiations, etc while the software powers your business and automate so many tasks for you.
If you are on the market for a good cloud-based software that meets the above benefits, Hutstack Property Manager is a great choice. Request for a free demo and start managing your property management business like a rock-star!