The Benefits of Property Management Software
The advancement of technology has brought about automation and easy management tools to various sectors, including the real estate sector. While in the earlier days property managers had to handle all their tasks manually, right from tracking rent payments to managing all maintenance requests, now it is all done with the help of technology. Thanks to property management software, property managers are now able to handle their tasks easily and save much on their time taken to complete each task.
Property management software helps in automating various business processes. As mentioned earlier, it helps in saving time, along with ensuring that each task for the day is completed. All a user needs to do is click a few buttons and get to know the status of their task. However, the main question is whether a property management software is absolutely necessary for property managers, agents or developers? If you are still wondering why you need to use real estate property management software like PropSpace, we will provide you with the answer.
Before looking at the benefits of a Property Management Software, let us take a look at the problems real estate developers, agents or property managers have been facing all throughout their life:
- Ineffective Communication – Communication is a two-way process. It involves a sender of the message and a receiver of the message through a channel and the message should evoke feedback from the receiver to the sender. If and only when this entire cycle is completed that we can say that communication has been effective. One of the main problems, as a property manager, you face is handling too many clients. You must make sure that you are there to address all the needs of your clients. There may be multiple requests at the same time and it will be hard for you to keep tabs on each client. Chances are there that you may entirely forget to respond effectively to one client. Also, relying entirely upon calls and e-mails may also hinder excellent communication flow. You would thereby require a tool which provides you access to tenants’ contact history.
- Maintenance Requests – As you are the holder of a property, you should make sure that any damages reported by the tenants must be taken care of as soon as possible. The tenants may also not be able to inform you about the damage and put in a maintenance request right away. In order to get the maintenance done, you should hire a skilled person. Also, the clashes in dates in terms of availability of the contractor and tenant will also prolong the maintenance request.
- Late Payments – As you are handling many clients at the same time, keeping track of their rent payments manually will be a job that causes headache. There are high chances that you may miss a payment from a tenant and it could lead to losses in your business.
With these being some of the difficult situations property managers find themselves in, let us check how a real estate software can help the property managers.
Benefits of Property Management Software
- Effective Communication – Communication, as we all know now, is a two-way process and here it involves your tenant and yourself. As much responsibility is vested upon you to manage a property, the same amount of responsibility is expected by a tenant as well. If they take the initiative themselves to request for maintenance or pay the rent promptly, half of your work is taken care of. Leading real estate software comes with a dedicated and secured tenant portal where they can apply for maintenance requests and keep track of the updates.
- Access to Information – One of the greatest benefits of a real estate CRM software is that you get access to real-time information. As the data is uploaded online on the software, you can work from anywhere, anytime. It also takes out the need to manually enter each data on an excel sheet and storing it locally in your laptop or desktop. A property management software helps you and your tenants to access information right from your smartphones.
- Reduced Work – This benefit is a follow up of the one mentioned above. Manually entering each and every detail to an excel spreadsheet is a time-consuming task, whether it is you or your assistants doing the work. It is also prone to errors, which may be hard to find and lead to losses. Also, the time taken to analyse the information again at a later time can be used productively elsewhere. Thanks to property management software, you can now access all necessary information on a single screen and keep tabs on your company and finances. The data gets automatically updated, thereby saving you much time.
- Secure Data – As a property manager, you will be responsible for keeping safe all the sensitive data regarding your tenants. The data include lease agreements, credit checks and more. By having a property management tool with data encryption helps in keeping safe all the sensitive personal information from the prying eyes.
- Hassle-free Property Inspections – There is nothing more time consuming for a property manager than visiting properties one after the other. You would require to note down all the information regarding the properties on your notebook and type it later when at the office. Property management software comes with inspection templates on which you can enter the details while out in the field itself. The insightful reports can help you keep tabs on every single detail of the property.
- Data Analysis – Another benefit of property management software is that it will be easy to analyse data and make decisions driven by accurate data. All information entered in software is stored and you can analyse the data or get insights whenever you wish. This helps you to run your business successfully.
These are some of the benefits of using property management software. PropSpace is UAE’s leading real estate software that helps you easily manage all your tasks, clients and landlords in a single space. For more details regarding PropSpace, take a look at our FAQ.