Managing a property is a complex task, and it is not easy for a property manager to handle everything from marketing for reducing vacancies, scheduling maintenance and repairs, collecting late payments, and complying with various federal and state regulations. Property management software will not only make tasks much easier to accomplish, but it will also improve overall efficiency and quality of the service.
There are different property management systems available today, and fortunately many integrate almost all the important things and processes needed in property management. Consider the software to be a super efficient assistant that does not take days off and does not ask for OT pay, who specializes in all the required fields and tasks. Secondly, much software available today is cloud-based, which means they do not require any installation, and the manager can access information and processes from any computer after logging in.
Property management software provides the ideal solution for managing various tasks and processes from one point. The software is obviously not capable of automating everything, but is a big help in managing difficult aspects of property management. Here are some of the main areas, where software could be a big boon.
If you are still struggling with Excel spreadsheets, it is time to consider a better option. The main advantage of having an integrated system is that you do not have to update every head of account manually. Once you have entered the figures under the specific heads, everything is automatically updated, receipts are generated, and tracking and reporting becomes extremely easy. Property manager can access critical financial data, generate reports, and keep a better hold over expenses.
Providing Convenience to Residents and Avoiding Rent Fraud
Keeping track of rent payments manually is a major hassle, and there is possibility of fraud and misappropriation of funds by staff. With property management software, it is possible to receive rent online, through various payment methods such as credit cards, PayPal, debit cards, e-checks, and so on. Residents not only having the convenience of making payments any time of the day or night, but they can also receive receipts as soon as their transaction is cleared online.
Managing Repairs and Maintenance Requests
With the right type of property management software, it is possible to create an online portal where tenants can submit their maintenance and repair requests. Property manager will not only get immediate notification of these requests, but he can also assign the tasks to staff or contractors. Furthermore, the software will also help in keeping track of various ongoing maintenance tasks, receive status updates, and make payments when the job is done.
Marketing and Tenant Screening
Property management software has features for automating rental listings and advertising on certain websites. Further, the software is also able to handle new applications, perform background checks on possible prospects, and generate lease documents. Lastly, the software can also be used for building and maintaining cordial relationships with tenants.
Property management software will require certain investment, but it pays back much more in a short amount of time. Tenants are happy with better services, and property management can have much more acute and comprehensive control over the different processes and tasks.