With the advancement of technology in business, now property managers also can enjoy the benefits of the technology of the digital age to improve their business and the bottom line.
One such technology is a property management software that allows property management businesses to thrive in the modern day competition successfully than ever before.
What is a property management system?
A property management system is a software solution developed especially for real estate businesses to help you tackle your daily operation struggles effectively. Comprised of many features, benefits of a property management system is beyond words. Some of the top features of a property management system are….
- Manage single or multiple properties
- An agreement, lease, contract, and request management
- Billing, cost planning, expenses management
- work orders, invoices and report generation and management
- Property occupancy and vacancy management
- Visitor management
- Access control management
No matter where you locate and the size of your business, the system can be conformed to the unique requirements of your organization so you are assured of a proven solution that will make your life easier at work. Here are 15 ways a property management system can improve your business.
1. Improved communication
Keeping up with all the tenants’ complaints, updates and requirements is never an easy task; Especially when you are expanding fast. A good property management system will be able to facilitate all the information and updates of each tenant in one place while tenants will have the ability to log into their profile and perform necessary operations such as paying rent, reporting issues…etc.
2. Real-time access to information
From the payment, maintenance requests to handling leases, a property management system will share real-time information regardless of where you are. So you and your tenants won’t have to wait until office hours to access information or to get updates which will improve the efficiency of your operations.
3. Online payments
The age of managing rent and other payment with invoices and spreadsheets is long overdue. What if you can accept payments online, receive instant updates on payments…, you don’t have to deal with invoices and have to manually track who’s behind on rent anymore, and the tenants won’t have to visit your office every time they have to pay the rent…! A property management system will enable you to do that.
4. Easy accounting and finance tracking and monitoring
With a property management system, your daily finances will be more organised as the system helps you automate your financial transactions. The system will simplify your accounts, organising your records clearly so you won’t have to be stressed when the tax season is around.
The more you expand your business the more things there will be to taken care of. But if you are planning to manage everything manually, you have a lesser chance to achieve what you want to accomplish as you’ve planned. A good property management system takes care of most of the operations enabling you to scale at the rate you wish without any service disruptions no matter what the workload is.
6. Better security
Another benefit of a property management system is better data security. A good system will have several layers of security in place to ensure the security of sensitive data of your business. Plus, the system has a feature that allows you to set clearance levels for data access depending on their employee hierarchy.
7. Simple yet reliable data back up
Data backup is just as important as data security. When you install a property management system, you will have a better guarantee of data backup and data recovery than when you store your data physically in file racks. Even if it’s a natural disaster, emergency fire or an unexpected device malfunction, the system will be able to provide you with the data you need causing the minimum disturbance to the operations.
8. Easier collaborations
With automated operations and real-time information, a property management system will make collaborations easier for your team. Once you have the system in place, everyone involved in the operation will be able to get updates, access data in real time from any device. For example, when one person uploads images for inspections from on-site, you will be able to view it from your office within seconds.
9. Paperless workplace
A good property management system automates all most all the daily operations and administration work. Thus there won’t be the need for you to fill forms, generate invoices and get printouts which allow you to make your workplace greener.
10. Reduced administration work
When you have all your data digitally and operation management in automation, there won’t be much administration work left to go back to at the end of the day or every quarter to revisit and organize.
11. Better data analysis and easier report generation
A good in-depth data analysis is going to help you with better decision making for business success. A good property management system will help do just that, way easier than before with higher accuracy with its comprehensive data analysis and report generation features. The system will present you with clear and well-organized data and insight allowing you to get more out of the data your organization collect for your business success.
12. Save time
When you can manage your operations without filling spreadsheets, can store documents digitally, view all the data of tenants and history in one place, automate report generation… Can you imagine the time it will save your team which they can spend on other important tasks leading you to increased employee productivity!
13. Improved customer service
Every operation, every transaction and communication between you and the tenants will be more effective and efficient once you have a property management system in your organization. This will help you deliver your customers a better and effective service, improving the reputation of your organization while satisfying your clients.
14. Better visibility
With a property management system, you will be given easy access to accurate and up to date data from anywhere any time from any device. Thus you will have better visibility over your business and better control over your operations.
15. Save money
The software will help you improve labour productivity, cut down costs and optimize the use of resources leading you to save money in many ways. For example, when payment can be done online you will not have to generate physical invoices, which will reduce material and printing costs that usually spend on Invoices.
A good property management system will help your business run more efficiently while cutting down costs and improving your overall operation productivity. Thus if you are an ambitious real estate firm, who like to grow and expand fast, you can’t ignore the potential a property management system can add to your organization. Learn more about property management system here.