Property Management Software: Top Benifits
New and innovative technologies are changing the way that property managers handle and deal with those all-important property management tasks that used to require countless paperwork files and complex organizational systems. Today, property management software can make handling those tasks easier and more efficient than they ever were in the past. This guide will take a closer look at what property management software is and provide some key benefits to using property management software.
What is Property Management Software?
Property management software refers to software programs which are specifically created for property managers; this software is capable of managing and performing various property manager related tasks and activities. Property management software can cover both residential and commercial properties.
The most common types of property managing related tasks that property management software can handle include, but are not limited to:
- Trust accounting
- Organizational Change Design
- And much more
In the past, all of these tasks needed to be handled manually or at the very least handled one-by-one as individual tasks. All of these tasks can add up to hours of time, especially if you manage multiple properties or you have multiple tasks to get completed within a single day. With property management software, however, all of these tasks can be consolidated into a highly efficient program that will make it simpler to perform all of the necessary duties related to management without having to leave the program.
Benefits of Using Property Management Software
There are many benefits to using property management software. The following are the key benefits that you should consider when deciding whether or not property management software is the best option for you.
Benefit: Software improves the lines of communication with tenants
Communication with tenants is integral to property management, but it can be overwhelming at times, especially if you manage multiple properties or you have no way of keeping track of emails and phone calls. Property management software will allow you to easily access a visible contact history that will let you know who you need to respond to, when your last communication was, and other important information. Many software programs will even let you designate the importance of the communication so you can access communication history based on urgency.
Benefit: Property managers can access the information in real time
Imagine being on-the-go and suddenly needing to access your property management information. In the past, this was impossible--but with management software, you can access the information anywhere that has access to the program. Depending on the nature of the program, this can extend as far as a mobile app, meaning you'll have all the information you need right at your fingertips.
Benefit: Software saves you time on certain tasks
Property management software can consolidate and automate plenty of management related tasks and duties, ranging from sending reminder emails to tenants, sending notifications to tenants, creating and sending various reports and documents and much more. All of the time that would ordinarily be spent creating and sending this information will happen automatically once you get your software program set up.
Benefit: Your information will be secure in a management program
Property management programs are incredibly secure, and they will help you keep all of your important data and information as secure as possible. This is especially essential when you are handling sensitive information such as client names and payment information, such as addresses, phone numbers, and so on. Since software programs can include safety measures such as firewalls, encryption as well as the option for backup and data recovery, your data—and the data of your tenants—will be highly secured.
Benefit: Property management software can be used for small or big management
One of the great benefits of this type of software is that it is scalable; this means that it can be used no matter how many properties you manage. For instance, you can benefit and use this type of software if you manage 2 properties—or if you manage 20. And you won’t need to greatly alter the program in any way in order to use the software for more than one property, either, as the software is designed to be easily expandable based on your needs.
Benefit: You will save money by using property management programs
Another excellent benefit that property managers will appreciate is the money-saving aspect of using these types of programs. All of the money that would ordinarily be spent on multiple management programs—such as a program to send emails, a program to invoice tenants, etc.—will be consolidated into a single, powerful property management program that can handle everything on its own. These results in less money paid over time and more money saved for property managers.
Benefit: Property management software allows for tenants to pay online
Property managers have been finally allowed to enter the 21st century with management software that allows tenants to pay rent as well as any related fees using an online platform, rather than forcing both parties to rely on checks and other forms of physical payment. Allowing tenants to pay online makes the process easier for everyone involved. Tenants won’t have to worry about writing out physical checks and delivering them in person or in the mail; and property managers won’t have to worry about trying to manage all the different payment deliveries before getting them cashed at the bank. Instead, payments will be delivered immediately and consolidated in a convenient location that will make processing and handling tenant payments much easier.
Final Thoughts on Property Managing Software
Property management software is innovative and highly beneficial to property managers for many reasons. Property managers will be able to more efficiently handle short and long term property management tasks, all while using highly organized software that keeps all of their important data safe and secure. If you are ready to take your property management to the next level, start looking for property management software today.