Can your property management software leap tall buildings in a single bound? Maybe not, but today's products can do everything but that, it seems. When you're seeking a new property management software system, look for one that doesn't stop with organizing and managing data. Today's property management systems can do that and much more.
It's likely the primary reason you have property management software is to keep your data in line. Managing multiple properties in many different locations comes with its challenges, and one of these is a constant inflow of data. From information about renters to payments and invoices to managing repairs, you need a way to integrate the data about all of your properties into a cohesive system. Property management software is not just a place to store your data, it also provides easy tracking of ongoing tasks such as work orders and maintenance, so that you can stay up-to-date on all of your properties.
Yes, you need somewhere to organize your data, but what sets a property management software product apart is its capacity for data analysis. What reports can you run, and what trends can you see with your property management software? A solid software product will allow you to see payment trends and catch areas where you may miss revenue. It will also allow you to track vacancies so that you can view trends over time. Understanding these trends will help you forecast, and it will also help you troubleshoot to improve your service and the bottom line.
When you're investigating property management software, make sure that your software product provides a degree of automation. By automating renewals and payments, you can save a large amount of time that you'd otherwise spend sending out invoices and information. Of course, you'll always be there to answer questions and make changes, but this automation can leave you with time to spend on other business tasks.
Does your property management software support collaboration and sharing? With flexible work schedules, remote workplaces, and work-related travel, your employees need to be able to check data when they're away from the office. Not only can you share with existing employees to make them more efficient, but sharing also allows you to reshape your hiring processes. You no longer need to hire based on location alone. In a Forbes article about shifts in the property management industry, Gene Marks discusses how software that's accessible anywhere has transformed the staffing of the property management business, stating "once we find that person, we really don't care where they're located."
Provide Tenant and Owner Portals
An excellent property management system not only provides you with the ability to share information with other employees, it also allows you to create portals for tenants and owners. When tenants can look up maintenance or payment information, you no longer need to look for this information for them. It's right there at their fingertips.
"Our owners love the owner portals. Our tenants love the tenant portals. With Propertyware, you can go in, do a direct deposit, create the owner statement, and publish it to their portal, or email it to them."
- Michele Fox / Fox Rental Management
Do you need to revisit your property management software? When you're looking for options, take a look at Propertyware. Our software helps you manage your information, freeing you to focus on growing your business. Sign up for a free tour today.