Why You Should Consider Property Management Software

Internet and computing technologies have changed the way business processes and data is handled. There are so many innovative business solutions that have empowered every kind of industry with more effective and efficient process management. The real estate industry is among the areas that have benefited from the latest advancements. Property owners and managers can now enjoy property management software to automate all complex processes as well as save human effort and time.

Property management software eliminates the hassle that is common with handling rental properties bringing in accuracy. When you have the right software, you will end up adding significant value to property investment which is now a preference for most business groups and individuals. If you are a real estate manager or owner and have not started using properties management software, here are a few reasons as to why you should consider getting the best software solution.

1. The software offers real time information access

Most property management solutions are cloud based and this means that you can easily access all kinds of information as well as important data in real time. As a property manager or owner, you do not have to be present in person at the office just so you can see what software data is there. All data and information that is important is collated in one place and remains available at any time and place making accessibility and data management very simple.

2. Property management software offers more security

This especially with regards to data that you consider confidential, when you have the right solution, you can rest assured that all your data remains secure. Most software development companies build comprehensive secured environment when developing software which can include recovery and backup modules, firewall and encryption.

3. It offers you excellent scalability

With advanced management software for your property, you will be able to cater to all property sizes easily. You can start with minimal features for smaller properties and then expand further, upgrade and do any relevant enhancements to the software to cater to the needs of a bigger property. It simply means that a management software for real estate will grow easily as your business requirements and needs grow so you do not have to make any replacements to the solution you already have.

4. Management software for property saves money

It may not be free, but it cannot be compared to employee and manpower wages you would need to handle without the right software. The software remains to be more cost effective in short and long term, allowing you to save huge amounts as you manage the property. You also have the option of getting a complete software package of your choice or you can opt out of some subscription options you do not find useful for your property.

5. It saves time

This is because property management software automates complex processes, duties and tasks that would have otherwise required lots of manpower and time. What you can so with your software in an hour cannot be compared with the amount of time human attention would use to get the same tasks done.

Property Management Software – Then and Now

Within the past decade, the property management industry has leveraged technology to improve processes, streamline workflows and gain better control of all aspects of property management. This has been achieved mainly through the introduction and evolution of technology, primarily built around property management software.

The first systems in the industry were mixes of DOS-based accounting and rent-roll systems that often proved inflexible and difficult to learn and use. These systems were also limited in their ability to import and export data and were laden with compatibility issues. Stricter reporting demands from investors have made broad compatibility and ease of access to data a necessity.

Next in the evolutionary chain of property management software was the transition to Windows-based software. This allowed for increased functionality, greater ease of use, and simpler deployment. The Windows platform also allowed developers to customize their applications for end users to a degree impractical on the DOS platform.

These Windows-based applications grew to include diverse components or modules covering all aspects of property management: accounting, marketing, lease management, payment and collections, financial management, maintenance management, financial modeling, and communications.

The advent of the Internet and its explosive growth as a pervasive communications and e-commerce medium has lead to the migration of property management software to the Web, with the latest software developed on the Application Service Provider (ASP) platform. Essentially, this means applications are hosted on the service provider’s, or developers, servers and accessed over the Internet through the users’ web browsers.

Web-based applications and ASPs together offer a number of advantages over traditional platforms. The software is easier to learn and use and significantly easier to manage and maintain. Web-based applications and ASPs together create a web-based solution as a service for rental property managers and owners and reduce the financial impact of technology.

Many of the first web-based property management systems to appear on the market were applications ported from older platforms to the web. Finally, software companies developed property management software for the web built from the ground up. These systems run solely on the web and are accessed through a browser (Software as a Service).

Prior to the emergence of Software as a Service, small to medium-sized owners and managers were locked out of the benefits of high-end property management software due to cost and complexity. Software as a Service levels the playing field for property managers and owners giving them a competitive edge that allows greater control over their properties, access to real-time data, ability to respond more quickly to market changes, and, perhaps most importantly, gives them the most complete and current status of their property available.

Top 10 Benefits of Using Online Property Management Software for Rental Property

Online property management software is more than useful for the landlords with multiple rental properties. Software provides myriad advantages to its user. To mention a few are ease of use, proper management of properties, management of all financial transactions with 100% accuracy, ease to access any information in actual time from any location using internet.

The property management software in conjunction with internet manages all you property through you website. Tenants can individually apply for your rental properties, request you for maintenance and pay the rent online with security. Moreover they can discuss anything at any time.

The feature to generate reports about individual property units and to compare different property units allows you to make a better strategy about individual property units. Landlord Software is not only 100 % accurate but it also saves time and money for you. Hence it increases the overall efficiency.

The 10 topmost benefits of using online property management software are:

Information about Property: Using landlord software you can organize information about your property units with finer details regardless of size of property. You can upload images and videos which can be seen by interested people on your website.

Information about Vacancy: Interested people can find out vacant rental properties on you website and can apply online after going through terms and conditions, payment conditions and any other agreements.

Lease Management: The landlord can access information about any property unit at any point of time being online. He can manage all the records related to property lease. He can share information with his team members.

Online Rental Payment: Tenants can pay rentals online. The software will automatically calculate any extra fee such as late fee. And it keeps track of all payment transactions for accuracy and to avoid any controversy.

Maintenance: You can keep track of all maintenance requirements and expenditures. You can assign the maintenance task to any team a can authorize them to access information regarding property maintenance.

Maintenance on Tenants Request: Tenants can request the landlord for maintenance of the property. Since tenants are actual users they know the maintenance requirements better then others.

Centralized Lease Agreements: All the documents related to lease are centralized and online. Property management software informs the landlord and tenant about the date of completion of lease.

Tracking of Income and Expenses: Property management software will track all the money which comes in the form of rent and all the expenses in any form. All the records can be accessed in future.

Generating Reports: Landlords can generate specific reports in order to perform research about any particular property unit. It can track depth history about the property can take better decision about it.

Work in Team: Property management software improves the cooperation among team members. They can communicate with each other, with the landlord and with tenant easily. They can assign task and can manage to complete within time limits.

All these benefit makes the landlord and his team stress free. They can devote themselves to their business and can make most out of it.