How next generation property management software can make you a more efficient property manager
If you’re like most property managers, then you have more important tasks than you can keep track of. Improving your efficiency is a great idea, but is it actually possible?
Yes: It is!
With property management software you can take back your time and get a hold of your tasks and reminders.
But that’s not all.
Good property management software will:
Improve your communication (between tenants, property owners (landlords) and your team)
Centralise your portfolio
Put your business in the cloud (so that it’s accessible from anywhere and any device)
Introduce new efficiencies via automation
Automation will improve time management
Running a successful property management business means staying on top of your key tasks, dates and events.
This includes booking maintenance and inspection checks; knowing lease expiry dates; creating and sending rent invoices; tracking payments and arrears; calculating service charges; scheduling KPI reports for yourself and the property owners….The list goes on.
Whilst these tasks are essential, you can’t grow your business if you’re only focusing on admin work. That will only slow down the operational efficiency of your business and run up costs. (We’ll revisit this in a moment.)
This is where automation comes into play
The tasks mentioned above (and more) can be automated. This frees up your time whilst ensuring you never miss an important date, event or task again.
Automation also saves you money. It’s commonplace to outsource a variety of tasks, such as accounts, reporting, service charges, maintenance and inspections. Automation allows you to complete these tasks with a click of a button.
Real-time data improves decision making
But freeing up your time is no good if you’re working with inaccurate information. You need to be working with 100% accurate data that’s available when and where you want it. That means no delays in accessing the data and no effort searching for it.
Simplified access to your data from one, centralised platform puts you in control of your business. Whether you’re generating a KPI report or gaining quick insight into your financials, reporting on a granular level is easy with the right property management software.
Accessing accurate and timely data is only the first step
But generating these reports takes time. This is due to the double entry of data (copy/pasting from one tool to another), which introduces huge risk. When work is outsourced, this process also incurs additional risk and costs to the business.
Efficient property management software takes all of these inefficiencies away. It ensures that every type of report is available at the click of a button. And, it can send reports straight to the inbox of any chosen recipient on a set schedule.
Analytics provide you with deeper understanding of the performance of your business. You can drill-down into the performance of individual tenancies, properties and entire portfolios.
As a result, you can understand where inefficiencies lie. What’s adding value to your business and what’s taking away from it?
With real-time data, you can view reports in the morning and make informed decisions in the afternoon.
What’s more, with accurate and automated reports you can improve the level of service you provide to the property owners whilst saving money. It’s a win-win for all.
Property Management Software improves communication
Your property management business relies on good and timely communication, including:
Communication between a tenant and maintenance team
Discussing payments and invoices with the accounts department
Chatting with your team about key dates and outstanding tasks
Updating the property owners (landlords)
This communication needs to be as smooth and effective as possible. Good communication means you can address problems before they occur, saving valuable time and money.
Centralised property management software enables you to manage communication with ease. It allows you to create, schedule and send communications of different types: SMS, push notifications and email.
Technology will streamline your communications. It will provide you with the tools you need to manage your business from any device, whether it be a computer in your office or a smartphone on-site.
Cloud-based software enables instant and secure access to files, anywhere, from any device
In the case of property management, the cloud is important. Putting your business in the cloud means your data is secure and accessible when you need it, from anywhere in the world and on any device. No longer are you restrained by desktop and server-based software, accessible only from one location.
Your data is secure in the cloud
The cloud also gives you peace of mind that your data is secure and that no files will get lost. There’s also a full audit trail of your financial history so that your business and the landlords are compliant.
Accessing your documents and files is incredibly easy with centralised cloud-based software.
Every bit of information is safely stored and organised by tenancy and property. This includes legal and contractual documents. As a result, you’re able to locate everything with speed and ease.
Control your team's access
What's more, with advanced user permissions, you can control who sees what; you can control the level of access that each team member has on a granular level.
With cloud-based software, you only pay for your license
There's no hardware or physical software to buy and maintain. There's also no downtime; just an easy-to-access platform that’s secure and ready to go when you are.
Give your property management business the tools it needs to grow
The benefits of using centralised property management software outweigh those of a traditional system. Not to mention spreadsheets.
Moving to an efficient software management platform will ensure that you are in control of your business. Organisation of your portfolio will improve, from property maintenance to lease agreements, and from rent collection to arrears management.
If you'd like to discover how Re-Leased property management software can take your business to the next level, contact us today.