“The Advantages Of Using Property Management Software” written by Mike Marko
Let’s face it, property management can be tough work.
You have so many things to juggle to make it work. You have repairs, tenants, paperwork, etc. It can seem to never end.
But wouldn’t it be cool if you could find a way to lessen the workload?
That’s where property management software comes into the picture. Good property management software can help you manage your rental property business more effectively.
That’s why today I want to talk to you about the advantages of using property management software, specifically what it can do for you.
Run Your Business Effectively With Property Management Software
Using property management software can help you in a lot of ways. Your complicated and lengthy tasks can be done in front of your personal computer.
We’ll talk about that later on but for now, let’s discuss what is a property management software first.
What Is Property Management Software?
A property management software allows property managers to manage the day-to-day operations of their rental properties. This software which has made for the property management features that are meant to lessen the workload of the property managers. Property management specific software has tools to help in property management. It helps to eliminate the hassle of managing rental properties with utmost accuracy.
A lot of current Property management software companies are reducing price and offering discounted deals on software with the intention to reach more customers. With the drop in cost and the ease of use of these types of software, this opens up a lot of possibilities and opportunities to small companies and amateur property managers because they can experience convenience brought by the software.
Each property management software has its own features and its contents will differ from one another. However, a property management software still shares the same common features that could help property managers. Before exploring the individual software programs that are available for property managers let’s first look into the key advantages of using a property management software.
Advantages Of Using Property Management Software
Today, many property managers are starting to rely heavily on current technology. Finding more efficient and easier ways to manage properties is key to building a successful rental property management business. With all of the different options available in software on in the present market, as a property manager, you should start looking for the best property management software that can accommodate your needs.
Using a property management software can give you a lot of advantages or benefits by lessening your workload and allowing you to focus on other things that could improve your property management business.
Here are some key advantages of using property management software…
A property management software can help landlords and property managers save time. The software lets you, a single property manager, do and manage several tasks at the same time. The most common way the software saves you time in your business is by allowing you to manage several complicated processes, tasks, and duties for multiple tenants at the same time. Most task and duties of a property manager such as giving notifications, reminder, emails, and creating reports and documents require a lot of manpower and of course time. All those duties can be done and handled with a few clicks just by using a property management software.
Faster collection of money
Property management software can set up schedules for payments, send payment due notifications and thus helps you collect money faster from tenants and other contractors. Most software available has money collection tools that can impress possible tenants, investors, and fellow property managers. The biggest benefits of a collection of money faster are that when you are able to implement and accomplish faster transactions mean less hassle for your tenants and other business partners.
Attract new tenants
Property management software has many marketing and customer service features for property managers to use when communicating with tenants. When using the marketing and customer service tools you can offer good customer service along with its user-friendly interface. For a few bucks, you can even advertise your vacant rental properties to larger populations and in a larger crowd…
A key feature of almost all property management software is that most of these types of software helps and allows a property manager to easily monitor finances associated in the property management business. Aside from helping you find tenants and manage your everyday tasks, a property management software has an accounting page that will keep you updated and organized when it comes to helping you stay on top of your business’ finances.
Manage rental property business effectively
A property management software helps property managers to effectively manage and run their business. Most of the software’s help you to be responsive to every prospective tenant’s inquiries and tenant’s request. Aside from that, these types of software can help your business to be competitive and provide a satisfying customer service.
Remember that making your tenants happy will keep your rentals full and keep your property management business running successfully. When you are able to ensure that you can provide for your tenant’s needs and keep them satisfied by avoiding the hassles your business will naturally run more efficiently and effectively.
List of Top Property Management Software
When choosing a property management software, make sure that it will provide the features that you actually need. Avoid paying for the features that are unnecessary in running your business. To help you choose the right software, here are some of the best property management software.
Buildium is an all-in-one property management software. It is a web-based property management software and it helps property managers to streamline daily tasks in the rent, vacancy, and maintenance cycles. Buildium is an excellent all in one type of software that meets all the essential needs of a property management business.
This software enables managers of residential and association properties to take control of every aspect of their business.
Rent Manager is a property management software system that can be used for both residential and commercial real estate companies.
The financial accounting component of Rent Manager has full integration and includes standard functionality such as a general ledger with accounts payable, payroll import, budget management, and financial reporting.
Rent Manager is offered in two versions: an online version and a stand-alone version.
storEDGE is a property management software that allows its users to manage multiple storage facilities within one system. Property managers can choose which functions can be accessed by their employees and what is needed to run their property management businesses. This system integrates with gate software, insurance providers, and accounting information.
This software allows its users to monitor their tenants and make adjustable tax rates, facility specials, and ad voc invoice.
Total Management is a web-based tracking and accounting solution ideal for residential, commercial, and student housing. This software allows its users to navigate multiple screens from a single browser without using tabs.
Propertyware is an on-demand software solution that serves the tracking and management needs of residential property managers with property units between 20-5,000. It is a scalable application that can serve a variety of different types of properties, such as residential properties, condos, homeowners associations (HOAs) and multi-family units.
This property management software offers several features such as an accounting, portals for owners and tenants, websites with customization options, marketing processes, tenant screening and other vital property management tasks.
SimplifyEm Property Management Software
SimplifyEm is a property management software that is developed to meet the requirements of small and mid-sized landlords and property managers. Its web-based solution provides features such as property accounting, tenant management, lease tracking, bank reconciliation, maintenance scheduling, and vendor management.
roomMaster is a property management software from InnQuest Software.
This is a Windows-based property management software and it is made especially for the hotel and hospitality market. This software is appropriate for small bed and breakfasts to big resorts.
MRI Residential Management
This software will best fit multi-family managers searching to minimize costs while also increasing property occupancy.
The MRI Software has designed a complete system that provides an end-to-end functionality, which will allow its users to manage everything from leasing, renewals, scheduling, and more. Aside from that, it also provides a best-of-breed affordable housing solution with latest MRI addition.
ResMan is a cloud-based property management suite which is appropriate for large and midsize companies in the multi-family industry. The key features of this software are rent, leasing, budget management, portfolio management, and lead management.
Final Thoughts About Property Management Software
Managing rental property is tough work. That’s why we talked about property management software, and how it can help you manage your business more effectively (and reduce your workload).
In this blog post, we talked about many of the advantages that come with property management software. Property management software can help you save time, collect money faster, monitor your tenants, and lastly, run your rental property business effectively.
Take a look, and let us know what you think in the comments section below.
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