5 Strategies to Improve Your Property Management Software
We’re at an exciting age of widespread digitalization. With all industries raring to transition their processes online, naturally, the property sector is not one to be left behind. In fact, the Global News Wire in a real estate management software market report predicts the value of the property app market to skyrocket to $12.89 billion by 2025.
Just as renters have become more tech-savvy in finding properties to rent, so have landlords and facility managers in their processes. As such, I wouldn’t be surprised if you say that you’ve already enlisted the services of the best property management software in the market.
But you might often ask yourself, “Am I getting my money’s worth? How can I use my online property management software to its full potential?”
I’ve asked the same questions too. But I soon learned how to improve my processes by maximizing online property management services. This article will walk you through some of the best strategies on how you can improve your property management software.
Still tracking your rentals with pen and paper? Do you still knock on tenants’ doors to deliver their monthly bills? Consistently short on time because of various legwork? If you answered yes to any of these, then chances are, you still haven’t tapped the full potential of your program’s automation services.
Automation is key to a smoother property management process.
Not only is a paperless process better for the environment, but it is more efficient too. After all, there are virtually zero chances of computation in errors. This means that you don’t have to go back and forth with your tenants when crunching the numbers. This then leaves you plenty of room to explore avenues of income.
Still not convinced? Here are some of the processes that you can automate. Without manually attending to this, just think of how much time you would be able to save:
- EPC test scheduling
- Gas safety reminders
- Invoicing and tenant billing
- Facility-wide newsletters (e.g., garbage disposal scheduling)
You know that you have a unique business model, so why settle for a one-size-fits-all software? Chances are, your online property management company will let you set up the program according to your preferences.
An important reminder: use this opportunity to format reports and analytics that make sense to you. I’ve seen one too many property owners neglect this part during the initial stages. With a solid and understandable reporting format, you can easily drill down the insights and create actionable steps for your business.
You can set up restrictions on specific areas in your program too. This way, your data will remain secure despite the number of users and the traffic.
The key point here is that your software is flexible—you just have to find ways to use this to your advantage. Don’t hesitate to set up a program that is specifically designed for your unique needs.
Use the program’s integrations
Most programs are integrated with each other. With an interlinked system, you can easily map out the movement of your workflow from one tool to another.
To further make your life easier, mapping out both the inflow and outflow of money from your accounts is important. With a good property management software, you can do this by linking all your accounts together. For example, you could link the software to another accounting program such as Quickbooks. Whenever a deposit has been made to your bank account, these two programs will work together to recompute your income statement.
The best software for property management offers enough space for you to round up your property data under one roof. So take this chance to migrate all of your information—from tenant data to your list of regular expenses—in one place.
By consolidating all of your affairs, you’ll have access to these at any time you need them. Of course, it’s important that you organize your folders in a way that makes sense to you. Now is the time to be meticulous with your file-naming and folder structure.
Most property management apps can invite tenants as users. With your tenants using the program too, they can easily communicate with you and file for tickets, if any.
By using your program as a main mode of communication, you can easily track interactions and file escalations if need be. Consider this as one of the ways to avoid common pitfalls with managing rental property. Of course, just make sure to employ restrictions on aspects of your program that you would want to keep confidential.
Maximizing Property Management Software
The goal of property management tools is to make sure that your internal processes run like a well-oiled machine. But even the best ones still need you to unlock its full potential and get the most out of these programs. So on top of adhering to the dos and don’ts of property maintenance, make sure to note the top strategies that I’ve listed above.