Managing property requires a lot of time and effort. It includes tedious tasks like advertising rental properties, finding new tenants, timely rent collection, property maintenance and much more. Well, that is where Property Management Services comes to the rescue, as it helps real estate and property management companies and property owners track all functions associated with their properties. Initially, Property Management System was deployed on-premise but in last few years, most of the vendors have started offering a cloud-based solution.
There are a few common types of properties that can be managed with these solutions:
- Home Owner’s Association
- Student Housing
With the help of the software, Property Management Firms can keep track of profits, expenses and marketing their properties. Also, property owners benefit from Property Management System as it helps in keeping track of maintenance tasks and rent collections.
Well, to have a list importance of Property Management System is as follows:
- Reduced administrative work – Before Property Management System came in to picture, property owners and managers use to keep tracks of their properties either via paper or spreadsheets. These were more time consuming, especially when they had to manage multiple properties.
- Faster payments – Many Property Management Software come with accounting features, which means managers and owners can easily review rent to be collected or invoices to be paid. They can set an alert for reminding to track down a tenant for rent payment or pay an invoice. Also, the software can be configured to let tenant make their payment online.
- Better communication with owners and tenants – The software also has a feature of an online portal where a tenant can contact the landlord or schedule a maintenance request. This feature helps in having better communication between the owner and the tenant.
- More efficient leasing process – When a property is available for rent, owners or property managers list their properties on various property rental services and keeping a track of all the listings can be too much of a task. Property management software lets you list your property on several sites at once. The applications can be reviewed easily and questions can be answered straight from the software. Some such software also includes e-signatures and lease templates to be sent online.
Apart from these benefits, property management systems also come with challenges:
- Though many Property Management Systems come with the online portal feature where tenants can easily connect with the landlord, not many are affluent with technology to be able to use these features.
- Everything comes with a price tag and so is Property management software. Though it is beneficial in the long run to invest in, it can be costly to purchase.
- More and more we are moving towards digitization, safety and security of data are becoming a bigger concern. Management firms are not used to working with software, so they may have concern over the security of the data, especially with cloud-based systems.
A quick pro tip: If you are managing a small number of properties, there are many free software solutions for managing properties. Though they come with limited features and can help you eliminate the hassle of managing your real estate investment.