With so many property management solutions on the market, how do you choose the right one for your organization?
As real estate businesses of all sizes now rely on software to streamline and automate accounting, marketing and even maintenance tasks, they are turning to experts like Admiral Consulting Group to help them save time, money and improve organizational efficiency.
In this post, we’ll highlight the top 6 benefits you can expect to find when you use a property management software.
More Efficient Property Management
With the global property market, including commercial and residential property, worth a whopping $217 trillion, it’s clear that tenants are valuable to property managers like you. One way to keep your tenants happy (and possibly lock in a long lease) is by staying on top of any repair and maintenance requests. However, attempting to keep track of this manually will inevitably lead to errors, denials etc.
With the right type of property management software, you can create an online portal where tenants can submit any maintenance and repair requests. A robust solution also allows property managers to:
- get immediate notification of these requests,
- assign the tasks to contractors,
- use work orders to track the progress of maintenance tasks,
- even make payments when the job is done.
Simplify Your Accounting
For property managers struggling to track expenses on Excel spreadsheets, a PMS can be a lifesaver. By organizing finances, a PMS makes it easier to access financial data allowing property managers to have more control over expenses, review invoices to be paid and even allow tenants pay online.
With detailed accounts receivables tracking, bank reconciliation and electronic funds transfer, property managers can create accurate records to invoice tenants, manage debts, create detailed financial reports for management and calculate charges and fees. Some PMS packages have the accounting feature built in the software, others integrate it with a third-party accounting package e.g. QuickBooks.
Save Valuable Resources – Time and Money
An all-in-one solution, integrated accounting and property management software is designed to save you time by automating all your company’s processes and duties. It can also automate everyday jobs like issuing notifications when rent is due and communications through email.
It also saves the business money as the manpower required to manually perform these tasks becomes unnecessary. The level of clarity that an automated PMS offers, also gives property managers a clearer view of their resource distribution, allowing them to deliver excellent customer service.
Instant Access To Information
Real-time access to information is also a key feature in a PMS. As a property manager on the go, you never know when you may need to access important files, whether it’s property information, lease contracts, or any other documents. A cloud-based PMS allows you access your data from anywhere, at anytime, enabling easier collaboration, better data management and accessibility.
Even if you manage 1 property now, you probably have plans of scaling the business. This growth can be stunted if you are using a legacy system that doesn’t support scaling. Avoid any hindrance to your business growth by investing in a PMS that’s designed to grow with your organization.
As your business evolves, (you may need to even downsize), you need a PMS that can easily adjust with your changing needs and requirements.
With benefits ranging from time management to processing payments faster, deploying property management software will improve the way you work. Given the wide array of PMS products that are currently available in the market, it is important that you find one that will effectively cater to the specific needs of your business.
Without an integrated system, property managers had to complete their business processes manually. But automating workflow with tools from the Microsoft ecosystem including Office 365, Microsoft Excel, Microsoft SharePoint and Outlook, helps boost business efficiency. The ability to harness the power of Office 365 Groups, use detailed Excel templates, personalize sales documents, all in an intuitive and easy-to-use interface, also enhances productivity.
Across industries, Microsoft Dynamics NAV helps users gain insight for better decision-making as it provides easily accessible and accurate data for analysis. These combine to make processes faster, save effort and streamline productivity.
So, how are you currently managing your commercial property portfolio?
If you want to learn more about how a robust PMS can help to maximize sales figures and growth, let our team show you how the Soft4RealEstate solution powered by Microsoft NAV can support your business growth.