Property management can be an extremely complex process - dealing with multiple properties, managing multiple tenant demands and keeping landlords up to date, all while trying to find new landlords and keep overheads down, can make for a complicated workday. With this in mind, it's no wonder that property managers and lettings directors are looking for new ways to save time.
But sometimes the best solutions are the simplest ones – like investing in repairs and maintenance management software. Here are five ways that the right property management software can simplify portfolio management and streamline a property management business.
Further Reading: The 15 Best Property Management Software Systems In The UK
Property management software allows you to automate the simpler tasks, like chasing contractors for certifications, raising invoices and issuing repairs reports. Entrusting these routine documents to one automated template, rather than expecting each property manager in the team to raise their own, simplifies these processes and issues them with a uniformity that enhances professionalism. Issuing invoices automatically will also simplify payment procedures and collection, making revenue flow more efficient.
Property management software automatically maintains records, ensuring that every client payment, interaction or concern is automatically logged and recorded. Switching from a paper records system will streamline an entire system and create an audit trail to protect a manager or team in the case of any client dispute.
Switching property management from offline to online will allow managers a more comprehensive overview of their entire portfolio. Property management software will supply an appropriate dashboard, allowing managers to tab between properties and make necessary comparisons between properties and accounts.
As a major part of any property manager’s job is spent out of the office, one of the associated problems can be trying to access client or property details while out of the office. Property management software is usually stored on a cloud-based system, allowing managers to access information from anywhere at anytime.
Property management software will provide landlords and tenants with a continuity that its human counterparts just can’t replicate. No matter how profitable a business or how positive a working environment, not every staff member will stay forever. And when staff members leave, they leave behind gaps in knowledge and a time lag while their replacement is brought up to speed. Teams that use property management software will find that the software fills the gaps, allowing any account to be picked up and understood by a new property manager, without needing time to catch up. The same logic applies when it comes to holiday – property managers can leave, safe in the knowledge that the system will help their cover understand their accounts at the click of a button. What could be simpler than that?