How To Choose The Best Property Management Software

Posted on 27th Nov 2020

Modern property management needs your presence any time of the day. A property manager holds the responsibility to control and operate properties with extreme care. Monitoring and maintaining a clear standard of properties is essential for a property manager.

The business of property management does not need to be bogged down by the bureaucratic paperwork. There is plenty of property management software available in the market that makes it easy and convenient to manage your portfolios.

This article highlights some important points on how to choose the best property management software. One needs to look for the following factors while choosing an software application for property management.

Features to look for in property management software
Before deciding on what property management software to buy, you need to understand what your business requirements are. Firstly, it’s important to establish what you need from your property management software.

What do you want the software to do for your company? Do you need lease management, automation for maintenance and repairs tasks, effective tenant communications, or double entry accounting? To run a successful and efficient service these are all important but maybe you just don’t need them all, but decide whether the software will work with your current technology, partners, and integrations to understand whether it will scale with your business

The next factor you want to consider is ease of use. Determine whether the software is intuitive and easy to use, and don’t forget to find out whether teams like it or not. Does it meet all your state regulatory compliance as well as financial requirements? It is essential to determine the accounting power and if it can help you effectively manage revenue and costs for every person. A good property management software will help you save time and not add more work to your day. If it is, then you need to look for a solution that helps you finish your tasks quickly and easily.

Managing property maintenance
A lot of good property management software will have additional features and be capable of seamlessly managing property maintenance tasks, which is actually one of the most time-consuming aspects of the job. The software must have simple and easy-to-follow workflows, as this feature will allow your managers to record all necessary information, and also access with ease any quotes, work orders, and photos of the jobs required. The software must have an array of functionality and designed to make your job easier and help make teams more productive.

Integration
A solid property management software will have the ability to integrate with other solutions. By integrating existing systems and tools, you will reduce the amount of double handling of information and data across projects and programs to save teams more time and improve business processes.

Vacancy management
In order to make your business successful, consider real time vacancy lists where you can filter by properties that are vacant. Keep property owners happy and satisfied with good vacancy management. This will also help you better manage the process of getting vacant properties leased.

Reliable trust accounting
For a business to have the right management software, you want your property accounting software to assist your employees when it comes to time spent on stressful tasks and also in reducing their paperwork.

Reporting
A great advantage that most property management software’s now include is the ability to generate insights reports in seconds. This will not only help property managers to save time but will also assist them in offering better customer service and stay on top of their workload.It’s no secret that property management is a stressful occupation with high turnover and property managers are often required to manage hundreds of portfolio in order to stay on top. Routine inspections as well as everything else required in this job can be very difficult and exhausting.

Property management software can offer you the necessary help for streamlining complicated tasks in a short time and without stress. Simplifies software will also put you ahead of the competition, allowing you to offer more responsive management, as well as increased levels of customer service. Your work will become a pleasure as you start to gain time and spend more time to focused on strategic aspects of the business.

Real-time data
Property managers need live information of properties at any time, which means real-time data. Real estate agencies should never use an app that asks you to sync it manually to your office as many apps offer you the feature of real-time data. Real-time data provide the up-to-the-minute updated data about any property.

Work order support
Creating work orders is an essential feature that any good property management app will have. A problem can arise anytime and it's easy to check the details of a problem while you are in the office. However, you should be able to address the issues when you are out on sites as well. Use an app that features the proper work order support, so that you can solve the problems directly from your app.

Photos with geotagging
Geotagging is an essential feature that allows you to tag the pictures with the time and location where the pictures are taken. Using property management software that integrates with your phone’s camera and supports geotagging simplifies a wide range of possibilities.

Subscription fee
Some property management apps are free to use, but some ask you to pay a yearly fee to subscribe to their premium services. Basic property management software will tend to be free but won't offer significant security and detail. Choosing software based on subscription models to use premium cloud services is a good option as you will receive greater benefits. Choose an app that offers a wide range of features at the best value for your budget and needs.

Property search
Property managers need to search and look at properties in a wide range of locations. You should choose to use software that allows you to explore real estate at multiple locations and switch between the properties at any time. It is best if you can use an app that allows you to compare the two properties. It helps you to find the new real estate for your business and update your marketing plan accordingly.

Key takeaways
Property managers need to consider many factors while choosing a property management software. The points mentioned in this post are some of the essential elements that every manager should consider while using an app for property management related work.

By: Rafael Niesten