Benefits of Property Management Software
It is no secret that managing a property comes with a range of benefits and headaches, all at the same time. With this in mind, there are many tools and tips which can improve standards of property management for both dedicated managers and landlords to save money, run the portfolio better and make the lives of both themselves and their tenants that bit better.
Whilst owning or managing a property portfolio may sound like it doesn’t come with any hassle, there are many responsibilities that landlords have to their tenants, their property and otherwise including:
- Buildings insurance
- Maintaining fixtures and fittings
- Repairs and maintenance (excluding wear and tear)
- Service charges
- Letting fees (paid to the agent)
The larger a portfolio gets, the more difficult it can become to manage, whether you are the owner or a manager, running things on the owner’s behalf.
Using Property Management Software
Property management entails many jobs and various responsibilities. If you are a manager, you will need to look after the tenants in the property as well as the landlord who will be paying for the management of their portfolio. With a large portfolio, it can get difficult and this is where dedicated property management software comes in with many providers offering a range of features:
Vacancies – If there are any vacancies across the landlord’s portfolio, rather than having to manually view details, the manager is able to navigate to and then manage the property directly through the software. This may include arranging for redecoration, advertising it online or taking it off the market.
Technology and Integrations – Most property management software providers are able to integrate with many different platforms making things easier for all involved. This includes integrations with property platforms like Zoopla and Rightmove as well as other software packages like Xero and Sage accounting. This lets landlords and managers tie everything together in a tidy and manageable way in relation to their properties.
Security and Encryption – Rather than storing data and important information on unprotected devices or even as a hardcopy, property management platforms will tend to be very securely encrypted, protecting users, managers and tenants from data breaches.
Staying Ahead of Issues
Traditionally, if a tenant or block owner has an issue with a property which falls into the remit of the landlord, it will need to be reported to the landlord or manager and passed up a chain. For example, if a tenant’s boiler breaks down, they will need to inform the landlord who will then have to get an engineer out to repair the issue. Then, the engineer will need to let the landlord know what the problem is.
One the work has been signed off by all parties, only then will the work commence and thereafter, the service provider, in this case the engineer will need to invoice the landlord who will then need to pay.
This process can take more time than many would like. With property management software, it is possible for all of this to be managed effectively via an app or cloud-based programme. Everyone can then login and from the point of reporting an issue through to approval and payment, it can all be taken care of much faster.
Onboarding Tenants and Clients
Onboarding tenants can be difficult with a lot of documentation needed, followed by signing and submissions. However, with a management platform in place, onboarding is much easier and quicker. Vacancies can be posted on property sites and from the moment interest is shown in a property, the software can track everything and manage all aspects, right through to getting the tenant signed on the property.
Payments and issues are then also all managed through the platform which then lets property and block managers get on with their work more efficiently and free of the worries of individual tenants as may have previously been the case.
Accounts and Reports
As you would expect, with all aspects of a property portfolio and all the necessary payments and potential issues logged and recorded, property management platforms provide extensive reporting. This provides increased transparency and detail to all parties throughout all stages of the journey to onboard and then manage tenants and properties.