If you are in the property management business in need of an effective tool which will help streamline the way you manage properties through the automation of multifaceted processes to protect the interests of both the landlords and tenants, then property management software (PMS) is the most optimal option for you. According to Katherine Burke of CrowdReviews.com, “a PMS is a tool that can help you and your real estate business keep track on all the aspects regarding your properties. This includes advertising your rental properties to gain new tenants, collect rent payments and manage property maintenance.” It is also a vital instrument that aids in removing the rather tedious task of managing rental properties that needs to be done with less to zero human errors.
Having this kind of innovation in your business will provide you with the needed edge in handling processes effectively and efficiently. So whether you are handling residential properties that include apartment buildings, houses, and single family and multiple unit properties or commercial properties like office buildings, retail site, and factories as well as hotels and houses or apartments that are dedicated to off-campus college students, you will significantly gain benefits from PMS.
Factors That Need to Be Considered Before Acquiring Property Management Software
The success of property management entails the use of an effective PMS that can support a number of functions and features in order to efficiently perform necessary processes and tasks. You will also need a software that can continuously monitor the influx of information related to various properties, landlords and tenants. In having an effective PMS you will be able to take full charge and handle your business efficiently. Below are the essential elements that need to be looked at before getting one:
- What type of PMS would best fit the needs of Your business? It is imperative that you pick the perfect software appropriate for your business’ requirements and objectives. Therefore, before you decide, it is important that you consider if you need to expand, focus on a specific type of unit, or take on several property types. You also need to look for a PMS that features integrated billing system, ratio utility billing, and tenant screening. Website hosting and website customization should also be considered.
- What are the features that PMS offer? Does the software provide a feature which makes you capable of setting up separate portals for the tenants and the landlords? This feature is vital for owners because it allows them to access reports, documents, and even photos anytime. Using a distinct portal for tenants would allow them to electronically pay rent. On the other hand, other solutions also feature online tenant applications and leases and tenant screening systems. A lot of providers also allow prospective buyers to avail of their trial versions that last for a month, and while you are testing the software out, you should watch out if the PMS is user-friendly and intuitive.
It is important to note that whatever PMS you choose, it needs to be easy for your team to learn and use. In addition to this, the PMS should also be capable of integrating specific accounting tools relative to property management and allow you to customize your financial report format. Click here for more tips on choosing the right property management software.
- What kind of platform does it have and how much does it cost? Before purchasing a PMS, you should decide whether you would opt for a package that will be installed within the premises of your business or a web-based On-premise PMS would cost you a large sum of money as it needs in-house server hardware, capital investment in software licenses, and in-house IT support staff.
Meanwhile, a web-based solution is an effective substitute for the traditional on-premise application as they are more affordable, easier and quicker to use, easy to maintain and more reliable for your business and your tenants. They are typically referred to as Software-as-a-Service or SaaS offerings where the user pays a monthly fee for the hosting of applications and the license to use them. One of the advantages of using SaaS aside from its affordability is you won’t be needing a local infrastructure with trained employees to maintain and support the system.
Benefits of Using a Property Management Software
Given the wide array of PMS products that are currently available in the market, it is important that you find the one that will effectively cater to the specific needs of your business. It is also good to know of the benefits that you can expect from it. Below are some of the major advantages that a PMS offers:
- Accessibility of Information. Accessibility of information is one of the key features of a PMS. As property management requires a great deal of mobility, it is important to be able to access vital data anytime and anywhere you need them using your chosen device. Should you choose to acquire a web-based PMS, you will be able to access the entire information and data in your system in real-time. This means that the information will be available for you even if you are outside the premises of your office.
- Saving Time. With the automation of all your company’s processes, duties and everyday jobs like issuance of notifications and reminding tenants regarding reports and documents through email, you will be able to save a huge amount of time and manpower as a PMS has the capacity to cover all aspects your business.
- The best PMS products make it a point that every important and confidential information is protected. A PMS should provide stringent security measures to avoid data loss and offer means to access data in case of an outage and cyber attack.
- This means that the software is capable of keeping up and performing under an increased or expanding workload. Therefore, a PMS is able to continue and improve its level of effectiveness and efficiency when faced with complex operational demands.
- Online Property Management. It is essential that your business offers and vacancies are easily viewed by potential tenants. The best PMS products associate with advertisers that let you post vacancies on their listing sites within their applications. When vacancies are properly filled out, you will be able to save this information in your files, and through this, you will always be ready when the property becomes vacant once again. You will also be able to review applications and answer questions straight from the software. Likewise, some PMS solutions offer electronic signatures and lease templates which can be electronically sent.
- Online Communication with Tenants. One of the important aspects of property management is your ability to constantly communicate with your clients. Providing a separate portal that is intended solely for tenants enables them to easily access needed information without taking too much of your time. Your tenants will also be able to pay rent online, check their status, and submit maintenance requests, which is an important method that results in enhanced rental services.
- Automatic Software Maintenance and Updates. When using web-based PMS, your company will no longer be responsible for its maintenance and updating. The advantage of this is that your software will always be kept up-to-date where new features become instantly available to users no matter where they are.
- Data Protection and Recovery. Every web-based PMS has a specified set of methods in recovering data so that constant access to data and the software is guaranteed even in situations where information will potentially be lost. This suggests that your database is supported by servers that are located in different areas so that in the event of a disaster, your data will be easily recovered from servers that were not affected.
With this type of feature, you will be sharing costs with all the others businesses that are making use of the software. This way, the high cost of this service is not the sole responsibility of a single company.
- Faster Payments. Given that a lot of PMS feature accounting functions, you will be able to effortlessly review invoices to be paid or rent to be collected. You have the capacity to monitor a tenant’s rent payments and create reminders if they haven’t done so. Also, a PMS can actually be configured in order for it to be able to accept rent payments online.
With all these given information, you are somehow enlightened on how you will benefit from property management software. Also, you will be able to choose the right one that will suit your business requirements best.
If you are looking for examples of property management software, check out CrowdReviews.com to further guide you in your quest for the best PMS.
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