Technology has taken over almost every field of our lives and made it easier as well. Property management is no different; the advanced Property management software products like cloud rental property management software have made the inspection reports, audits, tenant demands, and multiple project management less challenging and more streamlined. These technologically advanced software products are much more than just keeping track of tenant information.
They can now be used for analytics as well as overhead costs reduction. For these reasons, property owners are happily going digital now. From enhancing the property management experience to allowing you to respond to the tenant's concerns on the go with the mobile application, property management software (PMS) is what you need for the ultimate solution for property owners! Let's learn more about PMS, its features and benefits for the property owners, property managers, and others involved:
What is Property Management Software (PMS)?
Property management software helps in optimizing the processes involved in the property business. It simplifies the tasks for all the parties involved ranging from the property owners to the managers as well as the companies. Here's what a PMS is capable of doing:
· It deals with all the accounting ranging from transactions and banking information to mortgages and debts. All the information is incorporated in a single place, which can be accessed and handled in a few taps.
· PMS makes communication between tenants and owners effortless through text or email as they have incorporated communication features.
· Online management of payments eliminates the need to spend hours on billing while also reducing the cost of paper records and collecting funds physically. The online payment feature also makes it easier for the tenants to pay and check the receipts and bank statements. Automatic notifications are another great plus of this feature.
· PMS makes the management of space, maintenance, as well as documentation effortless.
PMS is useful for real estate investment companies, commercial property managers, property owners and managers, retail building owners and managers, and tenants. All of them can use the software and make the processes involved in property management smooth and streamlined. Further, we bring you the top 5 benefits of using property management software to enhance the accuracy and success of property management tasks.
Advantages of Property Management Software
1. Easier Monitoring and Tracking of Maintenance Management
The PMS includes maintenance management and tools for scheduling tasks that ensure that the upkeep tasks and their routine don't get compromised due to other important tasks. This tool helps you view all the current and upcoming tasks related to the maintenance work. It also allows the tenants to simply take pictures of their issues and send them to you via the software. These pictures get collected at the maintenance file repository centrally so that the respective service providers can fix them in time while backing up the potential insurance claims. This automation of management allows the managers to save time and money while enhancing tenant retention rate yet guaranteeing organized workflow.
2. Effortless Online Payments and Collection
Another outstanding benefit of the property management software is the easy payment of rent by the tenants and effortless rent collection for the owners and managers. There is no need for physical interactions while saving you time and money on the admit and deposit processes. Besides, it also reduces the cost of salaries, as you don’t need an accountant for the payments anymore.
Moreover, the human error factor is also ruled out. You can also create automated notifications for your tenants to remind them beforehand about the approaching due dates. The notifications feature will also send alerts for when the payments are made; receipts are sent, etc. in short, the whole payment process gets digitized, which makes the receipt record effortless and ready for future references.
3. Unproblematic Contact Management
Contacts are a very integral part of property management. You have long lists of contacts for managing different tasks. The list is very difficult to manage and save otherwise. However, the software makes the organization of your contacts effortless such that you don't have to waste your precious time searching for any desired contact details at any time. The software allows you to group together your contacts.
For instance, you can group the workers, tenants, and vendors together for streamlined management. These grouped contact databases help you get a hold of the right concerned people at the right time without any delays in the workflow.
4. Application Management and Screening of Tenants
A PMS comes with the ability to filter out the candidates who are less qualified using tools like background checks, rental histories, and reference verification. The software comes with an integrated scanning tool that screens the tenants for you while searching for their potential records in the state register.
However, the documents that are checked by the software are the ones that are available for the public to preserve the right to privacy. Yet the software ensures to complete the background check and helps you screen the potential tenants while helping you choose the right candidate.
5. Management of your Finances
The software also allows you to optimize your finances. The financial aspect of a business is the most important one. The right PMS will allow you to maximize your property management business income while minimizing your expenditures. The finance management feature will allow you to make the most out of your budget. Some PMS also come with analytical abilities to keep a check on metrics like income, maintenance, and expenditure and send you reports of the findings.
Get the Most out of your Property Management Software
The best way to get the most out of your property management software solution is to get it designed according to your existing infrastructure and the workflow of the organization.
This is where Altamira comes in with its exceptionally smart property management software solutions for customized cloud-based software for your property business.