Digitalization has forayed into the real estate sector in a big way. Property managers, realtors, investors, have been making the digital transition with property management software or proptech solutions. However, choosing the right property management software for your business is not easy.
Do we need property management software?
A property manager’s job is not over once the lease agreement is signed, rather it is the beginning. A property manager’s job description involves managing multiple portfolios of real estate, dispersed across various locations. Tracking lease expires, managing maintenance requests, coordinating with all stakeholders, ensuring regulatory compliances are some of the other challenging aspects of being a property manager. The right property management software makes a property manager’s life easy by giving him a top view of all these requirements and managing them with a few clicks.
The right property management software will help improve customer satisfaction and productivity. Your management tool could well be a reason for you to gain a competitive edge. A good software offers faster turnaround, efficient management of requests and better communication channels to all stakeholders.
A property management software is essential for the millennial generation property manager. But how do we choose the right one? There are a few things one needs to consider before finalizing a software.
You don’t want a software that
- Needs you to abandon your existing processes and radically change the system
- Is complex and difficult to understand for your stakeholders.
- Cannot integrate third party apps
- Needs constant updates with manual interference.
Top 6 tips for choosing the right property management software for your business
Ease of Use
Ease of use is high up on the list of requirements in any property management software. Poor user experience and convoluted processes will make your life miserable.
Robust and Scalable
A good property management software should be robust and scalable. It should be able to support your business as you grow, while being intuitive enough to help adapt to changing environment.
Access on any Device
Most of the property management software solutions are cloud-based, which means the data is accessible on any device. Apps make accessing such information on mobiles easier. Check if your property management software provides clean mobile apps that can offer all the important information in a simple dashboard.
Accounting and Quick Reporting
Managing finances by automated expense tracking, automated bill payments can streamline finances. Automation of recurring invoices and subscription management will make a property manager efficient. An overview of the revenue related transactions, presenting them in beautiful reports help in simplifying financial reporting.
Ease of Communication
Quick and easy ways of communicating with all stakeholders, help in maintaining customer relationships. Options like live chats are simple to use and intuitive in nature. A property management software with chat bot functionality can help take care of repetitive queries.
Marketing support will take the frustration out of the process. A property management software that supports your marketing efforts with useful reporting, campaign insights and tools to nurture leads will help you stay ahead of competition. It will ensure uniform messaging across all platforms.
Choosing a proptech solution needs careful evaluation of the features that it offers vis-à-vis the business requirements. It is easy to get carried away by the numerous features, but it is important to understand the vendor fit as well.