How to Choose the Right Property Management Software?
We live in a tech-saturated world where most businesses are streamlining their operations using software-as-a-service or SaaS solutions. But the problem is to pick the best one according to your requirements.
You need a functional software solution if you manage one or multiple properties. Here is a quick rundown of the basic features that a property developer or landlord needs in their software for property management.
Features to Consider Before Choosing A Property Management Software
1- Rent Collection
Rent collection is a hassle for property managers as they have to go door to door asking people to pay their due money. Sometimes, tenants tell you their excuses for not paying the fee in time, and you have to remind them multiple times.
As a business owner or a landlord, you only have so much time to allocate to collecting money from renters. As everything is happening digitally, intelligent landlords have started offering the option of paying rent online.
Most property developers opt for Property Management Software Dubai because of this feature. This feature is even more desirable for people who live far away from their properties and have to travel long distances to physically collect rent.
Yes, an NAA (National Apartment Association) study found landlords and property developers who offer online payment options spend 65% less time looking after payments.
It means you save 39 minutes from the very hour you will spend processing payments if you collect payments physically.
Software for property managers rids you of chasing late payers, running checks to the bank, collecting from people, etc.
Needless to say, the time saved instantly and positively affects your property business.
Online Payment Options Make Tenants Happy
The excellent news is tenants love the digital rent payment option. A survey reported that 79% of renters like to pay electronically, which is the second largest reason tenants shift places to rent.
Tenants said they prefer landlords or property managers who have better management systems. And allowing them to pay with a click can make the desire come true.
2- User-friendliness
It is another essential aspect to consider. The software you use should be easy to use for all kinds of clients — tech-savvy or not.
One of the best ways to make it easy to pay rent online is to select software with an auto-pay feature. Such a feature ensures people pay on time regularly. Your tenants only need to feed their account details once and enable the option of autopay.
It will free them of having to remember to drop off a cheque.
3- Flexibility to Set Up A Late Fee Collection System
Some tenants have a habit of paying late even after the grace period. And it becomes your job to remind them to pay the actual amount with the late fee.
Sometimes, they still won’t pay the late fee after you remind them. Property managers often choose to overlook this problematic issue.
Your tenants learn that you don’t do anything if they don’t pay in time, and your late fee and rent payment policies might seem empty words to them.
Your headaches will increase as tenants keep irritating you with rent collection.
The solution: a property management software that automatically analyzes and enforces late payments without a need to remind on call.
Ensure you can set up your chosen tool to accommodate your late fee structure. Ask the service provider how it implements late fees, does it send notifications to renters, lets them pay the next month’s payment before the previous one, and what late fees are.
4- Handling house or office upkeep
Your property management software should include an application for tenants that help them connect with your property managers.
Goyzer Connect for tenants offers a full snapshot of a person’s rental journey while furnishing the capability to instantly interact with the property developer for any issue.
Tenants can raise maintenance requests in real-time along with pictures. Also, the app sends them constant updates on their request’s status.
You can monitor your rental payment dates and history and pay your rent or other expenses online. Also, you can see announcements about future events, financial matters, facility closures, tenancy renewal, etc.
This feature notifies you of expiring crucial documents and allows you to check and download the documents.
5- A central point of contact
As a landlord or property developer, you need comprehensive software to keep all relevant and critical information in one place. CRM Software for Real Estate should do this work well for you.
Select such software that shows you all this information easily and readily, making managing properties seamless. A simple property management software enables users to monitor data regularly and generate tailored reports. It should have built-in accounting tools to let you watch all financial data.
6- Automation and digitalization
Your property management software should let you automate reminders for tenancy renewal, payment, and document expiry smoothly to help you make data-driven decisions.
It should enable you to set tasks and automate reminders with them so that you forget no task. Also, it should have built-in marketing tools to generate flyers and brochures to list empty properties, as well as the option to work alongside all top real estate listing websites.
7- A mobile app for the landlord
Goyzer Connect – Landlord is an application that allows landlords and property managers to check, acknowledge and stay informed on things related to their properties. It gives full financial control and visibility through an extensive snapshot available.
The mobile app gives instant data on crucial parameters like property vacancy, rent, upkeep statistics, wallet balance, and expense. Landlords and developers can digitally approve matters pertinent to work orders, scrutiny, and tenancy renewals, decreasing paperwork and saving documents online available to see at all times.
Property managers can check consumer statements from time to time on the software with tailored reports to keep all interactions in one place.
The app reminds you of any new lease with the renter’s data and allows you to see payment dates and occupancy schedules to have full foresight.
Bottom Line
Property management software makes your life easier as the software does most of the heavy lifting, allowing you to focus on your business growth. However, not all software solutions for property managers are equal, so you must choose wisely.
FAQs
1- How does the best property management software manage vendors?
The best property management software offers each repair service provider access to get work orders requested by tenants.
2- Who assigns the work order requests in the real estate management software?
The landlord or property developer allocates the work order requests to maintenance companies and lets them act accordingly.
3- How the top real estate CRM solution allows communication between tenants and upkeep service providers?
Top CRM software for real estate connects all concerned parties through a central platform. Users can update progress on maintenance requests immediately while the history of all completed tasks stays on the software.
4- Which property developer CRM solution is better — one that allows one or multiple vendor access?
Property managers should choose software that enables them to create multiple vendor access smoothly and save their agreements online. It should also provide a chatbot on each maintenance request to keep tenants up to date and enhance communication