11 Key Features of Property Management Software
Managing one or more properties is hectic. Unlike other businesses, your product is of high value, which means losing one client means a hefty loss of revenue.
Therefore, earning a reputation becomes an even more complex task than it does for other companies. It has led to many property managers and realtors shifting to tech-based solutions to streamline their business operations.
According to strategic market research, The property management software market earned 1,588.6 million dollars in 2021 and is expected to account for 2,082.6 million dollars by 2027.
As a property manager, you should know about the must-have features of property management software before you choose one.
Feature of Property Management Software
1- A central Point of Contact
As a property development business, you might be using various software for different tasks. However, those solutions are not designed specifically for real estate managers, and it’s their drawback for you.
Property management software is developed keeping in mind all needs of a real estate developer and manager. By using such software, you can ditch business software for specific operations and handle everything from one centralized platform.
2- Mobile Application
Property management software offers a mobile application so property developers can manage their business on the go. Some property developers have properties in remote areas where they can’t visit to meet every new client.
Thus, a mobile app allows you to view the property, handle inquiries, answer emails and talk with customers with ease.
We recommend you buy property management software that comes with a cross-platform mobile app so you can access it across all devices and operating systems.
3- Reporting and Analytics
Property development companies need analytics to check their progress. One of the core features of a property management system is reporting and analytics.
As a property manager, you wear many hats. You need to keep a record of finances, progress, risk management, etc. By generating reports through software, you remove a lot of manual operations.
Software for property management can offer:
- Financial reports that document taxes, revenue, net income, commissions, and more
- Daily activity reports that show you or your managers what every single team member does on a specific day, making tracking progress easy
- Production reports that show you how your real estate is functioning per rate plan
Related Read: How to Choose the Right Property Management Software?
4- Cloud Solution
If you keep all your files and data on your computers, you risk losing them due to a natural disaster, fire, or any other accident. Even you or your employees may delete some of the data by mistake.
Also, data present on only one server can’t be retrieved if lost. A solution is a cloud-based software that stores all your business data on a protected network of servers in a remote location.
You can access your data from any device anywhere in the world using a cloud solution. Such software cuts your spending and saves time as you don’t need to buy big on-site servers.
5- Data Security
Your developer CRM software allows you to receive payments which means you have sensitive financial and personal details of your tenants and buyers.
Data security is paramount to your business reputation. By choosing secure software for real estate management, you can inform your clients that their data will stay in safe hands.
Go for a software solution that supplies these features:
- Data encryption
- Two-factor authentication
- Notification alerts about sudden breaches, and unwanted sign-ins
Quality property management system offers a drag-and-drop calendar in its solution. This helps realtors, property developers, and their team members to access one central place where everyone can see their commitments on each date.
Without a calendar, it’s super challenging to make and handle numerous reservations and check room availability. It often leads to chaos and mismanagement which breaks clients’ trust and affects your company’s credibility.
A shared team calendar is what every property development company needs to handle their sessions together.
7- Compliance Management
All businesses have to comply with the state’s rules and regulations. Property managers especially have to comply with building safety rules and other governmental regulations.
Therefore, one of the most significant features of property management software is compliance management.
If you fail to handle all your compliance requirements, you may lose your real estate manager license or face lawsuits with huge amounts of charges.
Your chosen software should be able to look after compliance tasks like pool safety, smoke alarm checks, and insurance expiry dates.
8- Point of sale or POS software
All organizations have point-of-sale systems to manage their sales. However, having two different software for POS and reservation & tracking can lead to multiple blunders and mismanagement.
So, a core feature of property management systems is POS integration. You then receive applications for reservations from tenants on your real estate software and modify them in the same location when necessary.
And when a client seals a deal, you can easily perform all the processes from one central place.
9- Smooth Collaborations
Choose a property management system that helps you nurture relationships with home buyers, tenants, and employees. You can’t compromise on communication in any business.
Smooth communication allows you to satisfy your existing clients and impress potential ones.
Thus, streamlined communication is a key feature of a software solution to manage real estate. Your property software solution should have message automation, customizable templates, tenant access, and owner access.
Tenant access allows your customers to sign in when they need to view their home or financial data in real-time.
If you own properties, you know how hard it is to keep your houses/commercial buildings maintained. People often buy apartments so that they don’t need to worry about maintenance issues.
Property development companies have to keep in touch with various vendors like interior designers, painters, electricians, plumbers, and more to look after upkeep.
Start using a software solution that streamlines upkeep operations by letting you monitor order requests from beginning to end. It includes adding pictures of the upkeep tasks, allocating jobs to a specific vendor, communicating with your suppliers, and more.
11- Rate Plan Management
This feature especially comes in handy if your property happens to be a hotel. Different people make reservations for rooms in your hotel, for different lengths of time, at different times of the year, and in different kinds of rooms.
A property manager needs to offer a tailored rate plan to each client which becomes a headache. Software that features rate plan management can save you time and money.
Your property management software should allow you to devise rate plans according to apartment size, number of bedrooms, amenities, floor plans, etc.
It should also let you effortlessly assign them to different tenants.
Managing a property development business involves looking after multiple business operations including ones that require traveling to distant areas.
Switching to property management software will allow you to beat your competitors by boosting productivity and earning clients’ trust.
Goyzer offers feature-packed software for property developers to help them manage real estate businesses of any size effectively. Our software solution let you monitor all tasks and provides real-time updates. Get a free demo of Goyzer’s property management software today!