April 02, 2018
What’s the Best Property Management Software For You?
Property management software enables landlords and property managers to quickly and effectively deliver premium service to their tenants as well as attract new leads. With the right software solution, owners and managers can streamline internal processes and boost their bottom line, while providing leading edge, mobile-friendly offerings that meet the unique needs of tenants, staff and contractors alike.
But how do you know which property management software is right for your portfolio? That can be a hard question to answer.
All property managers need an industry-specific software solution that’s adaptable, affordable and easy to use. Yet commercial, student and residential buildings each have their own requirements and priorities. If your portfolio includes a variety of properties, it’s even more important that you have a dynamic system that works for each of your assets.
Consider some common property management software needs for various types of buildings:
One of the top challenges for residential property managers is constantly balancing cash flow with turnover, while maintaining operations. The solution? Cloud-based software that can automate repetitive, time-consuming tasks and help streamline the rest.
With online payments and maintenance requests, you’ll see great gains in cash flow and customer satisfaction. And you’ll greatly reduce paperwork and liability. Think about it: No more lost or bounced checks, no missing work orders. What you’ll have instead is prompt payment, efficient response to maintenance issues, and a searchable record of all requests and transactions.
For residential buildings, it’s also important that your property management software prioritize branding and marketing so you can decrease turnover time and minimize – or eliminate – vacancies. Look for a solution that will enable you to create different websites for each rental building, and brand each one uniquely. You should also ensure that the software will automatically update ILS listings to fill vacancies as soon as possible.
Condos and Homeowners’ Association Properties
Condominium and homeowners’ associations have high expectations of building and concierge services, communications, resident relations and online presence. Meet those demands by choosing a property management software solution that allows for easy communication and access to amenities.
It’s important to find a customer-centric system that offers an online resident portal so you can post announcements and collect digital feedback. And ensure that users can make use of other online services, like booking party rooms for events, or checking in visitors and tracking packages.
Staff and residents should also be able to track service requests. Find a solution with a communications module that uses text, Facebook Messenger or Twitter to create automated notices and maintenance follow-ups.
Tenants in commercial properties need their units to be in great working order. They rely on efficient response to maintenance issues, and they expect proactive care of the building to minimize unforeseen repairs. It’s essential that your property management software feature an automated system for overseeing maintenance and handling work orders. Find a cloud-based solution that streamlines the maintenance process, and analyzes past repairs so you can identify problem areas and perform preventative maintenance.
Commercial tenants also require an effective solution for document storage. Offer them customer-focused software that can organize and centralize their files while maintaining high security and compliance. Make sure that the property management software features customizable fields for easy searchability, and that it’s compatible with a wide range of devices so your tenants can work anywhere, anytime.
Businesses place a high premium on security. It’s essential that your commercial property management software include a permissions tool for safe sharing. The system should also provide end-to-end encryption, multiple firewalls and secure access.
Student renters present a host of unique challenges for property managers. Most students are inexperienced tenants – they’re not used to balancing budgets or paying the bills. And, because of the semester system, they tend to come and go en masse at specific times of the year.
Choose property management software that can automate and easily update your ILS listings so you can quickly post vacancies when students prepare to move out. And make sure that it features digital inspection checklists; you need to be able to review rental units and take care of necessary repairs before it’s time to show your apartments to the next wave of students.
In today’s digital world, your student property management system must enable tenants to conduct all rental transactions online – and from any device. That includes signing leases, placing maintenance requests and communicating with you or your staff. And it absolutely includes paying rent. Student housing is often leased to multiple tenants, so your software should feature built-in rent splitting for housemates. Make it easy for them to pay on time, using their preferred online method – for example, EFT, debit or credit card.
How Property Vista Helps
Property management software is an invaluable investment for your business. We’re here to make sure you get the best ROI possible.
At Property Vista, we offer a range of software solutions covering all types of properties, including residential, commercial, condo / homeowners’ association and student properties. All our solutions are easy to use, mobile-friendly and scalable. Learn more about our suite of property management software!