February 20, 2018
What Are the Basic Functions of Property Management Software?
Over the past few years, property management software has evolved to become a vital asset to property managers, landlords and REITs. It now provides the opportunity to operate businesses more efficiently and effectively than ever before, leading to improved customer satisfaction and better ROI.
The reason for this evolution is simple: its functionality has expanded to meet the demands of the job.
Here are the basic functions of property management software:
With automated marketing activities, you can better attract the right prospects, and convert more leads to residents. So you can turn your focus to maximizing the property’s revenue potential.
A marketing module will enable you to:
- Create company and property websites. With the right software solution in place, you can create responsive, mobile-friendly websites. Whether you choose a custom design or pre-built template, you’ll be able to update and add pages, create blog content and connect all your social networks, from one browser interface.
- Easily update ILS listings. Automate your online marketing with real-time feeds to all major Internet Listing Services. You can easily remove leased units and change to unit information through a single screen.
- Accept online applications. By enabling 24/7 online applications, you’ll reduce or eliminate vacancy time. Be sure to choose a software solution that captures digital signatures, ensures legal compliance and enables you to customize the legal wording to meet your company’s needs.
Taking the leasing process paperless means increased applications, faster processing and more approvals. All of that leads to reduced turnover time and fewer vacancies.
With a leasing module, you can:
- Streamline applications. Forget about manual data entry and human error. Automating and digitizing applications enables prospects to enter and upload all necessary information online, including legal documents, proof of income and even e-signatures. You can also add co-signer and guarantor fields.
- Manage leads. When leads are automatically captured from the source and integrated into CRM dashboards and reporting, it’s simple to track and follow up on prospects and leads.
- Obtain credit checks & approvals. Leading-edge credit check protocols reduce the risk of choosing the wrong resident. All applicants, co-applicants and guarantors are assessed within seconds, so you can fill units – and get paid – faster. Analyze everything you need, from applicant income to debt to required rent, to make sure the prospect will be a good fit for your property.
3. Resident Relations
With a resident portal in place, renters can update their account information, pay rent, place maintenance requests, secure insurance coverage and better communicate with staff.
Use a resident portal to:
- Accept online rent payments. Offer residents a variety of convenient payment methods, including e-transfer and credit card, so they can pay how they want, when they want.
- Process maintenance requests. Too often, renters fail to renew because they aren’t happy with how maintenance requests are handled. A maintenance dashboard makes it easy to monitor all work orders, by tenant, building or portfolio. And you can analyze the information to identify where repairs are most common and focus on preventative maintenance.
- Ensure insurance coverage. Renter insurance protects tenants and property owners from damage, to individual units and the building at large. With an insurance dashboard, you can see which residents have existing insurance and send automatic renewal reminders when their policies are about to expire.
- Improve communication. Tenants want to know that you care about them. A resident portal makes it easy for renters to ask questions and make requests, and provides you with a convenient platform for offering prompt replies.
4. Reporting & Management
Dashboard reporting offers real-time access to important metrics about buildings and tenants, giving you the necessary insights to make informed decisions about your properties.
Use flexible dashboard reporting to:
- Create dashboards. From simple dashboard-style snapshots to more detailed, comprehensive reports, a flexible dashboard offers a fully integrated overview of your entire business. With a customizable dashboard tool, you can easily drag and drop data that’s relevant to your business.
- Get real-time reporting. You can quickly access comprehensive analyses of your metrics in real time, on any device, and email, print or export reports in a range of formats.
- Reduce arrears. An arrears dashboard means you can quickly assess which of your portfolios is in arrears, by date, building or tenant, to identify and correct any issues. Automatically generate reports for building managers or collection department staff, and send escalating reminders to residents when their rent is past due.
- Handle bad residents. By monitoring these metrics, you can determine which tenants make excessive and unnecessary maintenance requests, fail to keep insurance up to date or repeatedly make late rent payments. You can also send escalating reminders.
Property management software can help you efficiently manage your communications activities. It provides access to everything from large quantity, broadcast templates to simple one-time communications.
With a communications module, you can:
- Send alerts and notices.
- Provide a range of communication channels including SMS, email or phone.
- Ensure privacy compliance.
One final note: When considering your options, look for a company that will be a partner, guiding you through set-up. Your solution should work the way you do, and integrate with any systems you already have in place.
Property Vista does all of the above and more. To learn how our cloud-based software solutions can help you manage your property more effectively, visit PropertyVista.com and click “Get Started.”