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Managing property, whether it is residential or commercial, is a complex operation that balances the need for rigid internal processes and flexible face-to-face interactions. Unfortunately, property managers are subject to time consuming manual tasks, which takes away from critical tenant relations.
Automation seeks to be the key to better tenant and building management. With the dual purpose of optimizing workflows while simultaneously giving tenants more convenience, property management systems are well poised to create better relationships for property managers.
In order to manage disparate properties more effectively while providing unparalleled customer service, property managers need to leverage robust systems that cater to the needs of the community or opt to create custom solutions that automate workflows, allowing time for more value-added activities.
Here are a couple of ways that both property managers and tenants benefit from the use of property management systems:
Both tenants and property managers alike can benefit from transitioning to automatic payment options from manual insertion. Money orders, checks, and trips to the bank can be a hassle of the past and managers no longer have to have the fear of losing or processing payment paperwork.
Property management software will allow for faster processing leaving a paper trail of transactions for both parties to keep up with their payments. Tenants can have the option to pay their rent and utilities in a secure online portal, and managers can keep accurate records of transactions with amount and date options for better visibility.
A maintenance request portal is a crucial tool to possess for tenants to submit request from their mobile device or computer 24 hours a day, 7 days a week. The software would allow the property manager to receive an instant notification and set up automatic responses to accommodate each problem.
Action items embedded in the software could send alerts to the maintenance team and provide status updates for each job, to notify both the tenant and property manager. Maintenance records would also become more authentic for tenants that aren't home while their concern is being attended to, producing automatic "job complete" messages.
Besides maintenance orders management can access rental applications in little to no time automatically, rather than fishing through file cabinets with labeled folders. A simple search field box can help locate the resident's information, where they reside on the property or in the building, and all of their tenant history.
Keeping those records on a user-friendly cloud platform protects not only the property manager but the tenant as well. As far as keeping up with all of the property responsibilities itself, modules can be created in the software to store information for property tasks such as a roofing companies contact information or the lawn care schedule.
In the event of owning a commercial property, there are annual insurance renewal updates that usually are sent out via email, or as a paper notice. This means that the property manager would have to backtrack and check emails or mailbox on a daily basis until every unit is accommodated for.
With customized property management software an option can be created to send those notices out to whom they may concern with particular due dates attached. From there a customized system would notify management every time the task was complete rather than checking and sending follow-ups manually, customized software can complete the job. The same process applies for lease renewal, rent increases, and rental collections.
Utilizing a property management software provides higher productivity and real-time updates, causing reduced opportunity loss, and also produces accurate reports. Automating every aspect of property management will reflect more positive rental property portfolio earnings. From smart lockers that allow tenants to accept a package from work to personalized lock pads for residents, today's technology can revamp the entire real estate industry.
Chetu does not affect the opinion of this article. Any mention of a specific software, company or individual does not constitute an endorsement from either party unless otherwise specified. This blog should not be construed as legal advice.
Founded in 2000, Chetu is a global software development supplier, providing solutions and support services. Chetu's specialized technology and industry experts serve startups, SMBs, and Fortune 500 companies with an unparalleled software delivery model suited to the needs of the client. Chetu's one-stop-shop model spans the entire software technology spectrum. Headquartered in Plantation, Florida, Chetu has fourteen locations throughout the U.S. and abroad.