Business Astrologer™ cum Astro Strategist™ Hirav Shah says that by the end of 2022, the size of the worldwide property management software market will go beyond 3.33 million dollars, while the CAGR will be almost 7%! Isn’t it a huge indicator to note?
But, what exactly does Online Property Management Software stand for?
To whom it will be beneficial?
How precisely will the software help real estate businesses?
Hirav Shah finds out the answers to all the common questions and sees how Property Management Technology can fuel your real-estate business’s operation and efficiency!
In this blog, Hirav Shah covers
● More About Property Management Software
● Functionalities and features of property management software
● Benefits of property management solutions
Let’s get started!
More about Property Management Software
Online Property Management Software is an online software program; specially designed to streamline real estate property managers’ functionalities and operations. The software system brings all the critical operations of property management into one line. It helps real estate managers handle residential and commercial properties, including their accounting, inspection, maintenance, communication, and reporting effortlessly and seamlessly.
Additionally, fully-developed and feature-oriented Commercial Property Management Software maintains flawless digital trails for legal compliance purposes by streamlining all the fundamental operations. So when you go for a trust account audit, the auditor will be able to check your balances and inspect all your transactions and activities in and out. Some software systems also boast KPIs, which help discover new opportunities to notify you about the growth.
Functionalities & Features of Property Management Software
● In-Built Dashboard: An intuitive, easy-to-understand, and friendly dashboard must be there to provide you with quick and easy access to the essential aspects of the system.
● Calendar Management: It must boast all the critical information related to tenants, lease details, legal documents, rent payment date, timing, availability of new vacant properties, etc.
● Robust Reporting Module: When opting for Property Management System, make sure to get an in-built reporting module; showing audit reports, daily transactions, and daily cashier performance.
● Shared Inventory: Shared inventory feature allows you to view the records and inventory in different formats. It indirectly boosts your property’s yield management approaches.
● Client Database: A well-built Online Property Management Software always acts as a customer management base and stores detailed information about your preceding tenants, customers, and contact information.
Benefits of Property Management Solutions
1. Cloud-based Commercial Property Management Software offers optimal convenience, ease, stability, security, and scalability to the managers.
2. You can enjoy Centralized Documentation by saving all essential credentials like contracts, lease agreements, and other complex files and documents into a single dashboard.
3. Property Management Technology helps seamless administration of your properties and makes your day-to-day supervision and management quicker and more direct.
4. With Automated Tasks, Information, and Reminders, you can manage your property portfolio more easily and effortlessly.
5. Property management software automates several business processes, including your invoice reminders, welcome emails, and more.
6. Cloud-based property software comes with in-built back-ups and recovery features. Even if your file gets deleted accidentally or the original computer gets crashed, you still can access the file from other devices.
When it comes to commercial Properties management, software systems have become a boon for real estate agents. From documenting the financial accounts to recording audit and inspection reports, from pointing down tenant demands to saving the upcoming assignments, Property Management Software has significantly streamlined the byzantine real estate procedures.
Crucial Functions of Property Management Software
- Automating your day-to-day tasks
- Streamlining your daily business operations
- Improving your communication with tenant and overall experience
- Ensuring accuracy and on-time updates for property leases and documents
Hirav Shah concludes by saying, “In simple terms, Rental Properties Management Software is primarily designed to reduce the challenges of the day-to-day tasks handled by property owners and managers. The software technology automates and manages the exhaustive responsibilities of property managers and completely eradicates the need for a manual system of documentation, paper spreadsheets, email, and labour-intensive document filing.“