Property management software can be complicated if you’re not familiar with how it can help your business. What is property management software? Who is it for? What exactly does it do for your industry? Should you be using it? All of these are important questions that shape the way one looks at property management and the software used to make it easier.
What is property management software?
Property management software enables property managers, owners, and operators to simplify and automate the tasks associated with running their properties. This can help you control your real estate portfolio to a greater degree in an increasingly competitive and ever-changing market. These kinds of software solutions aren’t just meant for one particular kind of industry professional. Whether you own residential property, commercial property, or whether you have real estate investments, this software can benefit your organization with a high degree of success.
What are the basic functions of property management software?
No matter what you might use it for (residential, commercial, etc.), property management software has the kind of capabilities that can applied to several different sections of the real estate industry. These are just a few ways in which one can use the software…
- Marketing – Residential and Commercial real estate owners and operators can use specific software solutions to market their properties to potential residents and tenants.
- Lease management – Property managers of all types can benefit from automating the leasing process by gathering all the critical lease data in one location and efficiently managing the data flow.
- Tenant and resident retention – Increase engagement and keep the occupancy rate high at commercial or residential properties.
- Portfolio performance – Make portfolio decisions based on detailed, insightful data and determine how each property is performing.
Which organizations need property management software?
Property management software is a versatile solution that benefits real estate professionals in many different roles.
Residential property management – Software can help the leasing office communicate with tenants, manage packages, and fulfill service requests at a more efficient rate.
Commercial property management – View comprehensive data and maintenance requests across properties and fulfill those requests faster. Gain access to in-depth information regarding tenant leases, asset management, and other contract information for any given property.
Real estate investment firms and REITs – Property management software doesn’t just benefit property owners; it can also provide significant value to real estate investment firms. REITs and private equity firms can use technology solutions to strategically optimize investments and manage portfolios, no matter how vast.
What are the different types of property management software?
Residential – Residential property managers face challenges around tenant communication, lease management, property accounting processes and more. Managers have to empower the leasing staff and ensure that they can operate smoothly. They have to walk the fine line between reaching out enough to tenants to ensure retention while not overwhelming them with correspondence.
Commercial – Commercial property managers need software that will give them the ability to strengthen their strategy, improve analyses, and track portfolio performance. Those who work in the commercial real estate field need software that can help decrease wait times on property maintenance, gather complex lease data from a variety of different contracts, and automate standard processes that often take hours to complete.
Retail – Managers, owners and operators of retail real estate need unique solutions designed to bolster strategic planning and analyze performance. Acquisition, development and management of retail properties require a powerful technology solution to make data-driven decisions and find the optimal tenant mix.
Investment – Investment firms such as REITs need software solutions that help them stay ahead of their competitors in a fast-paced industry that sometimes changes quickly. In the midst of all this change, investment firms need the kinds of solutions that can help them reduce errors in their reporting and maintain the accuracy of their important financial documents. The success or failure at mitigating risk among these factors often determines just how much these firms are able to optimize returns for their stakeholders.
Home Owners Associations (HOA) – Home Owner’s Associations are always searching for the most effective ways to satisfy residents and protect profit margins. With these goals in mind, HOAs need up-to-date property management software with intuitive dashboards to overcome challenges related to complex reporting and revenue tracking.
Affordable Housing – Affordable housing managers have a special focus that varies from other property management fields in that their main goals are not just to take care of tenants, but also to stay on top of compliance, reporting, and funding requirements. Affordable housing managers are best served by solutions that help them comply with specific requirements, screen residents properly, connect with tenants, and automate complicated processes.
Public Housing – Public housing agencies have unique challenges they have to overcome in order to comply with intricate regulations, manage multiple subsidy types, and meet day-to-day demands. Solutions that save time and effort such as reporting software, voucher management and financial management software can benefit public housing managers on multiple levels.
No matter how property management software is used, it helps numerous managers, owners, and operators keep up with the steady drum beat of the industry, no matter how fast it changes. Learn more about MRI Software’s property management solutions.