The best management software for property in 2019
Published on 28th August 2019 by Laura West
If you can count on one industry which appears to be constantly growing, it is the property market. According to recent research collected from Savills, the sector increased from around $217 trillion at the end of 2016, to over $228 trillion in the year 2017. This equals a growth of approximately 5 per cent.
Property also represents a diverse asset class. From business premises to buy to let residential properties or student lets, a property portfolio can be incredibly complex. Becoming a successful property manager often entails controlling and managing your business carefully, with properties requiring thorough maintenance and monitoring to a defined standard, which is particularly important if acting as the property’s landlord. In addition to this, if a property is not habitable and safe, a landlord could be confronted with legal action.
However, the process of managing property need not be complicated by paperwork and bureaucracy, and there is a wide range of apps, software and tools which make it simpler and easier than ever before to manage your property portfolio.
There are real-time apps for property management which are extremely easy to use and contain extensive business metrics. Offering a wide variety of cloud tools, property managers can organise student, council, commercial and residential lets with ease.
It’s possible to source property management software for free, which allows property professionals to manage financial data and homes, in addition to attracting new clients and tenants. With the aim of streamlining the processes within the property management industry, these platforms allow users to communicate with vendors, owners and renters, track maintenance and access business metrics.
Dedicated owner portals also provide access to statements and reports. Other features include the ability to perform mobile property inspections, collect rent online, distribute vacant property adverts on websites, screen potential tenants and accept rental applications online. Tenants can also submit requests for property maintenance by using property management software for free, meaning that managers can resolve faults quickly.
Other software solutions are suitable for a wide range of properties making them extremely popular platforms for managers and property specialists, and they provide extensive tools for leasing, business operations, accounting and property management.
Whether the portfolio is for hundreds of properties or only a few, software provides an easy and quick method to expand and manage property portfolios. Not only can this software manage finances and maintenance requests, properties can be marketed effectively, and tenants found online.
Some software also provides different portals for board members, residents, homeowners and property investors, allowing you to communicate with different individuals easily. Property management software is also becoming increasingly flexible, with simple installation and a built-in creator for websites. Software solutions can also prove useful for tenants.
Some software management solutions are capable of managing properties of any type or size, and are easy to use and adaptable. This software is available with marketing solutions, work ordering capabilities, contact management, integrated accounting and asset management databases. From these platforms, you can manage finances by using features which download detailed reports, as well as resolve, manage and track service issues.
By using such management solutions, you are able to find buyers or new tenants for a property by creating an interactive and professional website which is fully integrated. One of the biggest positives in using property management software is that it can be mobile and device friendly. This means that wherever you are, you can take photos, enter work orders, organise property inspections or accept rental payments 24 hours a day using a mobile app.
Another positive is that property management software is not just useful for managers. Tenants and landlords are also able to access real-time transaction records and information, in addition to making rent payments and signing leases from any device, which proves an attractive feature for tenants.