Property management software guide
Property continues to be a desirable asset class for investors in 2021 resulting in steep price rises across Australian markets.
As such, property investors want to ensure they’re getting more bang for their buck when they buy a house, now more than ever. In other words, their expectations of the property management industry have changed.
These days, only the most sophisticated, cutting-edge approach will do. And that’s just what property management software can offer. Property management and real estate software exists to streamline workflow for agencies, property managers and property owners alike.
Property management software solutions are the future of the sector and allow users to perform a variety of tasks, such as:
- Keep on top of their to-do lists
- Easily expand their portfolios
- Simplifying tenant and lease management
- Making online payments
What is property management software?
Property management software is used by the best agencies and real estate investors in the industry to consolidate and automate their management tasks.
Real estate property management software saves agencies and property owners time and money by centralising communication, maintenance, and manage accounting activities. A good property management system can provide improved results and far less stress.
Owners can keep an eye on how their agency’s campaigns are performing through comprehensive dashboards, and view photos of their property as they’re inspected with real-time photo uploads. No matter what an owner needs to manage their properties, a good property management platform can do it all, and do it well.
Say goodbye to outdated systems and excessive paperwork. Property management software solutions will automatically track requests and activities carried out by property managers and their agencies. Their features streamline and automate essential functions giving back time to agencies which can then be used to grow their operations.
What does property management software do?
Whether you’re a real estate agent, an owner or a tenant, there is plenty that property management software can do for you. That’s because no matter who you are, being involved in the property industry means you’ll have your share of responsibilities to manage. But what exactly does it offer?
Cloud-based property management software makes managing properties fast and simple. Landlords and property managers have the ability to market properties, distribute and track rent payments, and access all of the documentation they need in their owner portals via easy-to-use console clouds.
The accounting software used in the best property management systems will make managing money much more straightforward too. Most will offer automated rent collection as standard and be able to create detailed financial reports.
The days of constant bank account checking and direct debit chasing will become a thing of the past, with automated rent-tracking for landlords and an in-app tenant portal. Rental software makes it super easy to track tenant payments, maintenance, and requests, with an easily accessible online rental payment platform.
With financial management solutions capable of acting as the rent manager, you’ll finally be able to think about branching out into new areas.
Property management software features
When searching for the ideal property management software, it’s important to look for an app that has a number of important features.
Remember that finding the right software is all about improving your operations and services. So do your research and make sure that the app you choose supports automations, including automated workflows, accounting automations, and automated maintenance requests.
At the end of the day, automated features are the ones that are going to save the most time – time that could instead be invested in lead generation and portfolio development.
Reporting is another key feature to look out for. With the ability to turn essential property management data into in-depth reports, it will be that much easier to get everyone on the same page. Whether you want to inspire confidence in your investors or set meaningful goals for your estate agency, reports can create of-the-moment snapshots that will help you do just that.
Forget about the frustrating back-and-forth between property managers, landlords and tenants that used to dictate operations. With property management solutions that facilitate shared data access, you can improve your business intelligence in areas ranging from sales CRM to compliance management.
Property management software hosts a lot of sensitive data so it’s important to make sure that it’s protected with property software that supports leading-edge data security measures. Think firewalls, encryption, and two-factor authentication.
Why Kolmeo?
Kolmeo offers all of these essential features and more to its users. In addition to a sped-up, streamlined, and more secure workflow, Kolmeo can also integrate any management platforms and document templates that you need.
You can access property maintenance services directly through the Kolmeo mobile app thanks to its facilities maintenance software. So you can rely on our already vetted repair and restoration services, without having to do time-consuming research.
Property management software benefits
There’s a lot to be said for commercial-based property management software, in terms of what it can do and what features it has to offer. Its management tools add up to an amazing range of impressive benefits.
1. Time
With the right app, all the daily tasks of managing a property will be housed in a single place. Automations ensure the smooth running of one centralised online portal.
2. Money
Switching to the right property management software can result in big money savings. There are no costs to upkeep physical servers, run specific hardware or employ people to manage proprietary software. This is a significant cost saving in itself.
Additionally, agencies have significant cost savings through the time no longer spent collecting rent, managing documents and screening tenants. Agencies will have a lot more time to focus their attention on improving cash flows and upping their agency’s user ratings.
3. Communication
Every user will have 24/7 access to centralised data entry and live chat features. Gathering information from real estate property managers, dealing with maintenance or other requests, and all other interactions will be far easier to manage.
4. Security
In-house property servers are rarely updated and security can be compromised, leaving customer data open to theft and viruses.
The many layers of security that up-to-date agency software provides will constantly be audited to ensure that agency data stays safe.
5. Growth
A rental property management platform will allow agencies to grow their business. With unlimited storage available, cloud-based property management software can help management companies to expand their capacity, grow their property portfolios and boost their revenue as a result.
Summary
Since it has so much to offer landlords and agencies of all sizes, it’s little wonder that so many are turning to property management software. With it, businesses and property investors can streamline their business operations and increase efficiency.
There really is a lot to gain when agencies use cloud property management software. Smoother communication, faster service delivery and more comprehensive data displays make standing out from the crowd a whole lot easier. In the long-term, boosting revenue and accelerating growth become more realistic prospects.
With professional property management software like Kolmeo, there’s no need to invest in expensive and clunky software solutions. Find out more about what it can do for you today.
