By Jennifer McCready
While owning and operating a property management business does not, in and of itself, require the use of property management software, doing so can be detrimental to the ongoing success and future growth of the business. Many operations have learned the hard way, using tools like Excel and other outdated programs, that without the right technology, they simply cannot keep up with the growing demands and intense competition within the industry. If you’re still on the fence about whether or not to invest in property management software, here are a few reasons to help you make your decision.
If there was ever an industry that was hectic, it’s ours. Answering emails, fielding phone calls, booking and keeping appointments, showing properties, screening tenants and running the day to day operations of the office can make even the most dedicated professional’s head spin. The only way to keep your head above water is to stay as organized as possible. Otherwise, you risk falling behind and letting important things slip through the cracks. Software can help you keep all your ducks in a row and it’s designed to address the unique needs of busy property managers.
When you allow technology to do the heavy lifting, you free up yourself and your team to focus on more important business matters, like growing your company and increasing sales. Handling everything manually or using a variety of antiquated systems will leave you wasting valuable time. With the right software product, you can vastly improve the efficiency and productivity of everyone in your office.
Surely you’ve heard the expression, “time is money”. It’s certainly true, and if you’re wasting time trying to get organized, finding paperwork for your clients, chasing down checks, processing invoices, stuffing envelopes and all the other menial tasks you’ve got on your plate, you’re most certainly losing money as a result. Property management software lets you spend your time where it counts, so not only will you realize cost savings, but over time you should see increased revenue as well.
We live in an increasingly digital world. If you’re not offering features, like online account access and electronic payment options, you’re missing the boat. With a quality property management software product, you can bring your organization into the digital age, offering your clients and tenants the features they want and need. This can give you a distinct advantage over your competition.
One of the biggest tasks of property managers is staying on top of maintenance requests, whether routine or emergency. If you manage a large number of properties, you’re probably struggling to keep ahead of these incoming requests, while also staying on schedule with preventative maintenance. One missed call or forgotten appointment and you’ll have more than a frustrated client or tenant on your hands. You’ll have the beginnings of a bad reputation. Property management software has built in maintenance management features, so you’ll never miss another critical task.
These are just a few of the many advantages to using property management software to streamline your business. And while employing such a tool does cost money, given the many benefits, it should be viewed, not as an expense, but rather as an investment in the future of your organization.