It’s a question that many property managers ponder – especially those just starting out with a limited budget: is property management software really worth the investment? To truly answer that question, it’s important to dig deeper than the basic overview of what this type of technology can do for your business. If you’re weighing whether or not to invest in a property management solution, here are a few surprising benefits that just might sway your decision.
Better Stakeholder Experience
Regardless of whether you manage a residential rental property, a commercial unit, or an HOA community, the interactions you have with key stakeholders can make or break your success. With the right property management software, you can streamline communication and offer convenience and flexibility to everyone from tenants and homeowners to vendors and investors.
Payments can be made online, reports can be generated and accessed at the click of a button and maximum visibility can be achieved via one centralized dashboard. The better the experience is for all interested parties, the stronger your business will become.
Is high quality property management software an investment? Yes. But what you may not have taken into consideration yet, however, is how much this expense can be offset by the cost savings it provides. For instance, automating many of your business processes can save you and your team time, freeing up human workers to focus on more mission-critical, revenue-generating initiatives.
Likewise, when you have the power of technology in your corner, you’ll need far fewer resources to operate your business. In other words, property management software can enable you to do more with less, saving you in terms staffing expenditure.
Like it or not, people make mistakes. It’s human nature. And sometimes, particularly in areas like accounting, even the slightest error could cost your business dearly. What’s more, as your portfolio of properties continues to grow, the risk of these errors will continue to add up, as will the potential losses you will face as a result.
Because property management software employs the use of intelligent automation, it all but eliminates the risk of human errors. And because it is designed to instantly scale on-demand, you won’t have to worry about increased liabilities, even as your business grows and expands. That’s incredible peace of mind for a business owner.
Efficiency & Cash Flow
How much time and effort are you and/or your team expending trying to collect rent and other receivables every month? Not only is this a tremendous waste, but so is the time it takes to batch, record and deposit those payments. And then there’s the waiting period for those manual payments to actually clear.
One of the nicest benefits of property management software is the ability to collect and manage payments electronically. Bookkeeping can also be automated, making the entire process fast, accurate and efficient. Money will be readily available, which means improved cash flow for your business. Lastly, your tenants and other stakeholders will appreciate the convenience of being able to pay securely online, which can lead to a better overall experience.
Maintenance Made Easy
Anyone in property management will tell you how critically important staying on top of maintenance and repairs is. They’ll also likely tell you how much of a hassle this task can be – especially as the portfolio gets larger.
This is one of the most valued features of property management software – the ability to manage all maintenance requests – both urgent as well as preventative – all in one convenient, easy-to-use dashboard.
At the click of a button, view all properties that require work, assign contractors, track progress and more. You’ll save time, your properties will remain in tip-top condition and your tenants will appreciate your quick, effective resolution of their issues.
Still not convinced that property management software can streamline, improve and make your business more profitable? Click here to schedule a live demo and see it in action for yourself!