Posted by Mitchell Vinnitsky

7 Benefits of Property Management Software for Landlords

Few businesses can survive these days without some type of software. Unfortunately, many in the property management industry continue to be bogged down with antiquated systems and a lack of an integrated, coordinated network. Now’s the time to think about investing in property management software, and here are seven reasons why.

Accounting

A comprehensive property management software solution will offer advanced, intuitive accounting features that will eliminate human error and streamline the entire process. Manage every aspect of your financials, from payables and receivables to expense reporting and everything in between. You’ll also be able to produce in-depth, customized reports at the click of a button. You definitely can’t do that with a spreadsheet.

Communication

Staying in touch with tenants is a key contributor to retention rate. Property management software makes it fast, easy and efficient to share information back and forth. And with self-service features, tenants can access the information they need without having to ask or wait for you to provide it. This saves time and creates a better tenant experience, which leads to greater satisfaction rates.

Automation

Why make your team waste their valuable time on routine, repetitive tasks when you can introduce automation into the mix? Whether it’s sending out rent reminders, generating reports, or simply entering data into a spreadsheet, automation will dramatically increase productivity and efficiency while also eliminating costly human errors. Employees will be freed up to focus their skills on more important business initiatives.

Maintenance

Keeping track of repair requests and routine maintenance tasks can be daunting – especially as your portfolio grows. Doing so manually increases the risk of something important slipping through the cracks, which could ultimately lead to tenant dissatisfaction and turnover. Property management software enables you to monitor and track all of these tasks electronically, in one easy-to-use portal.

Compliance

Ever been audited? If not, chances are you will at some point in the future. And when that time comes, you’ll want to be prepared by having property management software installed. Otherwise, you’ll be chasing your tail trying to track down paperwork and running the risk that something important was misplaced or is no longer accessible. With software, all of your files are securely stored and instantly retrievable.

Scalability

For most property management companies, growth is an ongoing goal. Relying on older, clunky and disconnected platforms to manage your business operations simply won’t be feasible as your portfolio continues to expand. The right property management software will make scaling seamless without having to worry about delays and hiccups along the way.

Data Analysis

Success isn’t built on chance or guesswork. It requires careful, accurate and strategic decision-making. And this requires data. With property management software, all of the information you need can automatically be collected, analyzed and compiled into easy-to-understand reports. This makes it quick and efficient to gain valuable insight that will drive decisions, identify opportunities and areas of improvement, and help with future planning and forecasting.

Now you know the many ways property management software can bring your business to the next level. The next step is choosing the right solution for your needs. Click here to book a live demo and see the power of INFO-Tracker in action.

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