It often feels like there is so much to do and not enough time to address it all. If you’re feeling like there just aren’t enough hours in a day, there are solutions designed to assist. Property management software can help to alleviate some of the pressures you may be facing.
Not all software solutions are created equal. Programs designed specifically for the property management business are better able to handle the unique challenges you may be up against. Choose wisely to get the most out of your investment.
The right property management software should help you automate and streamline your business. It should be flexible and allow customization for a tailored fit to the structure of your company. Here are some aspects of software solutions that can translate to huge time savings.
1. Streamline Tenant Acquisition
Property management software can help you simplify, streamline, and automate the acquisition of new tenants. The first tool you should invest in is an online application process which allows prospective tenants to easily locate, complete, and submit an application. Eliminating walk-ins and cumbersome paperwork can translate to huge time savings for you and your staff.
Digitizing tenant applications opens the door to automating the screening process. The right software can make background and credit checks on potential tenants a breeze. With integrated systems all the information you need is easily available. Once you make a decision and choose the best tenant, digital signatures can help save some time too.
2. Improve Upon Your Document Management Capabilities
The archaic system of keeping paper in filing cabinets is inefficient and often ineffective when compared to digital filing systems. Using property management software to handle all of your paperwork has numerous advantages. Better document management can save you time, money, and improve the operations of your business.
Uploading and storing documents in a digital environment eliminates the need to store paper and allows you to operate with less office space. Digital documents can be tagged for faster and easier searching so you can find what you need when you need it. By having digital copies of everything easily accessible, you can quickly send any document where it needs to go.
A digital filing system can be accessed from anywhere. No more moving paperwork from one location to another. Save time and reduce the risk that paperwork will be lost or misfiled. Create backups easily and keep your data secure.
3. Accept Payments With Ease
You can’t run a successful property management business without collecting tenant payments. Property management software can make it easier by offering tenants modern payment options which don’t require time expenditures on your part. Credit card payments are instantaneous, convenient, and can update your records automatically.
Some tenants will undoubtedly prefer to pay by check. This doesn’t mean you have to run to the bank and update your records manually. Check scanning capabilities can be a great tool and big time saver. Not only does digitizing and uploading checks save you a trip to the bank, it can help keep your books organized.
4. Maintenance Ticket Tracking
Tenant maintenance tickets can be a burden that takes up a good chunk of time. Luckily there are software solutions that can fix this part of property management and make it take no time at all. You just need the right property management software.
A system that can take and process tenant created maintenance tickets is a great idea for any medium to large size property management business. It allows a tenant to create a digital maintenance ticket which is automatically entered into the system. The ticket is tracked through the system until resolution.
Once the maintenance ticket enters the system it triggers specific actions. The automated dispatch process sends the request to the appropriate vendor and the right person is sent out to address the issue. The final step is the billing process which helps you to invoice the tenant and pay the vendor.
5. Use Accounting Software Designed for Property Management
The property management business has a unique set of challenges in terms of accounting. If you’re using generic accounting software you will likely find yourself having to search for workarounds. This can lead to muddled records, inefficiencies, and wasted time.
The right software will result in better financial reports and business specific features as well as customization to meet your needs. Programs built for property management will offer unique solutions to save time on data entry. Business specific software will be better able to understand and handle recurring transactions without relying on large time investments.
6. Invest In Automation
When it comes to saving time, automation is the big ticket item that can yield the biggest bang for your buck. The right property management software can help you automate much of your business. Allowing your software to handle the predictable and routine tasks frees up your time to manage and grow your company.
Automating even just one function, such as tenant payment collection, can save countless hours. Your property management software could be sending invoices, payment reminders, and overdue rent notices with no need for human interference. Just set it and forget it!
A fully integrated system can do so much more and offer additional automation options. Launch maintenance tickets upon tenant move out. Update accounting records upon receipt of payment. Send instant communications to tenants and vendors. The sky’s the limit with the right software solutions.
These six examples of how property management software can save you time are just the tip of the iceberg. There is much more to be gained through the use of software solutions which understand the needs of your business. It’s a worthwhile investment that can pay off quickly.
Property management software can be the solution for anyone who finds themselves scrambling for time. With automation, innovative functions, and business specific features any property management business can become more organized and efficient. Stop wasting time and start investing your hours into business development.