Whatever the industry you are in, it is likely that technological developments are revolutionising the tools you use. If you are in the housing sector, this is most likely to be in the form of property management software (also known as PMS). Perhaps you are aware of it but have yet to use it for your company, or maybe have concerns about implementing this type of software for your business. We take a look at the benefits of property management software and how it can help to drive your business in the property industry forward.
Accounting is Made Easier
By using property management software, you will be able to monitor your finance in a much more organised way. That means that when it comes to the necessary larger accounting tasks that present themselves on a quarterly or yearly basis, it won’t be a major headache for your company. With this kind of software, you know that when the time comes for accounting tasks, they can be easily dealt with, making dealing with taxes that little bit easier.
It makes managing properties more efficient – By using the correct tools through using the right property management software for your company, you can help to seamlessly run property management, keeping both employees and tenants happy, as you will be able to complete tasks with ease and without unnecessary complications.
Easier finance monitoring – Having good quality property management software also helps you to better keep a track of your companies finances. With PMS, there will be features allowing you to track your numbers to ensure you are within budget, as well as specific portals for tenants to pay their rent or mortgage repayments, allowing you to keep an eye on incoming payments.
Time-saving – Of course, one of the biggest advantages that PMS brings is that it can save you valuable time. For example, you can set up features that send automated notifications (for when rent is due) or set up maintenance request tracking. All of which gives you more time on working out ways to develop your company and make it more successful.
Real-time access to information – No need to worry about all company and tenancy information being spread out amongst different laptops, office, or in large piles of documents, having PMS means all information is stored in a web-based platform. This provides you with greater freedom, as it means you can work anywhere, at any time. Furthermore, all data is updated online automatically when enables you as well as your tenants to access any necessary information in real time, even from their mobile phone.
Better communication – As PMS provides tenants with the possibility to manage and perform all the necessary operations online via a portal, it enables better communication between you and the tenant.
The Option of Online Payments
It can be difficult to manually keep track of rent payments manually, which can sometimes take a few days to process. When done manually, it is also easier for an error to be made, such as a payment not being tracked. However, with PMS tenants can pay their rent using their phone, and you can receive the money in a matter of minutes.
Reduced administrative work – Putting data into spreadsheets manually is not only time-consuming, but there is also the possibility of errors, and it also requires you to analyse the data yourself. With PMS, all data is automatically updated on your behalf. It enables you to generate small or comprehensive reports on demand whenever you need them too.
Sensitive data is secured – Making sure that customers details are safely secured is vitally important, and having PMS means you have one less thing to worry about in this respect. All good quality PMS software safely stores data, such as credit checks or lease agreements.