We’ve discussed at length the benefits of having property management software working for you within your business, but new research has proven even more thoroughly that it can “save you time, money, and lost tenants.” If you haven’t already chosen a software solution for your property management company, then you could be missing out on these benefits big time.
The Many Benefits of a Property Management Software
The competition within those who manage and sell properties is at an all-time high. It can be difficult to know where, and how, to raise the bar in your efforts to stand out from the crowd and to boost business. Luckily, if some of your goals are to draw in new potential renters and to get a leg up on competitors, then property management software has more and more ways to help you accomplish those tasks.
“Recent research shows that renters not only want technology to be a part of their renting experience—they expect it.” So if, for example, you’re still working with physical rent payments rather than an online portal, you’re at a disadvantage, and a competitor might look more appealing to your current and possible future renters. As these new features of modern software develop and gain more and more chances for you to integrate them into your work, you would be remiss to ignore the opportunities that they present. Your company might even suffer for it.
So, what can you do with this developing property management software that you couldn’t do before, and how can it help boost your business? For one thing, many, many people who are looking for a new place to work or live do so online. The days of print ads are nearly behind us, and if you haven’t fine-tuned your online listings and spread them to every corner of the web, then you might be losing a lot of attention from these searchers. The convenience of looking for properties on the internet cannot be overstated, and even if you are fond of older methods, you can’t argue with the “60%” of people who insist on this web-based option. As a result, you have to make sure that you make “listings as searchable, informative, and appealing as possible.”
Once they’ve found your property, potential renters want to know that you are a place that is geared toward progress. That means convenience, energy efficiency, and technology in many aspects of the building. If you have these kinds of features and/or appliances in the units of your property, then you can both impress people with your modern edge and also justify a bit more of a rent, considering that you are clearly taking action to improve the space as much as possible. What does this have to do with property management software? Well, many of these systems are able to conduct maintenance functionality, which help you to shape your property into a “smarter” property.
The fast-rising generation called millennials, born between the 80s-late 90s, are a group that is looking into property more and more. They are known for their love of technology, so to capture this market, you want to appear as if you are up to speed with modern developments. This could range from the above-mentioned efficiency upgrades to communication strictly over the computer. Whatever the case, do some research into this particular group of people to get a sense of some of the kinds of things that would help draw them toward your rental property.
How does property management software help you to better interact with current and potential renters? Well, it often increases your ability to communicate with them. E-mail functionality and the ability to more quickly get in touch are big in every age group so that you can reach renters much more quickly, and vice versa. This can come in handy in emergencies and maintenance situations in which the more time passes, the more damage you might have to deal with. Instead, make sure you have a surefire way to streamline the communication process to save frustration on all sides.
These are just a few of the many ways in which a property management software system can act as a boon toward your business. One such tool is SKYLINE, a software that sets the standard for commercial, residential and retail real estate management. It has the functionality discussed above (such as facilities and maintenance work orders), but can manage just about any aspect of your business as tailored by you. So, SKYLINE gives you the ability to work with the features you need, but nothing that is irrelevant to you. All property management technology isn’t this customizable!