There are several real estate as well as property investors across the country and the trends seem to brightening up again after a dull season last year. Yet managing properties may be cumbersome as one owner may have multiple properties. Recording details of tenants in each one of them, remembering occupied property and vacant ones, collecting rent, conducting maintenance, and a lot more activities are part of property management. These have been traditionally been done on paper, email and spreadsheets. Now, owners and investors can use property management software to supervise their properties and day-to-day tasks.
What is Property Management Software?
A Property Management Software or Property Management Solution is a software application that is used to supervise the day-to-day activities of commercial as well as rental residential-properties. This application can also be used by agencies or organizations that have been established to manage properties. In simpler words, property management software is a program designed to help people manage residential and commercial properties that they own or behalf of owners.
Problems with Current Methods
- Market Prices:These keep changing according to economic trends and government policies. As prices are matched with inflation and devaluation of the currency, the resulting income for property owners becomes much lesser. It is not always possible to modify rents collected according to market prices. An automated solution is required to match rents collected with the current market prices.
- Poor Reporting/Communication:There are very poor lines of communication between property owners, managers and tenants. The currently used methods of communication are through direct contact, phone calls and emails. However, these methods do not guarantee a prompt and/or complete response. A single medium is required through which owners and tenants can always be engaged with each other.
- Expensive:Currently, property management involves a lengthy process which needs several members. For example, property owners and property managers may hire unique teams to maintain contact with tenants of each property. The purpose would be to address their concerns, collect rent and share latest guidelines. Another team would be required to manage finances. In addition, teams or employees would be required to conduct inspections and also advertise the availability of property for rent or purchase. These repeated expenditures can dent profits by a huge margin. It could be highly productive if there is a single solution to manage all aspects of property.
- No Monitoring:With several property assets in multiple locations, how can a property owner or property manager monitor their status 24/7? It would be impractical or perhaps impossible for an owner or his staff members to continuously monitor activities in all locations. Besides, the lack of monitoring leads to other problems mentioned earlier in this blog. Is there an alternative to these traditional methods of management? Can a single solution handle all aspects of property management?
Here is the solution!
Development of property management software with a single-time investment is the cure. With trust accounting, maintenance, inspection, communication, and reporting features, it brings together all the key functions of property management into the one program. Not only does this save time and money by reducing add-ons, but it also streamlines your day-to-day property management tasks. With such a software solution, property managers in India can get more things done and focus on what really matters; such as nurturing leads, increasing number of tenants and providing better service to your clients.
Additionally, property management software helps maintaining a clear digital paper trail for compliance purposes. Majestic People Infotech is a Coimbatore-based experienced software development company in India. We develop customized property management solutions for different industries including commercial, residential, hospitality, educational, and health. We invite you for a quick discussion on what is our advantage if developing property management software.