A property management system is software used to facilitate the management of residential and commercial property, or to manage the daily operations of a hotel. This blog post will discuss exclusively the advantages of a PMS used to manage residential and commercial property.
A property management system automates the administrative tasks of a property dealership, and digitizes important information. Putting relevant information and many operational tasks online, PMS simplifies and improves how property dealers and property management companies do business.
Here are a few ways a property management system can help your business grow:
- Improve communication
- Resolve Complaint & facilitate maintenance
- Monitor payments and expenses
- Secure sensitive data
- Track data and generate reports
Property management software allows you to upload all client and property information onto an online database, so you can easily access contact information for clients and maintenance workers whenever needed. In contrast to paper-based records of contacts, contact information stored in a property management system is usually protected from loss. In addition, PMS also enables you to send automated e-mails, enhancing your communication with property owners, renters, buyers, and support staff.
Property management systems often have a ‘complaints’ feature or module, that allows clients to submit complaints, property managers to delegate the complaints to support staff, and support staff to resolve the complaints. With the automation of complaint resolution, clients no longer need to visit or call their property managers and can simply submit their issues online. Property managers can view the maintenance staff available and the skills of each member of staff, and can then assign tasks to appropriate persons. Upon resolution of the complaint, the support staff can mark the complaint as resolved. Through a PMS, the process of submitting and processing complaints is simplified, not only increasing client satisfaction but also easing the property manager’s workload.
Instead of having to keep and file paper-based invoices, property management software automates the creation of digital invoices and expense sheets. Therefore, it not only reduces the manpower needed for accounting and finance, it also eliminates human error in calculations. In addition, a PMS also secures your financial calculations from intentional manipulation. Hence, through the ‘accounting and finance’ feature of property management systems, not only are accounting and financial calculations simplified, they are protected as well.
Paper-based records are prone to loss and mishandling. In property management software, however, data is stored securely, preventing its loss and unauthorized manipulation. Many property management systems secure their data using encryption, ensuring that no unauthorized third party can view it. Therefore, the data stored in a PMS is virtually immune to loss and mishandling.
Last, but certainly not the least, one of the greatest advantages of property management software is that it enables business owners and property managers to analyze their performance and draw conclusions about their business. Because all data pertaining to your property management business is stored within the system, you can view it easily and use it to extrapolate beneficial information about your customers, commissions, property, employees, and earnings. In addition, many PM systems feature the option of automatically generating reports. Thus, property management software can help you make useful conclusions about your business.
If you are a property manager or realtor, and complete all your tasks manually, it might be time to start thinking about adopting a property management system. Using a PMS will help you build better relationships with your clients, secure your information, and analyze your business performance. It is important to remember that you don’t necessarily have to break the bank to get all these benefits. With a number of PM systems available, you are sure to find one that meets both your needs and your budget.