If you’re at all engaged in the complex business of managing property, you can benefit from accepting a high-tech hand. Full stop.
Admittedly, property management software had a bit of an uphill path to navigate when it first appeared on the scene. The industry it services, after all, is not celebrated for being the most technologically advanced.
Consider: Long after online banking and electronic transactions became commonplace in other parts of the business world, paper rent cheques still got deposited into metal mailboxes. And the obvious marketing superiority of a website notwithstanding, hard-copy property-praising literature still accumulates in managers’ offices like glossy tributes to yesteryear.
But property management software has at last come of age, and the professionals for whom it’s been developed stand to gain massively from its whole-hearted adoption.
Here are four ways how:
• Administering leases. A good property management software application will allow lease administrators to set up the terms of their industrial, office and retail leases, no matter how complicated or how many amendments they include. Ideally, all leads modifications — including those associated with expansion, contraction, relocation, holdovers and renewals — will be stored with the lease details for easy drill-down and historical references.
• Conducting analytics. That managers always have access to timely and accurate information is vital to their ability to do their job well. Smart software can analyze by attribute, entity, GL book and segment, and publish the results to both PDF and Excel.
• Getting automated. Software relieves users from the time-sucking mundanity of dozens of otherwise manual tasks, such as deal tracking, quote creation, rent collection, lease renewals and expiries, and the endless call for property management reports.
• Mastering efficiency. An excellent property management program lets users project operational costs and revenues accurately so that unexpected shortfalls don’t send them back to the drawing board. It also allows them to create budgets — ideally, as many as they need and with a variety of currencies and tax percentages — and to automatically schedule maintenance and contractor visits to their properties.
Taken together, the advantages of a smart piece of property management software such as Microsoft© Dynamics NAV 360 Property Management produce a 21st-century kick in the pants for the managers who would otherwise have to invest a profusion of plodding effort into the oversight of their properties. And their integration of a multitude of different aspects of the property management business — from tracking and accounting to collections and marketing — frees up time to focus on more lucrative pursuits (like chasing leads).