A surfeit of schedules. An excess of expenses. A ribbon of red tape. An imperative to keep costs low and occupancy high. Government agencies on your tail; feckless tenants on your case. Deals that need to be tracked, leases that need to be managed, writeoffs that need to be recovered.
But there is help at hand. Property management software, to say nothing of the attendant professional expertise that would facilitate its installation chez vous, represents an eminently useful and increasingly sophisticated tool for keeping abreast of the complicated business of property management.
Property is a high-value asset, after all, and its inclusion is your portfolio is not to be trifled with. Property management software exists on a wide platform, from the simple to the complex. Research, on this front, bears fruit.
1. Draw yourself up a property management checklist to help identify your requirements. Consider such essentials as reducing costs, overseeing maintenance schedules, handling contractors’ performances, calculating recoverable expenses, tracking deals and managing complex leases.
2. Shop for both software and software provider wisely. Compare product specifications with your identified business needs (it isn’t worth paying for bells you’ll never ring), and seek out endorsements from happy customers. Read reviews and accounts of other clients’ experiences.
3. Remember that there’s every possibility that your competitors will have gotten there first, and are already well equipped with software to keep their real estate interests in fighting trim. You and your manual approach are no match for that kind of intelligent control. Get equipped.
4. The best property management software boasts a range of features, including lease management, where lease renewal notifications are automated to proactively retain tenants on the most favourable terms; maintenance scheduling, where schedules and contractors are tightly managed to minimize surprise costs; and operating income forecasts, where project lease revenues and operating expenses are accurately predicted for terms of up to 24 months out.
5. Choose a provider with a track record. At 360 Visibility, where property management solutions span a wide range of applications (commercial, hotel, industrial, retail, residential and vacation), experience is wide reaching, and expertise is a given.
6. Remember the value of integration. A smart software solution eliminates the inefficiencies of multiple computing platforms, incompatible software and redundant processes. True property management efficiency can only be realized with a property management software solution that smartly integrates multiple avenues of functionality.