If you are the owner of a real estate property, leasing a property space, or tasked with the management of commercial property, you should have a certain system to help you with the management of your portfolio. So much has developed over time and Property Management Software has been improving quite a lot in the recent years especially with the rise of cloud based systems. However, there are those property owners who like to use traditional systems on paper or make use of the spreadsheets in excel. Of course, it all comes down to what your personal preference is.
However, you should also consider some key aspects that can help you determine if you should be using property management software. Let us go through these considerations and if you find yourself agreeing with a couple, then you might want to take a look into property management software.
1.) You regularly view the performance of your portfolio – If you take a look into your portfolio into a daily, weekly, or monthly basis, a folder full of papers won’t make it any easier. By making use of property management software, you can easily take a look into your portfolio’s performance and dynamics in real time as data is being put into it. Just make sure that you keep your software updated. With cloud based systems, it will be easier to manage your portfolio and some software use the right textures and symbols to better show you the data.
2.) Your portfolio involves more than a couple of properties – Whether you are the one leasing, the one managing, or the owner of the properties, Property Management Software can really help you if you are working with more than two properties. Even if you are just managing one or two properties, you will find that using property management software can really help. You might find that using the software can cut the time needed for you to get the data and reports on your properties.
3.) You spend your time doing other work than admin – Managing property can be quite overwhelming. Sometimes you won’t have time to see who among your tenants has paid their rent or not since you have other things to attend to. But with property management software everything becomes automated. If you have any critical agreements, insurance dates, etc. it will just be displayed by your software as reminders. Your software will be the one checking up on payments. This is really helpful if you have a job outside overseeing your properties if you are the owner.
4.) You find yourself having to deal with a lot of papers – With property management there is a lot of paperwork to manage. Couple that with the reports on paper and you find yourself dealing with massive stacks. With Property Management Software, you won’t have to worry about working with physical papers since you can find your documents online.
Do you agree with a couple statements mentioned? If you so, then you should be using property management software.