How to drive business with property management software
As a property manager, customer recommendations are key to your growth.
When you pay attention to the two fundamental factors of service (quality and your ability to deliver), you can persuade clients to spread positive word of mouth and talk about you to their network.
Therefore, to continue scaling your income, the experiences of your current clients need to become a number one priority.
What if we told you there was a way to:
- Be more efficient with your time
- Protect your bottom line
- Decrease costs
All while continuing to satisfy your stakeholders? No compromise required.
With MRI’s property management software, you become the agile manager that the real estate market and your clients demand.
What is property management?
Property management refers to the process of managing all aspects of a residential or commercial property. It can be done by the landlord, DIY style, or a third-party property manager through a regular real estate agency or a standalone firm.
Property managers are responsible for the day-to-day operations of managing a property, including ongoing maintenance, security, rent collection and upkeep of the rental property.
They work on behalf of owners of investment properties such as apartment complexes and private homes. Property managers do much more than just collect rent and arrange repairs, they’re responsible for managing the entire “life cycle” of a tenancy.
Landlords and tenants demand results quickly with the minimum of hassle. If you or your property managers are experiencing any of these challenges, then we can help:
- Admin overload
- Inefficient processes
- Frustrated tenants
- Burnout
- Inadequate digital systems
- Dissatisfied landlords
- High staff turnover
- Margin pressure
- No room to grow
Free Checklist
Learn how to choose the best property management software for your agency.
What does property management software do?
Property management software is designed to meet the needs of leading real estate agencies as effectively as those of individuals managing a single rental property.
It provides you with a host of innovative and useful functionalities, so you can provide more proactive management and give your landlords and tenants great experiences.
High-quality, cloud-based property management programs will help you:
- Access property data anytime, anywhere.
- Manage your residential and commercial properties.
- Simplify resident and tenant communications through a portal.
- Track rental agreements.
- Foster reliable and accurate collaboration.
- Scale your business and adapt to the market.
Advantages of using property management software
In today’s digital age, there are many benefits of property management software.
It can help you reduce operating costs, increase staff engagement, and retain clients to grow a more profitable business.
Benefit 1: Save time
Administration tasks are a complication for property managers, but, when everything you need to do to organise your properties is all in one system, you can be more proactive and reduce delays.
Benefit 2: Cut wastage
With the help of property management software, you can ensure the ongoing quality of your properties. Instead of missing deadlines for necessary and important maintenance that eventually leads to an expensive fix, you’ll have a platform providing regular reminders.
Benefit 3: Enhance communication
With the right property management tools in place, communications between yourself, your employees, and your clients can be streamlined – allowing you to create healthy relationships based on trust and understanding.
Benefit 4: Control your finances
When you are starting to increase your real estate investment portfolio, the amount of work that needs completing piles up. Software for property management provides an overview of your different rental incomes and ensures you are charging fair (but profitable) rent levels.
Top property management software features
Essentially, when you onboard smart and comprehensive property management software, your job starts to get easier.
- Accounting and Budgeting: Streamline and automate your finances by reviewing accurate forecasts, analysing rental values, and designing effective budgets.
- Building Maintenance and Management: View timelines of properties that need work and be alerted of any legal procedures you need to conduct (i.e., testing fire alarms).
- Fee Tracking: Predict when you need to have conversations about association fee increases or one-time assessments, as you approach the end of an agreement period.
- Resident Portal: Easily action client requests through an easy-to-use portal.
With MRI Software’s property management solution, you can manage the total lifecycle of your real estate investments – onboarding renters, fulfilling your obligations, and continuously delivering the best service possible.
Choosing MRI Software for Property Management
When it’s time for you to browse through the various property management software systems available on the market, choose one that will best enable your growth.
Step 1: Look at what systems other property managers have adopted. Consider the size of their operations, the type of clients they work with and the type of properties they handle.
Step 2: Consider buying a property management software package that has proved itself a market leader, with a strong reputation within the industry. Look for case studies and seek references.
Step 3: Calculate how much time and resources you can save, which can be reinvested in new business development. A great software package should present significant opportunities to market your services more widely.
Step 4: Find out about the business insights that a property management system can offer. For example, it may allow you to view your property data to produce detailed forecasts and reports.
Step 5: Consider the online and self-service functionality of a property management system. New clients will place a high value on this aspect: it improves communication, speed of response and data integration while saving money and time.
Step 6: Seek out a system that can offer you the ability to market to both landlords and residents, driving revenue from all building users.
Step 7: Prioritise a supplier with a well-worked out mobile and apps strategy, together with Software as a Service (SaaS). This shows that you are at the forefront of adopting new technology to the benefit of your clients.
Step 8: Choose a system that can allow high levels of collaboration between all stakeholders in the property management process, driving further efficiencies through the whole supply chain.
Step 9: Above all, you need to look for a property management software provider with strong training and support. You can’t expect your employees or clients to be IT experts – so adopting and understanding software quickly is vital to your success.
Property management software – FAQs
MRI’s property management software checks all the boxes.
By embracing our software and being an effective property manager, you can take on more work, upgrade your offerings to new clients, and start to achieve economies of scale in your administration.
Sound appealing? Request a free demo of our property management software today.
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