By Bob Risk
Did you know the real estate industry is a $15 trillion industry and small to medium sized companies still command roughly 50% of the total real estate market in the United States? This concept has drastically transformed with the rise of Cloud computing and the price of entry--which is much lower than you think. Companies such as Appfolio, Propertyware, RealPage and Total Management are paving the way with complete property management, accounting, tenant portal, marketing and maintenance work order systems, offering their entire system for $1 to $2 per month per unit.
If you are struggling with using Excel spreadsheets to manage your properties and QuickBooks to handle your accounting, it’s time to toss these inefficient tools and look into Property Management software. At Wiss we believe in the seven major reasons people should consider moving off inefficient manual human driven process and on to modern property management solutions.
1. Hands-on Planning
- With a cloud-based property management software, you can access all the information and data in real-time. With all the important data and information collated in a single place available at your fingertips, this software rightly simplifies data management and its accessibility.
2. Proper Installation
- If this is your first attempt at implementing property management software, you should invest in a trusted advisor to help you select the product that’s right for you and implement the system correctly the first time. Most unhappy property management software clients simply tried to implement the property management software on their own and rushed the implementation.
3. Low Cost to Entry
- While property management software is not absolutely free you can either buy a complete software package or can opt from various cloud based subscription options. When compared to the investments made in manpower and employee wages, both in short and long-term, a property management software is a cost-effective solution.
4. Efficiency Gains
- A property management software solution automates complex processes, tasks and duties, which would otherwise need time and manpower. From issuing notifications, sending reminder emails to creation of reports and documents, a property management software looks after each and every aspect of your business.
5. Central Documentation Storage
- All of today’s property management software serves as a document repository electronically storing invoices, leases, and tenant paperwork. Where and when you need the information eliminating the need and cost of paper storage.
6. Automated Collections
- Property management software improves cash follow by providing secured portals that allow your tenants to pay their rent online or set up automatic ACH bank withdrawals for rent payments. Property Management Software watches and alerts you when tenants are delinquent and can automatically assess late fees and penalties.
7. Enhanced Marketing/Prospecting
- All property management software systems now have marketing components that help you efficiently market your unoccupied units and space. With one click of a button your vacancies are post to multiple listings and popular Websites. This reduces the time it takes to find new tenants and improves your cash flow.