The Software Property Managers Dream of
What will property managers and landlords be looking for in the best property management solution for 2023?
How about an easy to learn and use system which helps them streamline all aspects of their work flow including lease management, rent collection, maintenance tickets, accounting, and tenant communications?
Research reveals the top challenges property managers faced in 2021/2022 were cost efficient management, cash flow management, rent collection, rent receivables, better tenant management, modernization with technology, improved time management, keeping their staff, automating accounting, and growing revenue.
Good Software is Central to Your Success
As highlighted in the report on the property management market, this is a huge software market ($1.8 Billion globally with a software marketplace at $400 Million) and includes the growing cloud based solutions. The demand signifies how much value companies are generating by using it. It’s an investment with a high rate of return.
The Global Real Estate Management Software Market is expected to grow from USD $8.97 billion in 2017 to US $12.9 billion at a CAGR of 4.7% by 2025 — Adroit Market Research.
Research company ARC says the Global Property Management Market will reach USD $25.54 billion by 2025.
Software is Central to Property Management Now?
Rental property management is increasingly becoming mobile, accounting and financial management more complex, property portfolios are increasing, landlord regulations are increasing, and most important, there is simply more work to be done.
Yet staffing is a challenge for property managers.
Property managers are using software now, but studies show they’re not committed to their “trial property management solution.” Perhaps their current software doesn’t work intuitively or it’s draining to work with it every day. Or it may create more work, or doesn’t help them do accounting correctly.
In a nutshell: It’s failing.
The property management software that is simple and easy to use is what managers are looking for. And yet it has to deliver the powerful accounting, document management, online payment, analytics, reporting and tenant management capabilities needed in this new ear of property management.
Without simplicity and business intelligence, software apps fail at a fundamental level. The software then adds value and makes a high volume business possible.
How Do I Grow My Rental Property Yields?
You’re asking about how to get the best yields on your rental properties. Some property management software solutions (ManageCasa) are designed to help you get those best yields while others trap you in routine. By using a solution such as ManageCasa, you have a tool to raise rent yields.
You can set a better rent price, attract more qualified renters, optimize your accounting, assess all your revenue sources, and minimize operating and emergency expenses.
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Does an 8 to 10% yield sound good? Why not 20% or more? What can help you shape your portfolio of properties, and improve management so that you can expect 20% yields? The Right Software for landlords and property management companies.
The ideal software for you as a landlord or property manager? You may be surprised. Let’s take a look.
Software Optimizes Your Productivity
The ability to use property makes you highly valued in today’s market. It’s what you can achieve via the software that matters. If you’re a master spreadsheet wizard, congrats. But what if you could master many other things easily and quickly with usable property management software? Check out ManageCasa’s Platform right now!
Software doesn’t automate you out of a job, it augments your ability to create value for owners by optimising property portfolios, growing yields, keeping loyal paying tenants, and creating convincing owner reports
The 2023 Rental Property Market and You
The rental property market for 2023 looks very good and plenty of investors are looking into buying properties in the best cities. See our FREE housing market reports on Texas, Hawaii, Florida, Colorado, and California. Don’t forget our tips on being the best property manager or landlord, how to choose the best rental properties, using apps, getting better rental prices, and creating owner statements and more.
This quick guide will help you make good decisions about adopting property management software.
Looking at Rental Property in 2023
Rental property is a hot sector, with growing renter demand, availability squeezed and apartment rents rising. This means the best property management software is in demand. At ManageCasa we know the trends. We’ve just improved the accounting management capabilities and marketing features our system delivers.
You Need the Right Software Benefits not Features Galore
Most of the property management software applications have too many necessary add ons that attempt to take over your business. They’re not solving your business issues, they’re solving theirs by taking over your business.
You need to solve your 4 key challenges:
- Time pressures – onboarding, processing documents, micromanagement
- Keeping good tenant communication – keeping your good tenants through fluid communications
- Controlling expenses and improving cash flow – fluid tenant rent collection and staying on top of maintenance/service tickets
- Communicating performance well to owners and investors
Property Management Software must be Simple or it Fails its Purpose
There’s little doubt you’re overworked, especially around the end of every month, and that it will get worse, so this issue is the number one thing to solve.
The advantage of ManageCasa’s property management software solution as an example, is how easy it is to adopt and use. And for a software to succeed, it has to be easy for tenants, contractors, and property owners to adopt.
- yield optimization – helps you identify the best performing properties, charge maximum rent, and keep your tenants longer.
- simple accounting – track and control bills, expenses, income, mortgages, and deposits
- online payments – lets you collect rent and make your payments/distributions easily
- stress management – automates, declutters, organizes and gives you complete control from anywhere, anytime via the cloud
- keeps a finger on the pulse of tenant satisfaction – responsiveness with tenant feedback makes them feel important and recognized
- helps reduce tenant turnover – which is time consuming and expensive
- simplify managing paperwork, reminders, and notices – all via one interface on any device
- visualize property information – via an easy to use online dashboard
- track property manager tasks – such as maintenance and repair tasks from multiple contractors
- organize and securely store documents and lease agreements
- easy collection of tenant information online – rental applications, lease agreements
- easy review of tenant background screening data (imported)
- easy review of credit checks checks (imported)
- easy to learn and use – helpful tips, videos and customer service rep
- no extra add on fees – all for one price
A simple yet powerful property management solution that’s easy on your budget.
Should Your Property Software be in the Cloud?
Everyone is moving to the cloud and you can learn why below. A cloud-based property management platform may be best for you. In fact, you’ll learn a great deal about what you should look for here.
Property managers, real estate agents, home owner association managers, and landlords have been making the transition from paperwork chaos and spreadsheets to paperless bliss on the cloud for awhile now.
It’s a smart, forward looking choice to cure their overwhelmed blues and keep you ahead of the innovation curve.
Best Priced Property Management Solution
How much does a property management software in the cloud cost? Much less than the competition. In the case of ManageCasa, you can demo it for free and then it’s a low $40 per month for up to 50 properties.
No one buys and installs software anymore. This is a cloud based, software as a service market. No installations, no service fees, no technical administration. The last thing you need is more stress.
After you read this post, take a quick test drive of the ManageCasa solution and discover how simple property management can and should be. You’ll see how you can manage your portfolio with no surprises and headaches.
Time Does Equal Money
One of the nice things about conducting rental property management without a property management firm is how much money and time you save. That’s 8% to 10% every month across all your properties.
10% x $1500 x 12 months x 20 properties = $36,000 each year
Add on savings from managing maintenance and repair expense better, and the cost element is negligible. All you have to be concerned with now is whether your connections/tenants will accept and enjoy using the software.
Of course, there’s all the other costs you must consider:
Keeping More of your Property Management Funds
You probably know where your money is being lost, but after adopting rental property software, you might find savings in so many new ways. And if you own properties under rent control restrictions, you can’t just raise your prices to cover losses.
With building costs, mortgages, and cost of living increases, do it yourself property managers may enjoy even more savings.
It’s not just money. It’s the aggravation and documentation and the rest of the tough, daily business of property management itself. It’s work that isn’t appreciated by tenants (as landlords will attest to).
When rental and lease agreements, onboarding, paper and payment processing, and tenant issues become too much, being a landlord or property manager may begin to feel like a prison sentence. The money you’re losing makes it extra painful.
Managing Properties Remotely
Whether you’re doing business in other cities or states, or you’re getting needed downtime, your rental property software will keep you connected and on top of things. And when you’re in Europe, The Caribbean, or Mexico for a vacation, you want sure communications and to have the common transactions automated which your software can accomplish.
Anything out of the ordinary, sensitive, or potentially costly, your software can alert you to immediately or in the morning. For other tasks, you’ll need an assistant manage or you’ll need to manage them from your remote location.
The BIG issues if you’re absent:
- Maintenance and repair companies that overbook repairs and can’t respond to your request soon — you need alternative repair service providers
- The repair service person needs extra parts but needs your approval to order them – you’ll likely want direct online communication for these issues
- Being unable to reach service companies when your tenant has an emergency
- Tenants can’t reach you because your cell phone isn’t online or your email isn’t working – ensure they know exactly what to do and how to reach you
- People don’t know where you are – a tracking app might help them know where you are so they can reach you with a third party
- You can’t collect payments or deposit them physically yourself, in person — if payments were automated, it’s not an issue
- Repair person needs permission to enter a unit — you need to be able to grant permission, arrange for keys, passcodes or whatever when required, off hours too
- Emergencies happen – create a list of problems that could happen (plumbing, roof leaks, furnace, lost keys, clothes washer, parking lot access, A/C, electrical fuses) and what you’ll do and who you’ll contact to get them addressed
Don’t Lose Sight of the Big Picture
- Your Property Management Software Should be Helpful Software should help and assist you in creating better communication with investors, landlords and tenants. The communication value is key. Knowing more about what issues your tenant is having and how they feel is very valuable. Keeping tenants long term is the number business success factor for most landlords, investors or property managers. Turnover is to be avoided. Ensure your new solution complements and works well with other business software you’ll be using. No need to get rid of your legacy solutions.
- Property Management Apps Should Be Easy to Use Software should be easy for your tenants and landlords to understand and use. When they refuse to use it, or lose interest, then your expensive new software won’t work. You’ll be back to square one.
- Software Pricing Should be Clear and Easy to Understand Know what the cost will be when you add properties and need more functionality. Assess the added cost and value of integrated tenant background checks and tenant credit checks. If these are infrequent, why pay a huge fee for it in your software subscripton?The fact you can integrate this third party information into your tenant database is likely good enough. Seasoned property managers feel these background checks and credit valuations aren’t a good guide to acquiring good tenants and that relying heavily on the data they collect may be unwise. Tenants with ultra high credit scores and sparkling references may not be any more likely to keep renting with you. Your software can’t do it all.
- Cost Versus Results The above material hints that buying things you don’t need can distract you and waste your time and money. Good property managers zero on on high quality software that gets to the essentials. Results are more important than costs, however it is important to keep costs under control. You’ve got enough expenses now.
The Future of Property Management Software
Future software will offer features that users want and are ready for, but it’s 2020 and we’re not there yet. That will include complete mobile compatibility, Internet connected appliances and building operations, online payments from any source, full tax, banking, and accounting integration, and high quality prospecting/marketing for good tenants, and internet enabled suite and parking access for tenants.
It all sounds like science fiction to seasoned property managers, but one day at a time, we’ll see exciting and reliable software improvements and tenant services.
Try a demo of ManageCasa, enter some properties and see how it feels. A short learning curve and an easy process makes this a good choice. We think you’ll like it.
Top 7 Reasons Property Managers Choose ManageCasa
See also: Property Management Software | Property Management Services | Compare ManageCasa vs Buildium vs Appfolio | Rental Property Market | Denver Housing Market | Chicago Housing Market | Property Management Companies | Phoenix Rental Property Market | Las Vegas Property Market | Property Management Trends | Property Management Apps | Apartments for Rent | Renters Insurance | Tenant Management Software | Housing Market Forecast | Apartment Rental Market | Tenant Screening | Hawaii Housing Forecast