The Software Property Managers Dream of
It’s 2019 and property managers have high expectations of their property management software. Research reveals the top challenges they face in 2019 are cost efficient management, modernization, time management, keeping their staff, improving accounting, and growing revenue.
We’d like to highlight the benefits, opportunities and value of property management software here in this epic post. For property managers, the best property management solution generates significant business value. It can help you renew long term lease renewals and help you enter new types of profitable opportunities such as short term vacation rental management.
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.
How big is the property management software market? Estimates vary.
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.
Property software helps PMs identify the best performing properties, optimize yields, secure cash flow, improve tenant relations, and simplify property accounting. PM software helps streamline management of property portfolios. If you’re a property manager, you know an easy to use but powerful software will help you manage your growing portfolio.
So, Software is Central to Property Management Now?
Rental property management is becoming mobile, tenants are turning over faster, accounting is more complex, regulations are rising, and most important, there is more work.
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 creates more work, doesn’t help them do accounting well enough, or doesn’t make all their heavy workload disappear.
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.
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’re getting a solution that can help you get the highest rental yields.
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.
The ideal software for you as a landlord or property manager? You may be surprised. Let’s take a look.
Best Salaries for Property Managers
Your rise as a highly paid property manager won’t come through CPM certification status, 16 hour workdays, and master’s degrees, nor spreadsheet wizardry.
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?
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 2019/2020 Rental Property Market and You
The 2019 rental property market looks very good and you’d be wise to consider buying properties in the best cities offer very high returns. Have a good look at our FREE market reports on Texas, Hawaii, Florida 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.
Rental Property in 2019
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 accounting is perhaps the number one priority of property management software.
Financial management, forecasting, and detailed attribution and reporting are features we know our customers need. Many of the top property software solutions don’t provide the kind of power you’re hoping for. They provide more complexity, need for training and support, and headaches. When customers doing their trials find this out, they seek an easier solution that works with their legacy software and one which their staff are willing to work with.
Keeping your staff is likely big on your mind this year. ManageCasa will give them power and make their job easier.
Most property managers and landlords need help with portfolios of up to 100 properties and growing. Keeping it simple is smart.
Remember, Property Software Solutions are a Real Bargain!
Take a look at the pricing for an automated property management solution and you’ll see it is a bargain. Just by saving you 10 hours a month in work, you’re saving hundreds of dollars in hard labor and avoiding costly errors that happen with manual paper documentation filing.
You might be looking for small business property management software, or rental property software, lease management software, landlord apps, property manager apps, or landlord software. These solutions are similar. And the right software solution may give you all the benefits and functionality you need.
You Must Choose Wisely
The property management software you choose is important so let’s take the time to quickly explore what your real needs are and which solution might be best.
The Best Solution for You and Your Business
You’re not managing a portfolio of 500 properties so going all out with a large scale solution that tries to do too much isn’t wise. That has a big learning curve and it keeps you overwhelmed.
Time and money eaters: tenant communication and building repair efforts benefit from quick, efficient, trackable service calls and contractor reporting. And that’s how you avoid repair and maintenance fraud.
You Need the Right Software Benefits not Features Galore
Most of the property management software apps have too many necssary add ons that attempt to take over your business. That’s not what many property managers want. 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 – staying on top of maintenance/service tickets and monthly payments
- Communicating performance well to owners and investors
The business streamlining effect of software creates better control, awareness and cooperation between tenants and landlords, and lowers costs. Onboarding good tenants and keeping them happy is vital to a successful property manager. Software can help with this.
Property Management Sotware 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 makeyour 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.
Try out ManageCasa’s Easy to Learn and Use Solution right now – FREE!
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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, condo 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.
Lots of Hype, and is the Cloud Safe?
It is difficult to understand cloud technology, however for you or tenants and owners, there is no visible difference. The advantages are in speed, cost, and security. This is why the whole SaaS industry is adopting cloud technology for their solutions. The cloud provides fast, efficient applications and secure data hosting. Believe it, the cloud is safer.
In most cases, the cloud is safer than private servers and storage. The companies that manage the technical aspects of servers and storage have much better security controls and can identify attempted hacks right away and block them. These are capable providers who know the threats and take security and server monitoring seriously.
Even for property managers with limited portfolios, security is important which is why it’s wise to use the solutions of a reputable software provider. Hackers are always on. Your software should be too.
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 Your Properties Remotely
Your new property management software solution could save you from the drudgery so you have lots of time to attend to emergencies and inevitable issues of owning and managing properties. And you’ll be less weighed down emotionally.
There will be times during winter and summer when you need to travel across the city or state, take a vacation, or for business travel to look for additional investment opportunities in remote cities. That’s when using property management software remotely pays off.
Murphy’s Law: If something can go wrong, it probably will
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 you need to be wary of when travelling are:
- 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 HelpfulSoftware 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.Accounting too is a key benefactor of good PM software. 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 UseSoftware 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 UnderstandKnow 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 crdit scores and sparkling references may not be any more likely to keep renting with you. Your software can’t do it all.
- Cost Versus ResultsThe 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 2018 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 and accounting integration, and high quality prospecting/marketing for good tenants, and internet enabled suite and parking access.
It all sounds like science fiction to seasoned property managers, but one day at a time, we’ll see exciting and reliable software improvements.
Property Management is a Breeze Now?
Get the big picture taken care of, and automate those repetitive tasks with the best property management solution for you. You’ll make your property management work more enjoyable and your tenants, those key people in your business, will be more pleased with you.
Enjoy feeling a warm breeze everyday without going on a vacation. ManageCasa might be the best property management software for any investor, agent, landlord or manager with a small portfolio of properties. Grow when you need to.
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 Companies | Property Management Trends | Property Management Apps | Landlord Apps Adroid iOS | Apartments for Rent | Renters Insurance | 2019 Rental Housing Market | Apartment Rent Prices USA | Online Property Management Software | Renter Demographics | Tax Tips for Property Managers | Real Estate Portfolio Tips | Starting a Property Management Business | Tenant Screening | Increase Investment Property ROI | San Francisco Housing Forecast | Hawaii Housing Forecast | Improve Property Cash Flow | Property Management Contractor Scams | Property Management Company California | Property Management Workload Tips | ManageCasa Property Management Solution