Which PM Software Features Are Vital?
Whether property managers, HOA managers, asset managers or landlords are or aren’t using property management software currently, they’re always looking for PM software with the right mix of features and benefits.
Tens of thousands of property managers are finding their current solutions aging and not compatible with the new, internet-connected environment. But as they prepare to switch, they’re uncertain which of the benefits they want are core requirements.
Some features bring better benefits than others so prioritizing then, is something we must do.
To understand this a little better, we might look at what surveys have discovered about the attitudes and priorities of property managers and landlords in 2019. The top 3 priorities stated were growth, efficiency and profitability.
Consider your biggest business challenges this year and build your TOP 10 must have features.
Finding What You Really Must Have
Yet reconciling challenges with the actual software features property managers need is another thing. And few might consider cost and security (as examples) as vital factors in their mix.
We have to mention cloud-based property management because it solves so many cost and technical challenges. The cloud platforms open up so many additional services, and services that tenants consider must have amenities.
So let’s look at the top 10 features that excellent, flexible, property management software possesses.
- double entry, industry-specific accounting – collecting rent payments and making accounting entries are time consuming. Having software dedicated to the actual needs of property managers means accounting is accurate and reliable. You need to keep your accounts separate and track expenses against individual properties. Good accounting makes financial reports valid.
- work automation – software is all about automating work tasks to take repetitive tasks away from you. This saves you and your staff a lot of time, which is money. Good accounting and work automation helps eliminate errors and lost paper document issues.
- online rental payment automation – tenants want to pay online in the format they prefer. Letting the tenant take care of this process, enabling automatic verification saves a lot of time and energy on your part. It also helps eliminate late payments and non-payment problems.
- owner disbursement automation – automating payment to your landlords and property owners helps save time on manual checks and thus streamline the process to eliminate errors.
- maintenance ticket automation – automating maintenance work orders ensures a central, official record of repairs, requests, estimates, notes, conversations, and photos related to a rental property is available in real time, ensures landlords get notified when tenants request maintenance or repairs, and keeps conversations, sms texts, emails, and docs in one place for ready referal.
- improved property reporting – property management reports help you understand your PM success and communicate it better to property owners. Reports help you account for expenses, know immediately how much rent is paid, where money went, and what amounts are left in each account. It’s an excellent way to boost owners confidence in you, and give them an up-to-date, reliable snap shot of their property’s performance.
- cloud security – Data privacy laws are priorities and the cloud infrastructure is harder to hack. Cloud hardware infrastructure and data encryption, and intrusion detection, makes the cloud much more secure than a local hard drive. For many property management companies now, such as those who have been hacked, data security is the highest priority.
- cloud IT cost reduction – the cloud takes away in-house IT administration costs, downtime, and staffing costs. These are big expenses and thus allows you to raise staff pay, increase marketing for tenants, and increase ROI for owners.
- contractor management – knowing who your contractors are, where they are now, what they’re doing, and what they’ve completed is essential to tenant satisfaction and costs related to fraud or rework. You can manage invoices and stay on top of repairs and contractor conversations to ensure costs are controlled and jobs are done well.
- automate lease cycle management – from writing and editing leases, updating lease provisions, changing terms, and storing related documents for instant retrieval, the property management software’s automation makes lease management a breeze.
Resolve Your Challenges with Excellent Software
Consider your biggest business challenges this year from staffing to cost efficiency to new services desired by tenants. Come up with your top ten must have features.
Check out ManageCasa, and you’ll find we’ve made the top 10 features a priority. Take a test drive of our cloud based property management software and how much easier it can make your daily workload.
See also: Property Management Software | Cloud Property Management Software | Cloud Migration Tips | Property Management and Housing | Property Management Hacks | Property Management Software Comparison| Property Management Mistakes | Build to Rent Housing Boom | Stripe Partners | Property Management App | Tenant Services | Reduce Tenant Turnover | Why do Tenants Leave? | Understanding Tenant Lease Provisions | When Will House Prices Fall? | How To Create Great Leases | Rent or Buy Home in 2020? | Rental Market | Tenant Management Tips | Phoenix Rental Market | ManageCasa Property Management Solution