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Rental Property Management Software and Its Benefits

Property management companies looking to stay ahead in the competitive real estate rental market need to implement operational cost-cutting strategies. Rental property management software can streamline the administrative burden of managing your portfolio.

Rental Property Management Software

Why Use Cloud Rental Property Management Software

Legacy property management programs are fast becoming obsolete. Over the past few years, cloud computing has been steadily penetrating all industries, including real estate. Today, hundreds of realtors are moving from using legacy applications to cloud applications for efficiency and cost benefits.

Robust cloud programs connect long-distance property managers and owners with their community. Moreover, the applications have multiple built-in management tools that can boost efficiencies.

Below are the top benefits of using cloud rental property management software:

1. Lower Operational Costs

One of the biggest benefits of using cloud software is cost efficiency. When using legacy systems, your data is typically stored in a large, physical server that could cost thousands of dollars to install. You would also have to pay regular maintenance and upgrade fees. These multiple fees can quickly add up and cut down your profits significantly, especially when you factor in energy bills and licensing fees.

Using rental property management software will significantly lower your operational costs since you do not have to install or maintain the software infrastructure. Moreover, you do not have to buy expensive servers since all the data is stored securely in the cloud. As a result, your agency could save thousands of dollars in hardware and labor costs.

With cloud software, you pay exactly for what you use. You can upgrade or downgrade your storage over time as needed.

2. Easier Collaboration

Your team or employees can access cloud rental property management software from anywhere they are, provided they have an internet connected device. Teams can access work-related files from different locations, work on the same master file, track changes made on a file, and so on. The real-time collaboration is critical especially for large property management companies that operate across multiple cities, geographical regions, or time zones.

Using cloud software increases the efficiency of your employees. For example, field employees can upload photos on the cloud app for the office team to review in real-time. This helps to keep everyone on the loop regarding the status of a project, reduces decision-making time, and enables the company to finish complex projects on time and within budget.

3. Robust Security

Security is at the core of cloud infrastructure. Cloud real estate management solutions are built and hosted on secure networks with redundant infrastructure that ensure nearly 100% uptime. With legacy software solutions, hardware upgrades can leave your data vulnerable to viruses, physical disasters, and power outages. Moreover, security patches are few and are released far between.

With cloud solutions, your data is stored in the cloud in encrypted form. This significantly reduces the chances of the data being accessed by unauthorized third parties. Moreover, the data is stored virtually behind multiple layers of security including, robust firewalls, physical security measures, authentication gateways, among others. The security layers are frequently updated at no extra cost to you. Patches are released and regularly applied to ensure there are no vulnerabilities in the infrastructure or cloud property software that could be exploited by malicious third parties.

Multiple security protocols are also implemented in cloud systems to reduce the risk of data breach. For example, there is the ability to block a device or log out an account remotely. You can also set the software to send real-time alerts about attempted or failed logins on your account.

4. Easy Scalability

It is easy to scale your operations when using a cloud property management system since the storage is virtual and uncapped. As your operations expand and the need for storage increases, you can upgrade your cloud usage to meet your needs. In case you scale down operations, you can downgrade your usage. This flexible scalability ensures that you only pay for what you use.

Most cloud solutions have automation tools that make it easy to handle accounting and communicate with suppliers, clients, and tenants. The tools can help you to save a significant amount of time that would have been spent doing monotonous tasks. You will have more free time, which you can dedicate to growing your business instead. Moreover, you will have better control of your business and increase service levels, while ensuring employees have better control and more time for quality property management.

5. Simple Backup and Recovery

Legacy systems can take hours to backup or retrieve data. With cloud property management software, your data is automatically synced to the cloud. Therefore, it is easy to restore the data to previous iterations or recover lost data. You can configure your software to automatically backup the data to your preferred cloud hosting service provider.

It is also easy to access all your property management data should your systems be compromised. Unexpected outages, malicious employee, and other factors can lead to system crashes or hardware malfunctions. With legacy systems, such problems would mean possible corruption and possible loss of data. With cloud rental property management software, all you would need is to repair the systems or use uncompromised systems to access your data, which would be intact despite the system hardware problems.

6. Increase Happiness Levels

Property management software does a great job at improving the internal process. However, it can also play a vital role in increasing your tenants’ happiness levels. Depending on the software you are using, you can give residents more options on how to make payments, get tenants statements, and make maintenance requests. Some programs also allow you to text or email individuals or the whole community depending on their preferred method. The programs will allow you to cater to a large portion of your community without increasing your costs substantially.

The above are six main benefits of using cloud rental property management software. Have you made the switch yet to a cloud solution? Sign up now and try our demo software.

Amit Prasad

Amit Prasad is the founder and managing director of SatNav Technologies and has business interests in a wide range of IT products. SatNav Technologies is an IT products company focusing on cloud based map data products and a pioneer in GPS, FMS & LBS Technologies. The product suite includes SatTracx in-the-field location based solutions and A-mantra in-the-office facilities management solutions. QuickFMS from a-mantra is a cloud based facility management system which enhances organization’s efficiency.

Rental Property Software: How It Helps in Asset Management

Property managers have to manage properties, tenants, their requests and all other day to day activities. They are very busy in handling the common tasks, which include collecting rent from the tenants, managing records, maintenance calls and reports. With expansion in the business, the rental property assets increase and the responsibilities of property managers also increase as they have to manage multiple properties in multiple locations.

Rental Management Software

It’s not easy to manage all these tasks manually, so property managers always look for ways that will help them manage their business efficiently and smoothly. It’s important to upgrade the database management system with the increase of assets. Rental property management software is one such way that will ease your burden and make your life easier. It helps you in simplifying the asset management, and also integrates all the important things and processes needed for your rental property.

Here are the some ways rental property software can help you streamline the asset management:

Offers Better Organization and Property Listings: Rental property software helps you to store lease information and other important documents online which can be easily accessed. Keeping information and documents organized saves a lot of your time and effort. It helps in creating listings of the property and posting them with a single click on different online portals.

Adds the Right Properties to Your Portfolio: Rental property software helps you in identifying the right areas where you can look for new properties. As you might be well aware of the neighborhood, and might know whether it is becoming popular among the tenants, you can easily look for properties in that area. Any good rental software helps you do that.

Helps in Finding Foreclosures and REO Properties: Many real estate deals take place due to economic or local downturns. People sell their home or move to some other location, or rent their home due to some financial obligations. You should be looking for the foreclosures and real estate owned properties as you might get good properties at a lower price here. Rental property software will help you in finding such deals.

Provides Excellent Customer Service: Cloud-based rental software helps you to keep track of data and create customized reports. It includes features like online payments, automation of reminders, tracking information of repairs, leases, security deposits and notice to tenants. This helps in providing exceptional customer service which attracts new clients and helps you to get new properties.

Helps in Planning for Growth: If you are thinking to expand the number of properties you have, you should also plan to manage them. It’s important to plan otherwise you and your employees would be overburdened and stressed. The rental property management software will help you in managing these new properties easily and efficiently. Along with tracking the records of your rental properties, it will also help you in improving the investment performance.

Amit Prasad

Amit Prasad is the founder and managing director of SatNav Technologies and has business interests in a wide range of IT products. SatNav Technologies is an IT products company focusing on cloud based map data products and a pioneer in GPS, FMS & LBS Technologies. The product suite includes SatTracx in-the-field location based solutions and A-mantra in-the-office facilities management solutions. QuickFMS from a-mantra is a cloud based facility management system which enhances organization’s efficiency.

Top 5 Benefits of Using Property Management Software

With the latest advancements in internet and computing technologies, the way to handle business processes and data has changed significantly. The innovative business software and solutions have empowered every industry across the globe to handle processes more effectively and efficiently. The real-estate is one such industry, which has immensely benefited from computing and software technologies. A property management software is a perfect example for this, which automates all complex processes and helps in saving time and human efforts.

Property Management Software

A property management software helps in eliminating the hassle of managing rental properties with utmost accuracy. An efficient property management software can add significant value to your property investment, which is why many people and business groups across the globe now, prefer using one such software solution. A property management software comes with several advantages.

Benefits of using an advanced property management software:

  1. Real-time Access to Information

    With a cloud-based property management software, you can access all the information and data in real-time. This suggests that you don’t need to be available in your office to have an eye on the software data. 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. Time Saving

    A property management software automates all complex processes, tasks, and duties, which would otherwise need time and manpower. From issuing notifications, sending reminder emails to the creation of reports and documents, a property management software looks after each and every aspect of your business. This means that you can now save the massive amount of time spent on such tasks that earlier needed human attention.

  3. Security

    An advanced property management software ensures that all your important and confidential data is kept secure. A software development company, which develops one such software solution, also builds a comprehensively secured environment, including firewall, encryption, and backup/recovery modules.

  4. Scalability

    No matter you own a small or big property, an advanced property management software can look after all types and sizes of properties with ease. A modern software solution is always available for further expansion, enhancement and latest upgrades. Being scalable, a property management software can easily grow with your growing needs and requirements.

  5. 5. Money Saving

    We are not saying that a property management software is absolutely free. You can either buy a complete software package or can opt from various 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. A right property management software would surely allow you to save huge on property management.

Amit Prasad

Amit Prasad is the founder and managing director of SatNav Technologies and has business interests in a wide range of IT products. SatNav Technologies is an IT products company focusing on cloud based map data products and a pioneer in GPS, FMS & LBS Technologies. The product suite includes SatTracx in-the-field location based solutions and A-mantra in-the-office facilities management solutions. QuickFMS from a-mantra is a cloud based facility management system which enhances organization’s efficiency.