With the rapid adoption of smartphones and cloud technology, the needs of the modern property manager have changed drastically in the past decade. So if your property management software is driving you up the walls, it’s a surefire sign that you need to upgrade your software to a more intuitive and modern solution.
To get you started, here are ten essential property management software features to look for:
1. Online in the cloud
When your data is stored “online in the cloud”, it means that it’s stored remotely in a secure network of servers that can be accessed via the internet. This mitigates the need for large, on-premise servers that require an IT team to install, maintain and upgrade.
In addition to cost efficiency, one of the main benefits of cloud property management software is increased flexibility and accessibility. With your data in the cloud, you can save yourself the downtime and work from anywhere, at any time.
2. Full property accounting functionality
In property management, property accounting is straightforward and unavoidable. You will always need to disburse your owners and suppliers, send out statements and balance your accounts. If you use a server-based system, this process can take anything between two hours to half the day. That’s hours of lost productivity every week!
In contrast, if you use a cloud-based system with best-in-class property accounting features and automation for bills, disbursements and reconciliation, you can dramatically reduce manual data entry and simplify your workload. Just check out how this property manager saves hours everyday.
3. Mobile apps
As a property manager, you live in a mobile world – you’re constantly meeting with clients, inspecting properties and commuting from one place to another. That’s why it’s essential that your property management software has mobile apps available to help you quickly access property and contact data, conduct inspections and stay on top of your portfolio at all times.
4. Streamlined communications
Another essential property management software feature is streamlined communications. After all, communication is the key to any great relationship, whether it’s professional, familial or between owners, property managers and tenants.
At the very least, your software should have triggered messages, a messages inbox and client access so that your tenants and owners can log in whenever they want to see a real-time view of their property and financial data. This way, you’ll spend less time looking for information and more time fostering great relationships.
Maintenance is another core part of property management. Therefore, it should be a core part of your property management software. You should be able to track jobs from start to finish, from adding images of jobs to be completed to assigning jobs, to sending messages to your suppliers.
With PropertyMe, not only is this workflow completed in a few easy steps, but you also have automated features like Job Quotes that allows you to easily and efficiently request quotes from multiple suppliers with the click of a button.
Conducting routine inspections as well as entry and exit inspections is crucial to the upkeep of your properties. Your software should streamline this process for you so you don’t have to sit there and calculate distances and drive times from one property to the next. It should be able to automatically work out the best route for your inspection day, given a particular start time and the properties that require inspecting.
Additionally, your software should be able to generate entry and exit reports and create beautiful inspection reports for your owners, complete with photos and comments.
7. Compliance reporting
Every year, as part of your trust account audit, you need to report on whether the records relating to your trust monies have been properly kept and whether there are any discrepancies in your trust account. Failure to balance and comply to legislation can lead to hefty penalties and even loss of license.
That’s why your property management software should have features and alerts that help you stay on top of your portfolio and keep a clean digital paper trail. You should also be able to easily see and export current and historical audit reports and statements come audit time.
8. Reliable support
Even if you’re using the most intuitive property management software, it’s perfectly normal to have a question or two every now and then. To help you find the answers you need as quickly as possible, your property management software provider should have a comprehensive online knowledge base that you can access 24/7. And if you still can’t find the answer you’re looking for, you should be able to log a support ticket or book a support call back.
9. Unlimited users
The best software systems allow you to have unlimited users at no extra cost because they know that success is a team effort. However, different users may require access to different parts of your portfolio. Therefore, your software should allow you to control user permission levels and revoke access as needed i.e. if a team member leaves the agency.
In addition, your software should have an Activity Feed that logs all activity across your portfolio, along with time stamped comments. Not only does this allow you to see who has done what, but it also helps you avoid any confusion and he-said-she-said scenarios.
10. Sophisticated data security
As a property manager, you process a lot of sensitive data so it’s crucial that your property management software has sophisticated data security. Make sure your software has multiple layers of security such as two-factor authentication, 128 bit SSL encryption (the level of encryption that banks use), notification of unknown logins, advanced firewalls and physical security measures to minimise the risk of a breach.
Free property management software features checklist
Be sure to download our free property management software features checklist to compare different systems and choose the one that’s right for your needs.
Ready to upgrade?
PropertyMe is game-changing cloud property management software that can be accessed from anywhere, anytime. Book a free demo today to see why thousands of property managers have switched or learn more about how PropertyMe is different.
If you enjoyed this blog post on essential property management software features, you might also be interested in 6 Simple Steps to Choosing the Right Property Management Software, Top 6 Benefits of Cloud Property Management Software and How PropertyMe Can Simplify Your Workload.
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