Whether you’re a commercial or residential landlord, there are substantial benefits to implementing an online property service. Booking online appointments with your tenants is easier than ever before, and this helps you save time by eliminating the need for phone calls.
What about budgeting? It’s a common misconception that you’re throwing away money when you implement a digital solution. But in fact, the opposite is true. For example, with property management software, you’re able to make more accurate estimates, so you will spend less on repairs.
What is Digital Property Management?
Digital property management involves using automated technology to manage your landlord and tenant relationships effectively. The primary function of any business is to sell its product or service, which is no different in real estate. However, to maximize your profits, you need to organize your business well. For this to happen, you need a good system in place.
The best way to do this is by using software for property management that has been designed specifically for managing properties online. This kind of program will allow you to manage all aspects of your commercial or residential rental property from one easy-to-use interface.
These online property management software are commonly used by companies looking for a way to reduce costs and improve efficiency by reducing paperwork, eliminating paperwork errors, and improving communication between staff members.
If you’re a landlord, here are five reasons why it might be time to consider a property management system:
- You have no time to deal with property management tasks.
- You don’t have the skills or resources to deal with property management tasks.
- You’re spending too much money on facility management expenses.
- You want your tenants to feel valued.
- You want to improve your cash flow and increase the value of your properties.
Facility management services can be very beneficial to the property owner through the following ways:
1. Simplified Leasing Process
Property management solutions make it easier for potential residents to apply for an apartment online, which usually means more applications and more leases signed. Digital property management makes it simpler for rental staff members to run background screenings and credit checks on applicants.
Prospects can view available properties, submit applications, and pay rent online using rental property software. Tenants can easily sign a lease and make payments online, which simplifies their process and provides you with a more streamlined workflow. A portal can help your property management team save valuable time while increasing the efficiency of your business.
2. Cost Saving
Digitizing your documentation system and processes means that you no longer need to pay for storage space or for people to handle paper physically.
Additionally, storing documents digitally eliminates the time and energy that goes into manual filing and retrieving them. Employees can spend more time on other tasks, such as generating new leads, instead of spending hours upon hours trying to find a specific piece of paper in a sea of paperwork.
Digital systems also help save on printing costs by allowing you to store all your files online. The savings will be even more significant if you use green printing practices and avoid printing whenever possible.
3. Automatic Rent Collection
You can easily set up automatic rent collection for your properties. It will automatically charge tenants each month eliminating late fees. Ultimately, it gives you the peace of mind that your rent payments are always on time.
Automated rent collection takes the hassle out of collecting rent and can be a huge time-saver for you and your staff. When it comes to property management, time is money. With automated rent collection, you can save both time and money by eliminating common problems while maximizing your team’s efficiency.
4. Reduce Carbon Footprint
Leasing documents are often printed on paper multiple times per year. Many of these documents are now digital and no longer require printing. Even if a leasing document is not digital, most property management software allows the user to convert it into a PDF and sign it electronically. This removes the need to print the document and sign it by hand.
By reducing carbon footprint, you will cut costs related to paper, printing, and other related supplies. You’ll also be able to reduce waste by using less paper and the supplies needed for printing. Not only will you save money on supplies, but you’ll also save time by having a more efficient way to manage your rental properties.
The cost savings will translate into greater profits for your property management business.
5. Automated Tracking and Reporting
Digital property management systems can automatically track and report on all kinds of things, giving an overview of the operations at a glance. The system can also be configured to send out email alerts when certain thresholds are met. For example, suppose a critical asset is not checked in for a certain number of days after assigning it to an employee. In that case, the system can send out an email alert to the department manager so that she/he can follow up with the employee.
6. Better Tenant Management
You can set up automated reminders to send tenants notices when rent is due or when they need to renew their lease or respond to inquiries or questions when they contact you. This frees up time to do these tasks manually and allows you to focus on more essential issues in running your business.
An online portal allows tenants to submit applications and pay rent electronically, reducing the need for paper checks and making payment on time more manageable. A digital dashboard gives you visibility into your property’s financial performance at a glance and helps you identify areas of opportunity.
Automated communications save time by sending emails or texts to notify tenants of upcoming deadlines or other important information.
8. Increased Efficiency
With a digital system, you won’t have to deal with stacks of paper files. All information is stored in one place, making it easy to manage. Your employees can access the information they need instantly.
Not only is digital property management more convenient than its paper counterpart, but it also enables your company to work smarter and faster. You can access all the information you need from one place. It becomes easier for staff to answer questions, send documents, and complete tasks like letting a property or managing rent payments.
Less Hassle; More Convenience
Digitally managing your properties has far-reaching implications.Facility management services allow property managers to maximize their time and efforts while monitoring their properties remotely. Every aspect of your real estate business is about to be available in one centralized database for quick and efficient management.