Property management system.
Great is the mind that not only know how to grow their wealth but also how to manage it. Many can agree with me that one of the biggest hustles of being a property owner is the ability to manage them effectively to gain the most from your investment in terms of ROI.
Ever heard of Property Management system? No, well let me shine some light on this amazing discovery and bring you closer to goals.
Property Management System are computerized systems that facilitate the management of properties, personal property, equipment, including maintenance, legalities and personnel all through a single piece of software. These systems are meant to replace old-fashioned, paper-based methods that tended to be both cumbersome and inefficient.
You may be wondering, how this this system may help you as a property owner, well the Property Management systems allow local property managers and maintenance personnel to manage the day-to-day operations of their properties. Property maintenance for commercial properties includes major focus areas such as risk management, maintenance, communication, and tenant satisfaction. Usually a certain agreed percentage of the rent payment will be deducted on each rent payment collected by the property management as their service fee. There are also other ways of charging the property owners using the service but percentage collection is the common one
- Receipting of tenant payments.
- Invoice generation.
- Financial accounting.
- Maintain key property details.
- Maintain a clear digital paper trail for compliance purposes.
- Keep records of the property occupants.
- Manage the booking and renting of rooms.
- Managing tenancy agreements and leases.
- M-pesa integration
- Tenant management
- Landlord management
Efficient time saving
Investors are always looking for ways to invest their money which will bring a high ROI. That’s exactly what the property management Property management is a tough process absorbing a lot of time and other resources. There are situations when it is necessary to deal with many issues at once and time is running out. If only a day had more hours. Property management software can take over part of your responsibilities, gain you some time so your team can focus on the most important issues of the business. You no longer have to be firefighting issues instead of planning ahead, creating long-term solutions and acquiring new promising properties. Your business can benefit from that because fewer resources are wasted on issues that might be automated by a property management software solution.
To create an environment suitable for your business to grow you need to invest and acquire more strategic properties and real estates but this might require you to employ more employees which might be expensive. Property management software makes work easier thus you do not have to hire new staff in order to keep expanding your business. Automation and streamlined workflow is easier and more efficient to manage. Even a small team of people who know the business, equipped with powerful software solutions can make significant changes and, with the knowledge, lead the business to better prosperity.
The system has many features but not limited to the following:
- A Property Management System Simplifies Payment Problem Management
- One of the proverbially difficult things to deal with in the property management industry is the difficulty faced in retrieving payment when it’s due. Keeping track of rent payments in a manual fashion can prolong the property management process to the brink of oblivion.
- And it’s better to discover a payment hasn’t been made as shortly after the fact as possible than it is when tallying up the balance sheets for your business at the end of the month. Utilizing document lifecycle management within a property management system also ensures you’ll be able to organize document-related information in a way that helps you predict future outcomes.
- A Property Management System Organizes the Document Lifecycle
- From the capture and imaging process to the management of documents in a workflow, including the permissions and secure file transfer, to the automation of document retention, clutter can be reduced by a property management system. Not only are compliance
- Property Information Management Simplifies Operations
- If there’s an aspect of property management that most property managers are still learning to handle in the earlier days of their career, it’s the operational aspects of running a property management business. Most property managers are great at leasing, but they are yet to master the finer aspects of management, such as legal affairs, marketing, and loss prevention.
- When operations are simplified, costs are reduced, and time is more effectively managed at every stage of the property management process.
Maintaining tenant records and finding a way to make them readily accessible to the extent that they do not detract from overall productivity is especially useful.