If you think managing real estate is easy, then you have not met an agent yet. With so many properties to sell, their marketing, their management, and vacancy allocation, it gets tougher than.
If you would have joined the property management business a decade ago, all your hairs must have turned white due to the burden of work. But with the advent of technology, it has become easy. As innovations have made every aspect of life mechanical similarly it has transformed real estate as well. With the introduction of this property management software, it is no longer a complex task to be a property manager.
Moreover, with the surge in the real estate business, this software has become a necessity. As you can see, in 2018 US homeowners bought existing homes of 5.34 million and 667,000 new houses.
Thus according to the Association of Real Estate License Law Officials approximately 2 million realtors facilitated these sales. So think for yourself how they managed it. Just imagine the number of homes per realtor! Do the math and you will understand why realtors require technology to help them? So this boom in the estate business led to realtors increasing their efficiency as workload expanded via property management software. From mobility and multi-tasking to versatility, security, and financial benefits, this software is changing the game for realtors. Here is why you should adopt them too:
1. Multi-Tasking Becomes Easy
If you are a property manager or realtor, you must know how many things are there to handle. It might look like a desk job from far, just some selling and marketing, but apart from that, it has many hidden obligations as well.
Not only do you have to reduce vacancies promptly, but you also have to schedule maintenance, collect payments, comply with numerous regulations, and negotiate between parties, etc. moreover, if the properties they are dealing with are not in a centralized location, the workload is compounded and even more difficult to manage. In the past, all of this cannot be done single-handedly as managing everything at once led to blunders. Multi-tasking was not an option as even a slight mistake due to tasks getting muddled up could cost a lot. Well, previously the obvious solutions were to hire assistants or to contract out work. But all of these were costly and also lead to communication problems and dependency.
They also lead to dissatisfaction in many cases. But with property management software you no longer need to delegate or contract out. You can manage all the work yourself with ease. The tasks that were all muddled up before, confusing can now be organized. They can be finished on your own promptly. Multi-tasking not only becomes feasible but also improves overall efficiency and quality as the realtor supervises the work him/herself.
You can use them to set up a portal where you will receive notifications of any request or pending task so that you can work on them competently. You will not miss out on anything as all data will be accumulated and organized on this software. You can even track everything by just clicking the right way round!
As we mentioned above, property management software removes middlemen. Realtors no longer need to hire assistants or pay to contractors to manage properties.
They can just purchase this inexpensive virtual assistant which eases the workload for them. Not only is the cost reduced in terms of money, but also errors are reduced as this technological innovation is extremely efficient. There are no time lags, miscommunication, or dissatisfaction. You can manage properties, anywhere and anytime which makes tasks easier and quicker to accomplish. This reduces costs thus increases profits by a large margin!
Software these days does not require technical rooms. They can be used from anywhere. These features make it especially helpful in the real estate business as realtors are always on the run. So the mobility factor makes property management software and an ideal solution for working with various tasks off-site. Moreover, this mobility also saves time and reduces stress as problems can be highlighted at any time from any location can be resolved in an appropriate manner
4. Faster and Secure Transactions
Even if you manage the tasks on your own, and have no problems surviving the burden (which is quite unlikely); then even the time of payments will make you dive deep into stress. You may pass the work management but transaction management will definitely give you a headache without software. It is the payment receiving aspect where many realtors face problems. This is because both keeping track of rent payments and a money collection is a major hassle.
If manually done there are huge prospects of fraud as well as misappropriation. Contraction out money matters is also a risk. So the property management software comes to rescue here.
With it, transactions become both fast and more secure. This is so because the middle party is removed, and you have to directly deal with your clients. Moreover, the money is directly transferred through portals, such as credit cards, e-checks, PayPal, etc. Not only is it beneficial for you, but it also makes your clients happy as they have the convenience of paying you anytime from anywhere.
5. Maintaining Accounts
Realtors are professionals who deal with property. So they might not necessarily be good with numbers. Even if you are excellent at selling homes, and managing property, you will lose out if you do not match the numbers. Thus, if you are amongst those that struggling with Excel spreadsheets and accounts and people are robbing you off then a sigh of relief.
This software is a perfect solution for you as it eases all your financial complexities. You no longer have to update these mind-blogging accounts which you dread. This is because the property management software features an integrated system that gives you an advantage of automatic updating.
All you have to do is add the amount once and the rest of the changes are left upon this beautiful scientific discovery. So once in your life, you can thank those software geeks who have created this wonderful tool that makes your life hassle-free. Furthermore, the accounting benefits are not over yet. This software also helps in tracking and reporting thus you can keep a better hold over your performance and profits. Lastly, critical financial data is available at one click via this software too.
So the verdict is that those who have moved to it have been smart. They have heavily benefitted from this quick, economical, and effective creation. For those who are still in the thinking process, be quick as you are losing out a lot! This is because this property management software brings with it a plethora of benefits.
We have only highlighted a few major ones as we will need a whole book to compile them all! Thus getting it now will be the cleverest move you will make this year for both your peace and your business!