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Making Your Property Management Software Work For You

October 4, 2016 Elizabeth Francisco
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We all know utilizing your property management software properly is important, but do we actually know how to do that? Using a new system can be challenging, but it helps that most property management software solutions have similar features (yet can vary in ease-of-use and quality).

 

Knowing what works for your property is essential to having a high productivity rate, so develop a relationship with your system that will employ the best work ethic for you and your property.

Here’s a few ways to make sure you’re getting the most out of your software. And remember, property management software is supposed to be a solution, not a problem.

 

Seek Out Vendor Integration

It’s important to have vendors that you like, so it’s key that your property management software solution allows you to stay with the vendors of your choice. The freedom of choosing your providers helps you know that your system is in the right hands and is being tailored to fit your needs. Often, management teams are hesitant to convert to a better software because of the hassle it takes to unbolt themselves from the 5-25 integration modules they have in place.

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Rather than being stuck with vendors your software chooses for you, look for a solution that puts you in the driver seat. If your software solution has the ability to customize vendor partners, your integration network will be built to better operate your business. Dive into your current software and learn your flexibility. If your vendors are locked in, your ROI may be suffering. Make sure to do your due diligence and research a software solution that can easily help you and take the pain out of transitioning to new and better platform with superior integration partners.

 

Take Advantage of Customizability

Communication is key to improving teamwork and achieving goals. Finding a software that can easily communicate KPI’s through all levels of the organization is essential to maximizing performance.

Look for a property management software solution that will provide the ability to customize what information will be displayed to the site, regional, and national level. Ensure that your organization stays focused on the job at hand, measuring performance, monitoring exposure to the market, and managing expenses. Sophisticated user settings and permission groups are essential to a disciplined and productive organization.

 

Utilize Integrated Customer Support

To increase productivity, don’t waste time on outsourcing help whenever you experience an issue with your property management software. Keep an eye out for a software solution that provides integrated customer support — only a few platforms actually have a dedicated customer support feature. The ability to talk to a support agent in real-time over the web or phone increases productivity time and helps solves issues in a timely manner.

 

Embrace Automation

Automated workflows make it easier for you to do more work with less effort, ultimately increasing the efficiency of your system. Take advantage of automation with certain features, such as task management, recurring workflow templates, and automated end-of-month processes to let the system improve your productivity. The ability to automate schedules, occupancy forecast, financial performance, etc., will only help you in the long run, so let automation give you the assistance that you deserve.

If you’re struggling to keep your marketing data up-to-date as a result of having to manage multiple listing sites, you should know that today’s leading property management software solutions makes these issues obsolete. The ability to update these sites automatically in real time from the property management software through integrations is required in today’s market.

The right software can help you save time and the stress of making sure you’re advertising all your available units. They also keep track of analytics so you know which ads are working and which ones are not, therefore telling you what you may need to change.

 

Look at Analytics

Analytics are an important part to any business, and a property management software solution that provides simple, easy-to-read analytics will increase efficiency in the workplace. By showing you viable information on how assets are doing, analytics help you visually see which properties are most profitable and why, ultimately offer insights on how to adapt to bring in more renters.

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Property management software solutions also allow you to choose what you can view, such as financial analytics or operational performance. Rather than running multiple reports to get a good overview, look for software that enables customized analytics on specific data points such as traffic, work orders, delinquencies, budget comparison, and even performance projections. The most sophisticated software will allow users to compare data across asset types and in portfolio groups. After finding an eligible software, the real time savings will be seen at the regional levels, for instance, as they have to extract multiple reports for each property, and then enter the data manually into portfolio comparison spreadsheets.

Now that you know the best features that a property management software can offer, it’s time to ask yourself if you’re getting the most of yours.

 

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