The hurdles of COVID-19 have provided some surprising upsides for numerous real estate managers. Some of them included taking the business online with virtual tours and contactless leasing. But several companies are falling behind because they don’t have the right tech tools. And that’s the case in any market. Without the property management database, companies fall short on agility when new challenges along with opportunities arise.
We have evaluated the top five benefits of property management databases for landlords. Read on to find out all the ways they can help property managers thrive.
Why Do You Need a Property Management Database?
Property management databases are one of the most valuable tools in a landlord’s arsenal. In addition to providing an impressive range of benefits, today’s software solutions are user-friendly and easy for busy realtors to use on the go.
There are often piles of paper files that come with managing your standard property. You can avoid this with the proper property management database. Having all the data and files stored securely in the cloud makes it accessible from anywhere in the world. You can update your accounts and automate time-consuming tasks – giving your back your free time.
Besides the well-developed property managers, these management databases are also used by:
- Small property managers. A growing percentage of property management database users are individuals who oversee a handful of units.
- New landlords. New property managers often turn to databases to start on the right foot by best managing their properties.
- Out-of-state property owners. Today’s database solutions have a design that allows out-of-state landlords to manage their properties quickly and on the go.
The Benefits of Property Management Database
Thanks to the availability of property management databases, managing multiple properties isn’t an impossible task. Like we’ve already mentioned, software platforms offer users several advantages. They include better security, mobility, and ease of use. Let’s take a look at some of these benefits in more detail.
1. Quick rent collection
If you are not already using online rent payment, you are missing out on time savings, cost savings, and prospective new tenants. The easier you make it for your clients to pay the rent, the less time you’ll spend chasing down late payments. Allow them to log payments in the application, record expenses, and note who and when they’re paying.
The bottom line is that software can help you:
- Easily schedule recurring monthly payments
- Automate payment reminders to reduce the number of late payments
- See payment activity in real-time
- Allow tenants to choose from a variety of rent payment options
Many property management databases also include rent tracking capabilities. That way, you instantly know who is paid up and who has fallen behind. Some solutions come with automatic late-fee calculators, as well.
2. Prompt communication with tenants
As tenants can send you requests, they can pile up quickly and get buried unless you organize and track them properly. Even if you don’t manage many units simultaneously, a sudden influx of requests can pose a problem for a busy property manager.
Rental property management databases help landlords streamline any requests and organize work orders and contacts. This can reduce the amount of time you spend searching for emails or phone numbers. You can even group tenants and other business partners to User Groups to get a more streamlined contact management workflow.
3. Efficient data management
Automating tasks and reminders can prevent getting lost in the business data. For example, you can set a future reminder for property inspection at the beginning of the lease.
Produce your professional reports showing expenses, profit, rent collections, etc. It will save you hours where you would otherwise have to enter data manually. It will also leave no place for human error.
4. Simple backup and recovery
Every information you enter is automatically stored online. It means you have access anywhere globally and that your data is backed up and safe if you ever need it in the future.
Property management software saves a whole load of time and makes managing your properties more straightforward. However, this also means you have more time to do other things, like investing and managing more properties. In doing so, you can increase your revenue and profit. An upside is that a scalable solution won’t require more staff or overhead to accomplish more for your business every day. As you grow, you want to focus on your business, not your technology, so you should consider moving to a database solution as soon as possible.
Social distancing certainly plays a role in the demand for online services at the moment. Yet, it’s clear that the trend for finding and renting an apartment online is here to stay. Even with high unemployment due to the impact of COVID-19, property management software is helping operators keep their valuable residents with tools to automate rent payment plans.
Many are not currently using a property management database solution because their company is still small. However, now’s a great time to adopt one. Making the transition from a small team to a multi-site business requires having the right technology in place that promotes expansion. Property management databases like Kohezion will help you grow, increase revenue, and stay ahead of competitors.