Fire Up the Property Management Engine
What would it be like if you looked like one of the early men, wearing animal skins for clothes and using flint stones for a fire to cook food over, in the 21st century? Not quite a scenario that you can imagine yourself in, right?
Let me take you to a similar scenario. Several recent surveys* have proved that almost 53% of property managers relied on manual methods to manage all their property. This included paper records or spreadsheet software. Another 9% of property managers did not even have any method at all. Now, why is this not a good thing?
When you know you have a million things to do and you don’t follow any method to organize them in any way, there is every chance that you may mess up the whole thing. In the same way, property managers may have a million things to do and there has to be some method that they can use to organize their activities. They also need to be able to do it in the most efficient way possible. In other words, they need to manage all their property in an efficient way.
Property management involves a range of functions from the time a property is lease-ready. Eg. rental or lease management, listing management, tracking prospects etc. It is important to integrate all these functions into a single solution. Using different methods to manage each of these functions would only lead to further confusion.
A single property management system that has specific features to integrate all the functions related to property management would be the most appropriate solution. One that is cloud based and that can be accessed through a browser or a smartphone.
If you look at the advantages of having such a property management system you will wonder why anyone would consider doing things otherwise.
- Ease of access – when all verticals of property management such as leasing and rental management, lead management, maintenance etc. are handled from a single solution through separate modules, it makes it easy for the managers to access information easily.
- Better integration and transparency – when all the processes related to marketing, sales, accounting etc. are handled in one platform there would be better integration and transparency between the departments.
- Aid to on-the-go managers – integrating with mobile platforms as well, it enables on-the-go managers to access information, make or accept payments etc.
- Cloud features – being cloud based, it has advantages like real-time availability of information & communication, lesser chances of loss of data, reduced time & effort in managing properties on the whole, all contributing to effectiveness and efficiency.
- Wider reach to your property – syndication with listing partners and other third party engines makes the processes of listing and accounting etc. much easier and gives your property a much wider reach.
- Provision of useful insights – easy generation of reports provides necessary insights for management.
- Reduction in expenditure – minimizing the use of manpower and/or deployment of separate management systems for each vertical, the overall expenditure is reduced.
Customization is the key
These advantages or features may be customized further to suit the different requirements of businesses. As a matter of fact, customization is the key to any management system becoming successful. Eg. the different modules may be customized to have extensive features depending on the workflow.
Thus, I would say, a good property management system will have the above mentioned general qualities plus the necessary customizations. A regular Property Management System is something that is available easily, but the best one would be, one that can be aligned with the business structure of an organization or property manager and not one that would necessitate the alignment of the business structure, with the system.