Property management requires an agile and efficient person with the capability to multi-task. And the person has to be all of these things every day! Otherwise, things can go beyond control.
It’s a continuous process that requires property managers to:
- Perform repetitive tasks; for example, sending invoices to clients
- Track payments; lease, rent, mortgage, etc.
- Validate terms; for example, going through legal implications and making changes in contracts
- Manage property; making sure it can be sold or rented
All of these tasks are quite demanding and require you to be very attentive, and missing a single deadline has grave repercussions. That being said, there’s always a probability of human errors. Many property managers trust programs like Lease Accelerator to help them keep up with changes across real estate.
The good news is, there are resources to make the job a lot easier, and this post is all about them. Let’s find out what these tools are and how they can ease up your job. You could check here how these resources can help you as a property manager.
Must-Have Resources for Property Managers
You need a few tools to accurately perform your property management job. Whether you are starting your own property management company or working as a property manager with a firm, the following resources may help in your real estate journey.
1. A Database Resources
An online database is highly important, especially for property managers. It takes a lot of burden off your shoulders. Why?
You don’t have to write down the same terms for every new contract as you’ve already stored the approved terms in your database. This is how database tools can speed up the contract creation process.
With all the data in front of you in an organized way, you will be able to make correct and more informed decisions in your work. It will also help you select the right property for your customers according to their preferences.
2. Contract Template Tools
Using a contract template tool makes the work error-free for property managers.
For a property manager, forgetting a clause or condition can be a huge burden in the coming years. To avoid any of these errors, which are humanly possible, it is best to use template tools.
These online templates available are comprehensive, up-to-date, and efficient.
3. Property Management Software
The property management process requires rigorous reporting, sending timely alerts, and updating contracts in real-time. Plus, you need to consistently monitor portfolios for any recent changes. Needless to say that the amount of information and hefty filing can test the best of managers.
This calls for a smart and efficient software solution that can automate certain tasks, like:
- Sending monthly invoices and bills
- Self-update changes in the contracts
Acquiring good property management software will be worth your investment because it saves you a lot of time and has no human errors. Once you get done with the everyday tasks automatically, you can focus more on the tasks that require human attention.
With a good property management solution, you can get automated reminders for meetings, site visits, etc. It makes managing your time as a property manager a lot easier and hassle-free.
4. A Record-Keeping Tool
There are heaps of information, payments, balances, deadlines, notifications, and reminders to manage in the property management business. Unfortunately, recording them on paper or remembering them is practically impossible.
Google Spreadsheets and Peachtree are some amazing software that makes the management work easier. And you are on top of your game because you’re not missing any detail.
5. Writing Aid
A property manager needs to make the agreements and contracts look flawless. Something as trivial as spelling errors is a turn-off that also looks unprofessional.
A person cannot be so many things and be good at them. Writing aids and tools are the best way to run text on the software and check for any possible errors.
Hence, using tools like Grammarly, Scribens, and Prowriter ensures there are no errors in any of the contracts and emails you are sending your clients.
6. Invoice Generator
Creating and sending invoices is a monthly task for the property manager. These invoices are unique and vary from client to client.
Creating these invoices for new clients can take up your precious time and energy. And why waste it on unproductive tasks when so many websites are available that help you generate invoices?
Using such tools online can help save time that you can use in other tasks and creating leads.
7. Reliable Mailing and Alert System
In property management, the manager is required to mail some crucial and sensitive documents to their clients. Having a mail service that is reliable and trackable makes your work easier and worry-free.
Various mail service providers offer complete data security and privacy between you and your clients. Moreover, they may offer you the added benefit of sending timely and accurate alerts to your client list.
You can choose the right service based on:
- Their functionality and features
- Your storage requirements, and
- Budget
8. Contract Management System
A contract is easily the most crucial document. Managing and creating these documents requires attention to detail. The process is extremely detailed and takes up a lot of time.
But why go through such a painful process and still have chances of error when software like contract lifecycle management makes the process error-free and faster for the property managers.
9. Real-time Dashboards
All professionals are adapting to the dashboard dynamics for their businesses. The dashboard is one stop to all things required to make operations smoothly.
You can plan, bookmark, store data, write memos, create appointments in one place. If you manage and keep everything synced with the dashboard, the possibility of missing any detail is rare.
Task-Based Software Solutions
Technology can make any job easier, and property management is no exception. Property managers can use comprehensive suits to manage their daily tasks in this context. These tasks may involve:
- Managing residential properties
- Lease management
- Asset management
- Financial management
Based on these, here are the software solutions that may help you ease up your job.
Different Property Management Software
- Residential Property Management Software: It prevents the loss of data when the estate manager is changed as the control of property data is owed by the estate. Such tools may also provide complete automation of invoicing and billing with instant access to live data.
- Lease Management Software: For calculating monthly rentals, consolidating lease portfolios, and tenant management for commercial properties, you can use a cloud-based solution. Such tools may have added features like digital receipt management, automatic invoice generation, etc.
- Asset Management Software: With a property management solution like this, you can manage multiple single and multiple properties without hassle. It may help you schedule corrective and preventative maintenance and automate work orders.
- Financial Management: This software allows you to generate recurring bills using algorithms and previous property and lease information. Both managers and users can have an easy and secure way of making payments through this software.
Conclusion
Property management can be daunting without the help of the right software. The resources listed above can help minimize your burden and organize your clients properly. At the same time, they help you manage your finances and other administrative tasks.
Utilizing these resources will not only make your work painless, but also you will have time to chase more leads and prosper in your business. Also, these resources provide a better solution for managing daunting tasks.
You can use a comprehensive property management system flexible enough to integrate these resources and automate parts of the job for better accuracy and transparency.