Reinventing Your Property Management Business
The property management industry is booming across the world. In particular, small property management companies and small portfolio property investors are generating significant ROI from their properties.
Larger property management companies too are doubling down on their investments and making it tough for smaller firms to acquire the best properties in the best cities. They’re seeing big advantages using cloud-based software that fits in with their legacy business applications and partnerships.
Property companies are getting an advantage from what’s called Proptech – a variety of software solutions and apps that help property managers learn and reinvent how they do business.
Innovating to Connect and Maximize Rental Yields
Fortunately, this same software is available to smaller property managers. It’s allowing surprising innovation that aligns them with today’s rental housing markets and with Millennial aged renters who love mobile technology. The way you do business is changing and the software is central to that.
Whether big or small, the matter of operations efficiency, business intelligence, and sound management decisions reigns supreme. This is how you grow rental yields forever.
Powerful Management Tools are Here
High quality, yet simple to use property management software will help you identify the best performing properties, optimize yields, improve tenant relations, and simplify accounting. PM software helps streamline management of larger and better property portfolios.
Cash flows and rental yields are good today and improving, which is why rental income property buying is almost a sport worldwide. For professional property managers however, the latest software is vital to performance.
Aside from managing tenants and properties efficiently, the software’s analytics helps leverage data to identify problems and find ways to raise yields. If you’re a good PM, it’s all about raising rental yields.
Being in sync with the latest tech trends is important to the sustainability and profitability of businesses. The software, the cloud, and the smartphone are central to property management now leading to creative innovations giving some business huge competitive advantages. Without this, traditional property management businesses are forecast to be out of business in the next 2 years.
Really, Software is Central to Property Management Now?
Rental property management is a whole new world today. Gone are the central office where all the transactions were conducted, many face to face. No time for that anymore because property managers and landlords need to be mobile and delivering more value to their companies.
Their workstyles having changed dramatically because technology is opening up new business opportunities as well as creating more value for tenants.
Business Insight and Efficiency
Property managers handle a lot of properties and tenants and therefore must have excellent communications and efficient business systems. The property management software is simple and easy to use. And yet, it delivers the powerful accounting, document management, online payment, analytics, reporting and tenant management capabilities needed.
Without simplicity and business intelligence, software apps fail at a fundamental level. The software then adds value and makes a high volume business possible.
How Do I Grow My Rental Property Yields?
Your biggest concern is getting the best yields on your rental properties. Some property management software solutions are designed to help you get those best yields while others trap you in more routine. By using a solution such as ManageCasa, you’re focusing on better yields.
Does an 8 to 10% yield sound good? Why not 20% or more? What can help you shape your portfolio of properties, and improve management so that you can expect 20% yields? The Right Software.
The ideal software for you as a landlord or property manager? You may be surprised. Let’s take a look.
Best Software for Property Managers
In our blog, we keep you posted about new developments, software features, as well as trending management skills and techniques.
Your rise as a highly paid property manager won’t come through CPM certification status, 16 hour workdays, and master’s degrees, nor spreadsheet wizardry.
It’s software and creative management skills that will make you highly valued in today’s market. The software is that good. The best of the bunch takes you that much higher. ManageCasa adds further value in being cloud based.
Cloud servers, platform inter-operability and distributed hosting is less expensive by far, serves global customers fast, and opens up the true potential of property management apps and other services available only on the cloud. The cloud is the future. Local servers and hosting are a dead end.
Software doesn’t automate you out of a job, it augments your ability to create value for owners by optimising property portfolios, growing yields, keeping loyal paying tenants, and creating convincing owner reports
If you’re a new or prospective property manager still working with spreadsheets and paper, you’ll be relieved at the complete array of benefits achievable with online property management software. The very best will tame the complexity and ease the learning curve to give you a simple solution.
The 2018/2019 Rental Property Market and You
The 2018 rental property market looks very good and you’d be wise to consider buying properties in the best cities offer very high returns. Have a good look at our FREE market reports on Texas, Florida and California. Don’t forget our tips on being the best property manager or landlord, how to choose the best rental properties, using apps, getting better rental prices, and creating owner statements and more.
The 2018 market could prove to be very profitable for you as an investor, rental property manager or landlord. That’s if you can optimise managing your properties. The right solution for SMB managers or enterprise level CPMs you’ll discover is simple.
This quick guide will help you make good decisions about adopting property management software.
A Profitable and Growing Sector
Rental property is a hot sector, with growing renter demand, availability squeezed and apartment rents rising. This means the best software solutions will be in demand to help managers handle the challenges of managing rental properties, adminstration and tenants, and improving property investment ROI.
Most property managers and landlords need help with portfolios of up to 100 properties.
Evolving from paper and excel spreadsheets to new property management software apps is going to ease your workload and ramp up your ROI. Your goal is to get the simple, easy to learn rental property software with benefits you actually need.
Without reviewing your real needs as a property manager, finding the best software for your business may be a challenge. Getting focused on the specific details of what you need is wise and we’ll help you explore that in this post.
A few property managers and landlords will be influenced by the huge advertising budgets of some software vendors. That might result in some acquiring a rental management solution which may increase workload and not work well for tenants. Hopefully, advertising will not dictate your choices.
Ignore the Hype, You’ve Got Work to Do
There’s no doubt you’ve seen advertising for property management software offering all sorts of promises, yet could it be a Pandora’s box instead? In this post, we hope to help you identify the best rental property software for you and your tenants and avoid choosing the wrong solution.
On the go investors, managers, and agents find they need real time access to their accounts too, which explains why online rental management software adoption is a big trend right now.
Legal, technical, taxation, accounting, and other complexities in real estate are pressuring small portfolio property managers to adopt software that makes it simple to visualize and improve portfolio performance while helping accountants keep on top of their work.
Effective Property Managers Earn More
It’s not surprising then, that property managers salaries are on the rise (avg. $57,000 annually now, which seems rather low). But with more pay comes higher expectations for efficiency and results.
Using property management software helps you automate tasks to achieve better control of your operations, improve tenant relations, and increase profitability.
Considering all the documents, events, and other responsibilities you must manage every day, it’s a wonder you’ve kept your sanity and gotten things done. It’s about time you received some relief!
Software Solutions are a Real Bargain!
Take a look at the pricing for an automated property management solution and you’ll see it is a bargain. Just by saving you 10 hours a month in work, you’re saving hundreds of dollars in hard labor and avoiding costly errors that happen with manual paper documentation filing. Then there’s the stress relief and improved financial performance.
You might be looking for small business property management software, or rental property software, lease management software, landlord apps, property manager apps, or landlord software. These solutions are similar. And the right software solution may give you all the benefits and functionality you need.
The graphic above shows why automated CRM solutions including property management software are vital. The top reason is one you can relate to: organization of tasks, events and documents. Let’s not forget though that this is about taking good care of your customers — your tenants.
You Must Choose Wisely
The property management software you choose is important so let’s take the time to quickly explore what your real needs are and which solution might be best.
The Best Solution for You and Your Business
You’re not managing a portfolio of 500 properties so going all out with a large scale solution that tries to do too much isn’t wise. That has a big learning curve and it keeps you overwhelmed.
Time and money eaters: tenant communication and building repair efforts benefit from quick, efficient, trackable service calls and contractor reporting. And that’s how you avoid repair and maintenance fraud.
You Need the Right Software Benefits not Features Galore
Most of the property management software apps have too many necssary add ons that attempt to take over your business. That’s not what many property managers want. You need to solve your 4 key challenges:
- Time pressures – onboarding, processing documents, micromanagement
- Keeping good tenant communication – keeping your good tenants through fluid communications
- Controlling expenses and improving cash flow – staying on top of maintenance/service tickets and monthly payments
- Communicating performance well to owners and investors
The business streamlining effect of software creates better control, awareness and cooperation between tenants and landlords, and lowers costs. Onboarding good tenants and keeping them happy is vital to a successful property manager. Software can help with this.
Property Management Sotware must be Simple or it Fails its Purpose
There’s little doubt you’re overworked, especially around the end of every month, and that it will get worse, so this issue is the number one thing to solve.
The advantage of ManageCasa’s property management software solution as an example, is how easy it is to adopt and use. And for a software to succeed, it has to be easy for tenants, contractors, and property owners to adopt.
- yield optimization – helps you identify the best performing properties, charge maximum rent, and keep your tenants longer.
- simple accounting – track and control bills, expenses, income, mortgages, and deposits
- online payments – lets you collect rent and makeyour payments/distributions easily
- stress management – automates, declutters, organizes and gives you complete control from anywhere, anytime via the cloud
- keeps a finger on the pulse of tenant satisfaction – responsiveness with tenant feedback makes them feel important and recognized
- helps reduce tenant turnover – which is time consuming and expensive
- simplify managing paperwork, reminders, and notices – all via one interface on any device
- visualize property information – via an easy to use online dashboard
- track property manager tasks – such as maintenance and repair tasks from multiple contractors
- organize and securely store documents and lease agreements
- easy collection of tenant information online – rental applications, lease agreements
- easy review of tenant background screening data (imported)
- easy review of credit checks checks (imported)
- easy to learn and use – helpful tips, videos and customer service rep
- no extra add on fees – all for one price
A simple yet powerful property management solution that’s easy on your budget.
Try out ManageCasa’s Easy to Learn and Use Solution right now – FREE!
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Should Your Property Software be in the Cloud?
Everyone is moving to the cloud and you can learn why below. A cloud-based property management platform may be best for you. In fact, you’ll learn a great deal about what you should look for here.
Property managers, real estate agents, condo association managers, and landlords have been making the transition from paperwork chaos and spreadsheets to paperless bliss on the cloud for awhile now.
It’s a smart, forward looking choice to cure their overwhelmed blues and keep you ahead of the innovation curve.
Lots of Hype, and is the Cloud Safe?
It is difficult to understand cloud technology, however for you or tenants and owners, there is no visible difference. The advantages are in speed, cost, and security. This is why the whole SaaS industry is adopting cloud technology for their solutions. The cloud provides fast, efficient applications and secure data hosting. Believe it, the cloud is safer.
In most cases, the cloud is safer than private servers and storage. The companies that manage the technical aspects of servers and storage have much better security controls and can identify attempted hacks right away and block them. These are capable providers who know the threats and take security and server monitoring seriously.
Even for property managers with limited portfolios, security is important which is why it’s wise to use the solutions of a reputable software provider. Hackers are always on. Your software should be too.
Best Priced Property Management Solution
How much does a property management software in the cloud cost? Much less than the competition. In the case of ManageCasa, you can demo it for free and then it’s a low $40 per month for up to 50 properties.
No one buys and installs software anymore. This is a cloud based, software as a service market. No installations, no service fees, no technical administration. The last thing you need is more stress.
After you read this post, take a quick test drive of the ManageCasa solution and discover how simple property management can and should be. You’ll see how you can manage your portfolio with no surprises and headaches.
Time Does Equal Money
One of the nice things about conducting rental property management without a property management firm is how much money and time you save. That’s 8% to 10% every month across all your properties.
10% x $1500 x 12 months x 20 properties = $36,000 each year
Add on savings from managing maintenance and repair expense better, and the cost element is negligible. All you have to be concerned with now is whether your connections/tenants will accept and enjoy using the software.
Of course, there’s all the other costs you must consider:
Keeping More of your Property Management Funds
You probably know where your money is being lost, but after adopting rental property software, you might find savings in so many new ways. And if you own properties under rent control restrictions, you can’t just raise your prices to cover losses.
With building costs, mortgages, and cost of living increases, do it yourself property managers may enjoy even more savings.
It’s not just money. It’s the aggravation and documentation and the rest of the tough, daily business of property management itself. It’s work that isn’t appreciated by tenants (as landlords will attest to).
When rental and lease agreements, onboarding, paper and payment processing, and tenant issues become too much, being a landlord or property manager may begin to feel like a prison sentence. The money you’re losing makes it extra painful.
Managing Your Properties Remotely
Your new property management software solution could save you from the drudgery so you have lots of time to attend to emergencies and inevitable issues of owning and managing properties. And you’ll be less weighed down emotionally.
There will be times during winter and summer when you need to travel across the city or state, take a vacation, or for business travel to look for additional investment opportunities in remote cities. That’s when using property management software remotely pays off.
Murphy’s Law: If something can go wrong, it probably will
Managing Properties Remotely
Whether you’re doing business in other cities or states, or you’re getting needed downtime, your rental property software will keep you connected and on top of things. And when you’re in Europe, The Caribbean, or Mexico for a vacation, you want sure communications and to have the common transactions automated which your software can accomplish.
Anything out of the ordinary, sensitive, or potentially costly, your software can alert you to immediately or in the morning. For other tasks, you’ll need an assistant manage or you’ll need to manage them from your remote location.
The BIG issues you need to be wary of when travelling are:
- Maintenance and repair companies that overbook repairs and can’t respond to your request soon — you need alternative repair service providers
- The repair service person needs extra parts but needs your approval to order them – you’ll likely want direct online communication for these issues
- Being unable to reach service companies when your tenant has an emergency
- Tenants can’t reach you because your cell phone isn’t online or your email isn’t working – ensure they know exactly what to do and how to reach you
- People don’t know where you are – a tracking app might help them know where you are so they can reach you with a third party
- You can’t collect payments or deposit them physically yourself, in person — if payments were automated, it’s not an issue
- Repair person needs permission to enter a unit — you need to be able to grant permission, arrange for keys, passcodes or whatever when required, off hours too
- Emergencies happen – create a list of problems that could happen (plumbing, roof leaks, furnace, lost keys, clothes washer, parking lot access, A/C, electrical fuses) and what you’ll do and who you’ll contact to get them addressed
Don’t Lose Sight of the Big Picture
- Your Property Management Software Should be HelpfulSoftware should help and assist you in creating better communication with investors, landlords and tenants. The communication value is key. Knowing more about what issues your tenant is having and how they feel is very valuable. Keeping tenants long term is the number business success factor for most landlords, investors or property managers. Turnover is to be avoided.Accounting too is a key benefactor of good PM software. Ensure your new solution complements and works well with other business software you’ll be using. No need to get rid of your legacy solutions.
- Property Management Apps Should Be Easy to UseSoftware should be easy for your tenants and landlords to understand and use. When they refuse to use it, or lose interest, then your expensive new software won’t work. You’ll be back to square one.
- Software Pricing Should be Clear and Easy to UnderstandKnow what the cost will be when you add properties and need more functionality. Assess the added cost and value of integrated tenant background checks and tenant credit checks. If these are infrequent, why pay a huge fee for it in your software subscripton?The fact you can integrate this third party information into your tenant database is likely good enough. Seasoned property managers feel these background checks and credit valuations aren’t a good guide to acquiring good tenants and that relying heavily on the data they collect may be unwise. Tenants with ultra high crdit scores and sparkling references may not be any more likely to keep renting with you. Your software can’t do it all.
- Cost Versus ResultsThe above material hints that buying things you don’t need can distract you and waste your time and money. Good property managers zero on on high quality software that gets to the essentials. Results are more important than costs, however it is important to keep costs under control. You’ve got enough expenses now.
The Future of Property Management Software
Future software will offer features that users want and are ready for, but it’s 2018 and we’re not there yet. That will include complete mobile compatibility, Internet connected appliances and building operations, online payments from any source, full tax and accounting integration, and high quality prospecting/marketing for good tenants, and internet enabled suite and parking access.
It all sounds like science fiction to seasoned property managers, but one day at a time, we’ll see exciting and reliable software improvements.
Property Management is a Breeze Now?
Get the big picture taken care of, and automate those repetitive tasks with the best property management solution for you. You’ll make your property management work more enjoyable and your tenants, those key people in your business, will be more pleased with you.
Enjoy feeling a warm breeze everyday without going on a vacation. ManageCasa might be the best property management software for any investor, agent, landlord or manager with a small portfolio of properties. Grow when you need to.
Try a demo of ManageCasa, enter some properties and see how it feels. A short learning curve and an easy process makes this a good choice. We think you’ll like it.
Top 7 Reasons Property Managers Choose ManageCasa
See also: Property Management Companies | Property Management Apps | Landlord Apps Adroid iOS | Apartments for Rent | Renters Insurance | 2018 Rental Housing Market | Apartment Rent Prices USA | Online Property Management Software | Renter Demographics | Tax Tips for Property Managers | Real Estate Portfolio Tips | Starting a Property Management Business | Tenant Screening | Increase Investment Property ROI | San Francisco Housing Forecast | Improve Property Cash Flow | Property Management Contractor Scams | Property Management Workload Tips | ManageCasa Property Management Solution