Many articles speak about the importance of real estate management software. However, not many cover the essential features of property management software. Today, we will be covering the most important features of professional property management software with regard to commercial real estate, or residential real estate and industrial & logistical real estate. As real estate investors, using this software can help you manage and track the progression of each of your real estate without seemingly getting too overwhelmed trying to keep track of the progress on each of them.
Here are some of the features that every property management software should have:
a) Tenant Lifecycle –
When you are a real estate investor, it is natural that you have tenants at each of your various real estate, whether it be commercial real estate, residential real estate, or even industrial real estate. Even if you are starting out as an investor in real estate for the very first time, as a newbie in the field with only one property under your wing, chances are you might be handling many tenants in this property. Managing the entire lifecycle of a tenant is crucial to access your tenants and the property itself. So, the right property management software will help keep track of the tenant’s billing lifecycle, the onboarding of new tenants, collecting all the rental payments on time, index all rental agreements, and even service charge settlements.
b) Property Lifecycle –
Another key feature of a property management software is one that along with the tenant lifecycle, also tracks a properties lifecycle. The calculation of a property’s lifecycle entails – importing all the relevant building data of each building you invest in. All the stakeholders in an investment needed to be reported about the progress and maintenance details of the property in question. The software also comes in handy while reporting to stakeholders. Apart from this, the software also must ensure to help prepare cash flow forecasts for the projected property. This helps assess the growth and profitability of each property each year.
c) Real-Time Reports –
Apart from sending out timely reports to the stakeholders, it is also very essential for all the financiers and co-investors to be kept in the loop about all information on each property. A good property management software needs to be able to send out real-time reports to all the parties involved so that the necessary changes can be made with regard to the maintenance of property and tenants.
d) Document Management –
It is quite hard to keep track of each tenant, and their leases, or rental agreements, and efficient property management software has tools in place to keep up with all document management. It holds information about floor plans of each building, rental agreements, keeps a record of all certificates, and contracts.
These are the key features that all commercial real estate software must-have. Before you, as an investor, plunge into finding the right software for yourself, make sure to look through the features section of the software’s website and tally for these features mentioned above before investing the right software for yourself.