If you own, lease or manage commercial property, you’ll have some kind of system to manage your portfolio. Property management software has come on in leaps and bounds over the past few years - with intuitive cloud based systems growing rapidly. But some property owners still prefer traditional paper based systems, or use excel spreadsheets. It’s all a matter of personal preference of course, but there are some key aspects to consider to determine if property management software is right for you.
If you agree with two or more of the following seven items, there is a good chance property management software will provide significant benefit to you.
1. You need a regular overview of your portfolio performance
A folder of printed leases wont allow you to view what is happening in your portfolio on a daily, weekly or monthly basis. One of the key benefits of property management software, is that once the data is loaded into it (and assuming you keep it updated) you can view the key performance dynamics of your portfolio in real time. As property software suppliers improve their ability to display information, property management software is becoming easier and more intuitive to use. Most reputable suppliers will now be cloud based, and use symbols and colour, to allow you to view your information more easily.
2. You own, lease or manage more than a couple of properties
It stands to reason that the more tenants, buildings and agreements you need to manage, the more benefit you will get from property management software. If you have only one or two tenants on long term leases, then you might be able to manage without an automated system. That's not to say you won't get some benefit, but you should assess. Figure out (the cost) of how much time you spend managing your portfolio and compare it with the cost of property software. Read on…
3. Your time is better spent doing something other than admin
If your charge out, or effective hourly rate is high, then don’t spend your time doing admin work that can be automated. You might be surprised just how much can be automated with the latest property management systems. At the very least, all of your critical agreement, compliance, and insurance dates will be displayed as reminders or on a dashboard (or likely both). Forget about wasting time figuring out who has paid – automate this task and let your software do the donkey work. This will work even better if your property management software talks to your online accounting package. In fact, if you already use online accounting software, then stop reading now. The benefits of having property software that talks to your accounting system are far too great to ignore!
4. You have ever growing piles of paper to deal with
Now more than ever (as governments across the developed world increase regulation and intervention), paperwork, documentation and compliance has grown exponentially. Along with Lease documentation, renewals, reviews and any other legal documents, you may be facing a mountain of paper. Many property software suppliers provide the ability to upload your documents
5. You require different reports for different stakeholders
If you have more than a few stakeholders to deal with (bank, valuers, agents, tenants, shareholders etc) then chances are you’ll also have more than a few different reports to update manually (over and over again). One of the biggest benefits for me, is that with my software I can set up and then save my report – and ten refresh it whenever I need it. Plus the data is updated automatically. If you need this function, there are some big time savings to be made
6. You’d like to access your information from multiple locations
Being able to review your portfolio, and take action, from home, on a business trip out of town, or even on holiday is possible with cloud based software. If you need or want to not be tied to the office, then property management software needs to be high on your list of things to do. If being flexible is not so important, then you may not need a cloud based solution. Keep in mind that desktop solutions (that are loaded to your computer) are often quickly out of date and require frequent updating. For my money, I’ll always be ‘in the cloud’ from now.
7. You, or your advisors, generate legal documentation on a regular basis
If you need to create legal documents, you will gain significant efficiency and decrease risk by using the information already stored in your property management software. If the data has been loaded carefully once, then it can be used forever after with confidence by all stakeholders connected to your portfolio. When you cant afford to get it wrong, using a software system can be worthwhile.
Get started today
If you think property management software will benefit you, then take action and get started today. nomos one provides cloud based software that helps property people across the globe. Click here for more information or start a free trial today.