How Can You Benefit from Property Portfolio Management Software?
Is software helping your business in its day-to-day management? Consider using property portfolio management software to manage business processes.
Whether you are a property owner, landlord, manager of property syndicates or managing agent, it is no secret that you have a vast range of responsibilities and pressing daily duties. In fact, it has been reported that property professionals actually have the highest stress levels in the UK job market, with 54% being near ‘burn out’. Remarkably, those in the property field suffer from even more stress than those in the notoriously pressure-filled financial sector.
This strain is understandable when you consider that there is always something demanding the attention of a property professional. There is a seemingly endless number of important dates to remember, rent to collect, payments to make and letters to issue, and these pressures only increase as your property portfolio grows.
Among many property professionals, daily duties are managing tenant details, ensuring you are up-to-date on gas and electricity safety certificate renewal dates and the tracking rent income. Whether commercial or residential, to have a successful career in property it is essential that you invest in effective, professional property portfolio management software.
This technology can make your life easier, calmer and much more manageable in a number of ways. Here are some of the capabilities of property portfolio management software and the benefits it can bring to your business.
There are many different roles within the property industry. For every individual and business, accountancy functions are essential. Accounting is one of the most important considerations to keep in mind when choosing an appropriate software.
Property portfolio management software can track all receipts and expenses from suppliers and tenants and distributes payments when necessary. On top of this, software can be used to effectively manage contractor jobs and redistribute service charges to tenants. It can also be integrated with electronic banking to reconcile payment records and generate BACS files to be uploaded.
Software can be used to incorporate double entry bookkeeping and transaction logging. It can track property inventories and produce reports to give an indication as to whether or not a property is profitable. No matter what type of work you do within the property industry, the software can be modified and customised to suit your specific requirements. The true extent and capabilities of the accounting functionality of property software is truly remarkable.
Management and tracking of key information
Business processing software can store thousands of client portfolios. It is fast, secure, highly reliable and scalable to the growth of any business. The ability to store and access this much information and files is significant and a welcome shift away from maintaining important information on paper.
Software eases the headache of having to maintain and store files and folders full of paper records concerning reference history, tenant and supplier information and rent payments. Property portfolio software can record and track all relevant activity for companies, properties, tenants, units and leases. This information is all stored conveniently and centrally, meaning it is easy to access anywhere, anytime.
Software should also have the capability to store data in accordance with GDPR regulations. Having the data stored in this way means the information is safe and secure.
Powerful document creation and distribution
One substantial benefit of property portfolio management software is that documents, reports and spreadsheets can be automatically generated. Software can be customised so that if the system registers late rent payments, demands in the form of text messages and emails are created and distributed to the appropriate party. Word documents, with tenant details extracted from the software’s database, can be generated using self-built templates and delivered to a number of contacts, saving you time and effort.
The ability to automatically distribute reminders reduces the need for manual tasks. This means more time can be spent on other tasks and a reduced cost of manpower to perform these roles.
Administration and automation
Software works in conjunction with an in-built diary to schedule automatic reminders regarding agreements and notices, appointments and important legal dates. It can track whether or not you have settled debts with specific suppliers, how much they are due to be paid and when. You will be notified regarding the expected end date of a tenancy, when to renew a gas safety certificate and a number of other tasks that you must complete in order to ensure legal compliance. This function is beneficial for employees and business owners alike.
Software can be customised
For you to see the true benefits in terms of efficiency and productivity, you need software that can be customised appropriately to meet the individual needs of your businesses’ activities and processes. A good property portfolio management software provider will be able to highly customise the product to suit you, with full training given on how to manage and adapt the software to suit your needs. On top of this, online documentation will be provided to assist you along the way. If you require more in-depth customisation to the core software in order to meet your bespoke business needs and ensure maximum productivity, you can contact our development team who will be more than happy to develop bespoke business software to meet your specific needs.