What Is Property Management? | Logican
Property management is a broad term. In this article, we explain what it is and how individuals and businesses can use property management software.
Property management covers a multitude of roles and responsibilities. Broadly speaking, property management is the operation or control of property — both residential and commercial.
There are a number of roles for those working in property management, including property owners, managing agents, surveyors, and managers of property syndicates. The extent of different roles in property management indicates how large and lucrative the market is in the UK.
Property management differs between residential and commercial property. However, both are equally as important and have their own dedicated roles in the economy. Residential property in London is worth £1.5 trillion, more than double that of the other nine largest UK cities combined. While Brexit has led to some uncertainty around the housing market, there is still plenty of money to be made.
Commercial property is undergoing a turbulent time with more retail outlets heading into administration, often due to a decrease in footfall as more people opt to shop online. Yet, the global market is thriving and worth over $30 trillion.
With the property market having such a high value, property management professionals need to be organised and work efficiently to keep on top of their workload. The best way to do this is for each property to have a portfolio containing all of the key information.
At Logican, we develop property portfolio software for those working in property management. But what role does it play?
The Role of Property Management Software
Property management professionals require efficient software to manage their properties. Whether a letting agent or surveyor, having property management software can reduce the manual workload and support multiple aspects of property management.
The best property management software can help with:
- Finances — both distributing payments and generating rent demands and invoices
- Managing contractor jobs — ideal for those with multiple freelancers, contractors or employees
- Keeping track of tenants, leases, creditors and more — keeping an active log of every person involved with each property is essential
- Communication — create template drafts to send to relevant correspondents: the best software also allows for automated communication
- Reporting — easy way of downloading reports for each account and updating others on property progress and work
- Providing a customised solution — as property management is vast, LogiPro from Logican can be customised for each company and its unique property management needs and services.
If you work in property management, property portfolio software is essential. The best software can manage hundreds of portfolios to ease the workload and reduce the need for time-consuming, error-prone manual work.
Logican’s property management software was designed in partnership with accountancy and property management professionals. It incorporates the feedback from the broad range of property management companies that use it on a daily basis. This has allowed us to create property portfolio software that suits a range of businesses and works specifically for you.
Logican’s LogiPro makes managing property portfolios easier. It’s the ideal solution for those working in property management. Contact Logican to request a free demo and find out more about the software.