Key Capabilities for Property Management Software

Wednesday, November 30, 2022 | By SS&C Technologies

Key Capabilities for Property Management Software

Property managers who rely on spreadsheets and disparate systems may find themselves struggling to keep up with the competition. A single platform for property management to keep track of all processes in one location can prevent compliance errors, lost revenue and poor tenant retention.

Going paperless has been a growing trend, and it continues to gain momentum. But going paperless in a way that still leaves you with complex spreadsheets that require manual updates doesn’t give you the full benefit of a paperless system. The more complex your spreadsheets, the more likely the risk of compliance penalties or money left on the table. A platform that facilitates virtual leasing—from unit tours to digital signatures—allows one employee to manage leases for multiple properties from a single location, and with more efficiency and accuracy than manual spreadsheets. Digital signatures and storage also offer a level of convenience and security that physical copies of paper leases can’t match.

A single platform can also incorporate features that appeal to tenants, like portals where tenants can file maintenance requests and communicate directly with maintenance staff. With portals for maintenance staff, paperless requests can be accessed through a mobile device. This online transparency of maintenance activities also helps keep tenants informed of work in common areas, like resurfacing a parking lot.

When relying on manual processes, which are slower and more prone to errors, property managers may be leaving money on the table. Escalations might not be entered as quickly, vacancies might not be turned around as quickly, and compliance deadlines might get missed. A platform that can schedule escalations, integrate vacancy management with maintenance requests and keep track of reporting deadlines will increase efficiency across the organization.

To learn more about how a single platform can help property managers improve property performance, increase returns, improve reporting to investors and enhance the tenant experience, download our "4 Capabilities Every Property Management Software Should Have to Increase Efficiency" whitepaper.

Real Estate & Property Management

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