Online property management has emerged as an efficient way to monitor commercial properties. Many great options exist, but how do you know which is right for your business? You should look for options that align with your needs and are easy to implement.
What should you look for?
1. Communication Capabilities
Being able to communicate with commercial tenants is a crucial part of property management. You should look for software that lets you contact them remotely to streamline the process of sending updates or notices. For example, instead of sending mail about upcoming maintenance, you could alert them with a push notification.
Digital communication also appeals to most people who lease property. In fact, 31% of renters would like to be able to submit their maintenance requests through a digital portal. It lets you respond quickly and stay informed. The immediacy of the action can also be incredibly effective and even save you time.
2. Real-Time Property Metrics and Reports
Even with monitoring features in place, properties are still prone to damage. For example, property crimes occur every 4.1 seconds on average. Real-time analytics could predict such instances and help you prepare for or prevent them.
Most people who manage commercial real estate can benefit from real-time metrics and reports because it informs about what’s going on at their properties. Financial and operational metrics can keep you updated on the business management side of things and help you keep your investment secure.
3. Alignment With Your Business Needs
One of the first things you should look for when considering rental management software is its alignment with your business requirements. The most common service types for property management software include work orders, payment collection, lease management, accounting and financial reporting. You should look for something that provides everything you need.
While most commercial real estate owners have the same needs, you may require specialized functions depending on your industry. For example, leasing health care commercial real estate requires compliance with certain regulations, like Occupational Safety and Health Administration (OSHA) or Health Insurance Portability and Accountability Act (HIPAA) standards, to remain in business. Take a closer look at the software you are considering to determine if it aligns with your goals and purpose.
4. Easy Implementation and Integration
Good rental management software should be easy to implement, so it needs to integrate with your other software. For example, you should be able to combine it with your current payment portal. It makes the transition more seamless because you only have to make minor changes to your operations.
Making it easy for your staff is critical because they need to be able to adjust quickly. Although commercial property management businesses only have two or fewer employees on average, it’s still essential for the software to be easy for them to learn and use. The more simple the implementation is, the shorter the learning curve. Pay attention to how the online property management software interacts with your current systems.
5. Solid Security
Your management software must be secure, considering how many critical functions it controls or monitors. Like any other digital platform, it must protect your data by preventing unauthorized access. More rental management software is starting to become cloud-based to accommodate mobile users, meaning your data is accessible on various devices through their app.
It may be worth researching the cloud provider for the software, considering each type has different security. For example, hybrid clouds have additional safety measures associated with fewer data breaches. The safety of your information affects your business and tenants, so it’s crucial to look for something with plenty of protection.
6. Simplistic UI
Although it may not be your primary concern, a simplistic user interface (UI) directly translates to ease of use. You’ll have a simpler time navigating through the various functions of your management software if the layout is clean and clear.
Good design might seem minor, but it can optimize productivity by accelerating how fast employees learn to use the tool. It also relates to increased efficiency over time since it’s easier to use. Keep an eye out for the management software’s design quality because it might impact you more than you think.
Why Do You Need Property Management?
You have to manage many functions as a commercial property manager. While you can handle it yourself, management software streamlines the process through automation and provides key insight into operations with analytics. The right choice can give you many more capabilities.
STRATFOLIO is an online property management software solution capable of automating payments, managing maintenance requests and aggregating your total assets for a standardized and streamlined experience. It also integrates with QuickBooks, making integration seamless for many real estate owners. You can schedule a demo with us to see how our platform can help you efficiently manage your finances, operations, assets and investors.
What You Should Look For in Rental Management Software
You should look for management software that provides key capabilities and makes managing your properties simpler. There are many options out there with different functionalities and benefits, but the right one should fit into your business seamlessly and enhance your business functions.
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