Choosing a Proptech Solution to Manage Your Properties
Property management software has been around in the industry for quite a while now, though adoption among smaller property managers and landlords has been low.
March 1, 2022
2 min read
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Property management software have been around in the industry for quite a while now. Though a large number of property management companies are inseparable from their technology, adoption among smaller property managers and landlords has been low.
However, with newer investors in the market and with a younger demographic, more owners and managers are looking for digital solutions to improve their file and paper method of doing business. And as history shows, those that do not adopt tech solutions to traditional professions inevitable get left behind.
What is Proptech?
Proptech or a proptech stack is a bundle of software solutions that improve property management, to enable a streamlined approach. Typically there are some areas where technology solutions have helped property managers get ahead.
Leasing: Set of features to help advertise, screen, and convert tenants.
Accounting: To track expenses, income and manage the financials of your business
Task Management: To save time and avoid mistakes in carrying out admin tasks
Communication: To allow interaction and information sharing between tenants and landlords
Reports: To measure performance and help in decision making
Every property manager’s dream is to find the one solution that does everything. But in reality it takes multiple solutions working together to cover all aspects of a business. Even within the same industry, no two businesses are alike and may not be happy with the same solution. What every property manager can hope for is a great synergy between the different solutions that they need for their business process.
From a property investor perspective, the most beneficial solution is to help attract and keep long term tenants. An easy and convenient way to complete all leasing activities for a rental is a good first step in proptech adoption.
Establish what you need for your business and how to go about in achieving it. List out the software that solve said requirements. Then compare each against the other to find a solution for you that best addresses your needs with minimal change to process.
It is not enough that a software does everything you want it to. It has to be easy to understand and use everyday. Keep the end user in mind- the agent. One better option is to test it out with agents, see if the team likes it and would use it regularly.
As mentioned above, a property management business needs multiple software solutions to work together cohesively and without data loss. Choose one with open APIs that can easily be integrated with other solutions and allows seamless data transfer.
When it comes to cost, it does not just mean the expenses in terms of monthly charges or subscription. It is whether the application helps reduce costs overall by saving time and effort and improving the overall efficiency of the user.