As our society has become more and more reliant on technology to make our lives easier, landlords, property management companies and letting agents are adopting software to help manage their portfolios and simplify processes therefore saving both time and money. So, what are the benefits of using Proptech to simplify management and make your life easier? Here’s my top 10.
- Automation
Hours spent on spreadsheets and manually sending messages increases the amount of manpower needed to manage a property portfolio. The whole automating process decreases this communication time benefitting both tenants and yourself or the property manager through a more streamlined process. Reminders including rent due dates, viewings and check ins/check outs can be automated which means the property manager or tenants don’t forget a thing and your time is freed up to look for more property investments.
- Workflow management
Efficient workflow management is essential when trying to organise and fix multiple maintenance issues at once. Contractors need to be made aware of the situation quickly and the issues to be resolved as fast as possible. Delays and miscommunication lead to time wasting and hassle for both the tenant and the contractor. Clarity is essential from the start in terms of accessibility instructions into the house and availability to carry out the work order. The solution to this is to use software via an app or desktop that allows you to host all the communication on one jobsheet and issue the information to everyone involved quickly and with a virtual paper trail. This makes the issue clear starting with a message from the tenant to the property manager who then sends a message directly to the contractor with a tap on the app. Images and videos can be sent across supporting the message. All parties can then track the issue and be notified immediately once the work order is completed. Quotes, tracking and access details can be uploaded simply via software minimising communication time and leading to efficient progress of any maintenance issues.
- Communication
At its heart, property management is a people business. Managers are tasked with keeping tenants, owners and contractors happy whilst trying not to tear their own hair out at the same time. One way that PropTech is making management easier is by bringing all these groups together. In the past, disparate communication between the different groups involved meant a manager would spend half their time on the phone, typing with one hand and writing an address with another and heaven forbid if they had to produce proof that someone received it. Using technology, property managers can email /message their tenants with a tap of the app, which allows all message history to be tracked, making management easier. Management software can also have a permissions option, which allows you to control who sees what in the company and allowing the different groups to communicate only with the people that they need too.
- Organisation
If you are managing several properties within a team, it can be more efficient to organise tasks via a software in which you allocate specific tasks to specific people. Tasks, viewings, check outs and tenant complaints can be allocated to the person that manages that aspect of the property. Furthermore, this can also be automated making for even smoother management.
- Financial control
Property management software allows property managers greater financial control. When it comes to rent collection, it is important to have automated reminders sent out to the tenants when the due date is approaching. These platforms can integrate with accounting packages such as Xero and QuickBooks which makes rent reconciliation even easier. Payment portals such as GoCardless and Stripe allows managers to have control over charging and recharging tenants if the rent is overdue or missed.
- Accessibility
Property management software provides a platform where all parties can access all documents anywhere at any time. This makes contracts and vital information regarding the property readily available. Permissions can be put in place so certain information is only made available to the appropriate person.
- Legal benefits
Software can constantly update your documentation to ensure you have a legal contract, notice etc. It also helps the property manager abide legally by reminding property managers when something needs to be done. As an expiry date approaches for a certificate, systems are able to automatically contact contractors or managers to inform them of the news. This prevents a manager’s business from falling behind in terms of compliance.
- Cost efficiency
Additional costs put on by the government mean that people want to reduce their outlay as much as possible. One of the ways to do this is to reduce time (and therefore money) spent on admin. By introducing software designed specifically for the property sector (aka PropTech), businesses can streamline their management business, allowing them to scale more easily or simply reduce the cost of their current business.
- Time efficiency
Property management can involve a large amount of paperwork, which can be a pain to manage especially if you need to file contracts on behalf of multiple tenancies. This can lead to documents going missing and time wasted trying to find paperwork. It also limits the accessibility to the property managers who store all the information, whereas on software, all parties can access it instantly with no time delay.
- Scalability
The property sector is becoming progressively competitive and as more companies focus on growth, more emphasis is placed on opportunities to scale business operations and reduce costs. If you are growing your property portfolio single handily or even if you are a small business managing an ever-increasing number of properties, management can take its toll and having to remember multiple different rent due dates, viewings, deposits, check in and check out dates can become overwhelming. In order to achieve success when scaling, software can help you stay centred and in control.
Arthur Online property management software enables you to have complete control over all aspects of your portfolio and it’s accessible from your computer, tablet or mobile phone. Arthur brings landlords, tenants, contractors, agents and owners together all under the same interface, making problem solving a breeze. With our system, you can manage your portfolio from anywhere in the world, which is guaranteed to give you peace of mind as you expand your business. Arthur provides you with complete flexibility and is excellent for multi-unit properties (no matter what size) such as: student accommodation, blocks of flats and HMOs.
Come and try our 30-day free trial today at www.arthuronline.co.uk!
Marc Trup is the Founder and CEO of Arthur Online
Marc fell into the property sector after selling his first business in 1998 to BUPA healthcare. Focusing on residential property, he built up a portfolio in and around the London area, starting off with a small block of flats. Over the following 15 years Marc grew his portfolio to manage over 85 properties. He wanted a system that allowed him to manage the portfolio from his iPhone, while drinking his espresso at the local coffee shop. Having searched online to find an app to help him do just that, he realised that it simply didn’t exist. So, he founded Arthur to make not only his life easier but that of other property managers. Arthur Online is a cloud-based platform that enables property managers to respond instantly and solve problems fast – be it with tenants, contractors, property owners or letting agents. https://www.arthuronline.co.uk/
