Commercial property management software, i.e. the kind that streamlines tasks and operations of such a business has been creating a lot of buzz off late. This is because it can help with lease management, payment collection, monitor maintenance, etc.
While it can be an incredibly complicated business, a dedicated solution can help property managers need to:
- Track renter income
- Manage industry-specific amenities for various renters
- Monitor multiple expense types (including property maintenance, taxes, and utilities)
- Ensure compliance with federal & state regulations
- Handle renter turnover so that properties don’t sit idle
Property managers often use commercial property management software to meet these goals. However, the discovery of finding the right property management solution can be difficult. Though, while searching for the best commercial property management software, it is important to learn what to look for and how it can help.
Considering the rising popularity of such solutions, we figured we’d put together a quick guide to help you choose the right solution. So, before you dive headfirst into the quest for such a solution, there are some questions you must ask to better identify precisely what the business needs.
- What sort of property are you managing?
- What features does your business need?
This will allow one to get a precise idea of what the business and you need as well as some of the features needed to fulfill said requirements. Some of the most important ones have been listed below.
- Communication: Much like in any other context, communication is key for property management as well. Hence, the solution you choose must be conducive to that idea and help set up open channels of communication among all parties involved, i.e. property managers, property owners, and tenants.
- Automated notifications: This provision in commercial property management software comes in handy for sending reminders; for example, rent payment reminders to tenants. Not only that but automatic notifications can also be leveraged to help property managers stick to their schedules, meetings, etc.
- Scheduling solutions: The software ought to come integrated with a scheduling feature to enable property managers to keep an eye on as well as manage important tasks, events, meetings, etc.
Now that we also know some of the important features your property management software must have, let us now discuss some of the main factors you need to keep in mind before choosing a particular solution.
- Software inclusion: While the overall commercial property management concept may be similar, the fact remains that each business is unique and, thus, has its unique requirements. Hence, it is imperative to ensure that the software you choose enables or assists with monitoring expenses, budgets, cost recoveries, etc.
- Desktop- or cloud-based solution: You will also need to decide if you want to opt for a cloud-based or desktop-installed solution. A cloud-based solution is typically cheaper than a desktop solution, can be accessed and used from anywhere, and also ensures centralized data storage. On the other hand, you don’t need an internet connection for a desktop-based solution to work, though the solution can be accessed strictly on the computer on which it is installed.
- Support and training: This one may seem a tad redundant, but it is often ignored into oblivion, hence, the mention on this list. So, no matter the solution you opt for, make sure that the vendor offers a complete plan for the configuration and that their support staff is seasoned in the sector that you operate. And let’s not forget the documentation, support, and training for using the software.
Property management, be it residential or commercial, is no cakewalk. This is why you need modern, technology-driven tools to assist in such endeavors. However, if you want to take it up a few notches, a custom property management system will always come highly recommended because it is fine-tuned following your business’s unique requirements.