Property managers dealing with some of the hardest operational challenges of any business in the market are turning to , an all-in-one property management software solution based on Microsoft Dynamics NAV. From lease management to rent rolls and accounts receivable, Soft4RealEstate is solving the challenges PMs face everyday.
For most organizations, PMs come up against the same three issues: limited money, employees and time. However, according to a survey conducted specifically on , property managers also have to deal with tenant complaints, unexpected maintenance, property damage, payment problems, hiring staff etc.
For these reasons, many property management businesses face challenges when trying to expand/grow a portfolio. There is a complex series of moving parts that must work together. Most managers juggle multiple assets, routine inspections, marketing, customer service, maintenance requests and more. However, despite these seemingly endless responsibilities, a select number of property managers are meeting and exceeding their business goals.
A report, , highlights the operational activities that are helping CRE professionals “position their buildings for above-market occupancy and rent, leading to higher income and greater asset value”. Essentially, here’s what they are doing differently:
- Consistently delivering exceptional customer service
- Tracking accurate data and using business intelligence tools to make better decision
- Effective communication strategies with prospects and existing tenants
- Proactive maintenance plans
- Robust accounting, reporting and tenant management platforms
One might assume that these high achievers only have a competitive advantage due to high numbers of staff, but the report shows that there is little difference in staffing numbers between high performers and others. The unifying factor is actually a strategic use of technologies like property management accounting software Microsoft Dynamics Soft4RealEstate.
The rise of CRE Technology
Investing in technology for your property management business is not just throwing money at the problem; it’s automating the right processes to free up time for your property managers allowing you to be more efficient and focus on growing the business. Choosing the right property management software can be a competitive advantage over your competition, driving down operational costs in the long run while maintaining high performance.
Soft4RealEstate powered by Dynamics NAV, is an all-in-one, commercial property management solution. Providing a single source of truth across departments, Soft4RealEstate gives managers a 360-degree view of the business in real-time for faster, more informed decision making.
Benefits of Property Management Accounting Software
- Robust Accounting – Most property managers are using QuickBooks and spreadsheets to keep their books in check. While this can work for relatively small portfolios, it becomes a stumbling block to any business growth.
- Anywhere, anytime access - Have a real time look at unit availability, review a lease agreement, schedule maintenance work, pay vendor and more. All available from any device like a smartphone or tablet.
- Tenant Portal – With today's technology, we all have instant access to information in our pockets. Your tenants have come to expect the convenience of real-time information.
Property managers that can communicate (quickly) with their tenants and prospects, giving them information on-demand, tend to have higher retention rates.
- Develop Agile Teams - Given the pace of change of the real estate and property management industries, the trends and laws that impact them, your staff need real-time access to data. Having accurate data will enable your staff become (and stay) agile, helping them get things done right, the first time around.
- Make Maintenance Proactive - Preventive maintenance is essential to increasing the longevity of property, and protecting the safety of tenants. But critical tasks can difficult to keep track of and prioritize. This leads to their going unnoticed – until it’s too late.
With the right business software for commercial property management, it's easier to streamline the process of planning, scheduling, and completing maintenance tasks. Soft4RealEstate can also keep track of work orders, register tenants requests for repair etc.
Conclusion
The right property management software helps managers juggle and complete the multitude of tasks that their job entails. Failure to adopt a strategic process automation plan may stagnate business growth.
At Admiral Consulting Group, we know how valuable the right solution can be but we also know that many managers are skeptical about spending valuable money on a software solution that won't work for their business. That’s why we provide a complimentary consultation to help our client’s choose the right solution and work as a team with your organization to take your property management business to the next level.
For more info on how you can leverage Microsoft Dynamics Soft4RealEstate to solve property management challenges, with an Admiral executive today.
Originally posted on by Kat Wuethrich, Business Development, kwuethrich@admiral-usa.com.
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