As the end of the year draws near, both individuals and businesses are looking back to see how they can do even better in 2019.

For those working in the property industry, this means reviewing processes and looking for areas needing improvement. It’s been an uncertain year for many in the property industry as the not-yet-final Brexit deal has caused instability in the property market. On top of this, the introduction of GDPR regulations in May forced many companies to review their data security processes and ensure that all data is handled correctly.

Despite the uncertainty, businesses need to look ahead to 2019 and see how they can improve their day-to-day tasks and organisation to provide the very best service. One such way businesses can review and improve their processes is by investing in property management software.

Property portfolio management software can significantly help landlords, letting agents and developers manage multiple properties. For those needing something new to effectively manage their properties in 2019, investing in valuable and efficient software could be the answer.

The Benefits of Property Management Software

Whether you’re dealing with commercial or residential property, there is always room for improvement in daily operations. Depending on your role within the property market, it could include managing and distributing payments, keeping track of residents and tenancies, or managing contractors and developers.

Property management software can help to eradicate some of the issues you may be dealing with in these areas. Whether you’re manually performing tasks or time management is causing issues, finding the right software could resolve these problems.

The features and benefits of efficient property management software can help companies to grow and thrive in 2019. Below are some features of the software and how it can help businesses.

  • Automatic communication — No matter what your role within the property industry, automating communication can significantly help with time management. Whether it’s sending rent reminders and demands or summary statements, we all need to communicate. Research suggests that 20% of CEOs time is spent doing tasks that could be automated.
  • Easy information tracking — As firms have moved away from paper-based offices, the need for user-friendly and efficient software to maintain all the data in an easy-to-access location is critical. When managing multiple properties, having the ability to quickly and easily search for and identify vital information is essential.
  • Manage payments — Making payments is integral to many property management firms. With a large number of payments to process, software that can calculate and distribute funds is a great advantage. The best property management software can also reconcile payment records with the bank, thus allowing for further automation and ease.
  • Service charge — Service charge is relevant for those working in commercial property. The ability to easily process and redistribute service charges to tenants is an important feature.
  • Management of arrears — Management of arrears is a concern for all property managers. Software should automate arrears letters and chasing using self-built templates and scheduling .
  • Adjustable permission access — Not everyone within the firm requires access to all areas. Powerful software should offer the option of specifying which areas are accessible to each employee.
  • Secure data — If data protection isn’t already an area of importance, it needs to be. Finding software that keeps all data safe and reduces the likelihood of potential threats is paramount. Property management software should be encrypted and have data security as a top priority.

Why Choose Property Management Software?

You might be surprised to find that property management software isn’t as expensive as you initially thought. For a modest fee, it can be installed into a system, and the licence will be reviewed annually.

Finding the right software can speed up processes and help you to run a more profitable business in 2019. With the property market looking uncertain, particularly in London, investing in software that has the potential to improve efficiency could be extremely valuable.