Choosing your property management software (residential and commercial)
Property management software is useful for both residential and commercial properties. There are only a few systems that are able to deliver the depth of functionality required by modern property management firms.
Does the property management meet your requirements?
A large property management organisation includes multiple professional skill areas, such as surveying, facilities management, and accounting. Each has its own requirements and complexities and must remain compliant with law.
In a multi-user property management system, specialist activities must be supported in an integrated system. Data and financial transactions must be available to be looked at to support decision making with accurate reporting and inquiries.
The system should support various property management needs, such as residential and commercial property owners, lettings agents, corporate occupiers, and housing associations. You may only need one of these uses, so keep this in mind when selecting your property management software.
Property data accuracy
With more properties under management, the volume and complexity of data will increase. The system must manage the data to store it in a simple and orderly manner. This is possible due to the level of technology in software, and by making the software as integrated as possible.
Having data centralised allows for decision making to be made easy as well as reporting back to landlords or tenants. The aim of a centralised property management software is to decrease admin time as well as operational costs.
Property Rent collection
Rent collection as well as all forms of payments should be tracked and kept on top of.
In comparison to commercial rent demands, residential rent demands are subject to more legislative control. Software must be able to recognize residential tenancies and produce mandatory demands. In most cases, residential rent is due monthly, but they can be due on any date within the month or even weekly, on a set day, so your property management system must accommodate all possible dates and combinations.
A software we would recommend for the commercial side would be Re-leased who will cover all commercial property management needs.
The property management system should support Direct Debit payments and also have automatic bank links and imports to identify tenant receipts and post them accurately into the accounting system. When it comes to credit control in a property management environment, these processes will likely face very high volumes of transactions around the main rental date and the end of the month or quarter, so it is important your property management company facilitates this.
Integrations with Xero have allowed us to make payments through the Lofti portal, meaning everything is stored in one place. Open banking is in the works and will be available to all Lofti landlords and agents.
Production of reports and documents
It is important that your property management either generates reports and personalised documents for you, or allows you to integrate your own.
Lofti have integrations with Signable in order to allow for these documents to be signed online and more importantly, through our platform.