MRI software is one of the market's most-used property management software options. Thousands of real estate businesses in New York are also using it to solve their property management issues. That is one of the reasons why MRI was named in the Inc. 5000 List of Fastest Growing Private Companies in the U.S. for the Second Year in a Row. What is causing this rising growth? Do you want to know why so many businesses are using it and how you can benefit from it?
As an MRI independent consultant in New York, the Assetsoft experts have deeply dug into understanding why this software works for businesses. Read this article to clear your doubts and find analytical answers to your questions.
5 reasons to use MRI software for your real estate biz in New York
o, what are the top benefits of using MRI software in New York? Can it help in combatting some of the most impending issues? Let us find out more about this.
Real estate portfolios are diverse in New York
In New York, all real estate businesses have a diverse portfolio. Multiple types of properties come under the same umbrella, from multi-family homes to condos. It can be very hard to manage all the properties and physically visit each one.
The traffic problem is real in New York, and so is the carbon emission issue. Reports say New York alone had more than 56 million visitors in 2022. And government census says the population in New York was over 8,992,908 in 2020. So, we can only imagine how hard it is to move around the city and still be able to manage your properties efficiently.
To combat these, you can easily use the MRI software to automate your diverse portfolio management plans. From asset lifecycle management in each property to rent collection from each tenant in each property, MRI can solve a lot of problems.
You or your property manager no longer have to visit the properties to listen to customer issues. They can simply leave feedback on your dashboard, and you can address them from any location.
Meet all the state housing compliances
Each housing sector has its own housing compliance requirements in the USA. From public housing to residential housing, or condos, each is different. From tax payments and insurance renewals to following community guidelines, there are a lot of other rules you need to follow. But human errors are unavoidable. Data says that businesses in the USA lose over $3.1 trillion a year due to minor human errors.
You need to automate your compliance management process with the MRI software to avoid such monetary losses and stop failing to meet compliance guidelines. All parameters will be pre-set in the MRI system, so all your guidelines are followed and nothing falls through the cracks.
Managing public and affordable housing to address the housing crunch
According to the NY Times, New York never seems to have enough affordable housing units in the market. As fast as the demand for affordable housing is growing, the number of housing units is not growing as fast. There are now over 55 million people here, and the housing issue is affecting most people.
So, amidst this chaos and shortage, it can be overwhelming to take care of the logistics and management if you are a public and affordable housing organization. The demand is constantly rising, and the number of people looking to find affordable homes is growing more than that. It can be an intimating process to keep up with all the state and federal compliances when the rising demand is taking a toll on you and your business.
With MRI affordable housing management solutions, you can automate all compliance work. You can easily comply with regulations for HUD Multi-Family, Tax Credit, HOME, USDA Rural Development, Public Housing, HCV, RAD, MTW, and more.
MRI also offers Housing Choice Voucher Program for public housing platforms. This helps you stay compliant with all government rules. These vouchers have a lifecycle, so you can check all their updates on the MRI dashboard to avoid any legal issues due to human errors.
Waitlist management
The number of properties to tenant applications ratio in New York is vastly irrational. It can be very hard and tiring to comb through all of the applicants on the waitlist and find good tenants. That is where the MRI waitlist management feature comes in to help you. It automates the process, helps you filter through the lists, and gives you some useful, understandable data. With this software, you can now avoid all long queues outside your offices and manage all applications remotely.
Avoid all problems of false tenant checks
There are many tenant checks which come up with false results. But not when you are working with MRI software. This resident screening feature always does a deep search into the history of each tenant so that you do not get stuck with problematic tenants. Tenant turnovers can cost you $2,500 on average in New York and also leave you with a lot of losses. So, it is always best to get high-quality tenants after filtering them through MRI resident screening than pay extra money for bad tenants.
Integrating MRI with MRI independent consultant (Assetsoft) in New York
MRI software has many other underrated features like rent collection, asset, and investment management features that you can benefit from. New York City and the State of New York are both huge real estate marketplaces. So, the MRI software can be a great fit to manage your business in these areas. MRI can do a lot, from handling your diverse portfolio across the whole state/city to automating your property management plans.
But are you feeling a little confused about which MRI software features will work best for you? We understand your issue. As an MRI independent MRI consultant in New York, we have seen many real estate businesses struggle with the same issue. With nearly 3 decades of experience in this field, we have a huge knowledge base to help and guide you. Get in touch with our team to consult with our independent MRI consultants. We do everything from integrating MRI software to upgrading your existing MRI system to staff training for new features.
Book a free one-hour consultation with our team to learn more about our services. Talk soon!