The real estate business has many facets to it, commercial and residential being two of its broadest divisions. Property management for these two are vastly different, and real estate project management software providers have developed niche options to handle each of them individually.
According to EY market research on technology selection in real estate, 61% of real estate companies have adopted some form of software technology to advance their business process. What is more interesting is that more than 82% of real estate companies also said that they plan to go for third-party external SaaS integration solutions and not develop in-house software to avoid hassle and save money.
MRI software is one of the best SaaS providers for real estate available in the market and it has different versions of the software available for residential properties and commercial real estate management. Before you start the integration process, read this article to find out the top features of both and the advantages they can have for your business.
Why do you need different management systems for each?
Residential properties mostly include single-family homes, affordable housing societies, or small multi-family properties. They are vastly different from commercial real estate (CRE) properties which include retail spaces, shopping complexes, warehouses, hotels, parks, restaurants, airports, and even bigger multi-family homes. The amount of office work, paperwork, sales, marketing, and lease management involved in each are different in type and proportion.
CRE has more bulky data and minute legalities and needs much more marketing to drive up sales. Residential properties, on the other hand, have much lesser requirements, but their management needs to be more tenant centric to improve business and tenant relations. That is exactly why you need different systems to manage each of these property types.
MRI residential property management
There are many exclusive features of MRI residential property management and the benefits that come with it. Check them out.
Attract new tenants
When you provide a seamless tenant experience on your website, you will attract new customers. From providing prompt response to potential customer queries to hassle-free onboarding, tenant screening, rent collection, access to tenant portals, etc., will amp up your reputation in the market. Why is that important? According to the National Association of Realtors (NAR) findings, they say that real estate works on a social recommendation through friends and trusted ones. More than 75% of people recommended their real estate agents to their friends and family if they liked their own user experience.
Simplified living for residents
MRI software provides an easy-to-use tenant portal where residents can raise complaints, pay rent, look at their lease, etc. MRI services are tenant centric and will help you get in the good books of your customers to reduce tenant turnover and improve lease renewal rates to impact your ROI positively.
Property management runs seamlessly
MRI software has an easy-to-use dashboard that can be handled by all your employees. You can access real-time data about your properties, assets, inventory, investments, and tenants from this dashboard. You no longer have to wait for long-drawn manual systems to get updates about your sales or look into tenant grievances. They also help you save contacts with vendors and other stakeholders to simplify management.
Understand your financial health
The MRI software has budgeting and forecasting tools that can go through all your accounting and financial data and give valuable insights into your financial health. It will help you plan your strategy and leadership better and understand potential areas of expansion and scale growth.
Risk management
This software can flag any problems in residents' background checks during tenant screening; it can also alert you to discrepancies in payments or any abnormality in rent payments. It will help you mitigate all risks beforehand.
Public and affordable housing management
Public and affordable housing is a noble cause, but its management comes with a lot of hassle and much paperwork and governmental compliances. MRI residential property management can help you streamline the process and make living better for your residents.
MRI commercial property management
MRI commercial property management is used for commercial properties like retail shops and warehouses; here’s how its features help you manage better.
Reporting and analytics on data
The MRI software will get you insights into your data; it will help you understand the performance of your portfolio and your assets. It will also help you understand customer buying patterns and real estate markets and pave your way forward.
CRE lease administration
CRE leases are a living nightmare for property managers and owners, mostly because they include huge amounts of paperwork and are filled with legal matters. MRI services include AI-powered tools that extract leases, authenticate and analyze them to get you comprehensible data. With this technology selection, you can automate the whole lease lifecycle.
Remote management with tenant connect
During the pandemic, many real estate landlords found it hard to collect rent due to social distancing norms and economic crises. But MRI provides a cloud-based SaaS system that automates the rent collection process, and property managers can handle that remotely and avoid delays in payments.
Electronic signature for e-contracts
The present generation is very comfortable with buying things online, including properties; this process has been further improved by MRI software’s e-signature facility for online contracts and deals. These are easy-to-use, data is authenticated and secured on cloud systems, and the real estate deal can be made remotely without physical human interaction.
MRI Findspace for faster sales
MRI Findspace is a new-age solution to your marketing and leasing plans in CRE. It centralizes all your lease and marketing data on a cloud system and helps you find authentic leases and indulge in target marketing, and drive up sales.
Implementing The Right Real Estate Property Management Solution for You
At Assetsoft, we provide an assistive technology implementation plan and will help you optimize your MRI property management software use. We also help in the integration of other software like Yardi, Procore, UiPath, and more to automate your whole property management system. From providing advice on technology selection to integration and providing staff training, our team of tech experts has a solution for all of it.
To know more about our services, give us a call and book a free consultation call to discuss in detail.