MRI software is one of the top-rated real estate property management software in the market at present. With increased adoption, MRI software made it to the Inc. 5000 List of Fastest Growing Private Companies in U.S. two years in a row. With dynamic new features, affordable pricing, customizations, and third-party integration options, MRI software has a global presence.
As a real estate property manager, you probably know how selecting the right technology and optimizing its use is important for project management. Here are some of the lesser-known features of the MRI software that you need to know about to maximize resource optimization.
Property management software to streamline work
The most basic use of property management software is to manage all properties and units under your portfolio. Managing includes back office work, coordination between all stakeholders, accounting, data analysis, tenant onboarding, developing budgeting and forecasting plans, and more. These are all basic uses and more or less can be found in most property management software. But each property management software has its own hidden features that are lesser-known, and using them can help your business get an edge over all the competition. Because chances are, your competition already uses a similar property management software as you do.
MRI software features that you did not know about
New technology implementation can be a struggle for real estate businesses because most of them are very new at handling technology. A lot of these underrated features can be lost or forgotten about during implementation, so here’s a quick guide to get you started.
Meeting housing compliances
There are many governmental guidelines and compliances in running an affordable or public housing facility. But due to many hindrances n their daily tasks, it is hard for Public Housing Agencies (PHAs) to keep up with these compliances but any violations can also lead to a legal fine and further harassment. MRI has developed features to effortlessly keep up with all Housing and Development (HUD) compliances. They have a tenant screening process assistance for residences to get all documents verified and sent on time to avoid any challenges.
Online rent payment and automated reminders
The pandemic has shown real estate business owners and property owners the true value of digitalizing their process. MRI software helps in online rent collection, works with late payment requests, and sends automated notifications to all customers when rent is due. This helps property managers and landlords collect rent remotely, never lose out on money, and hamper cash flow due to travel restrictions of the pandemic.
Waitlist management
There are many applications that come in for the same property and even the same units, and screening through all of them is a crucial but boring task. MRI software can automate this process with its waitlist management process. It filters through incomplete and fraudulent applications, tracks all dates and data, backs it up on cloud storage, and reduces the waiting time for all tenants before the onboarding process starts.
Voucher management
The Housing Choice Voucher Program is a strategic scheme by the US government to get affordable housing for low-income families. These voucher systems have a lifecycle and need to be managed throughout to avoid fraud. All information on FMR, Payment Standards, Income Limits, and Utility Allowances is already there in the system and can be accessed with a click to never land in any legal trouble due to ignorance or human errors.
Workplace management
Most real estate offices follow a “get it done” practice around the offices; though that process might work for you in the present, it makes management quite a pain. Automating this process not only saves up your valuable time, but your employees can then also work remotely.
Lease lifecycle management
Commercial leases are complicated legal documents, which might seem quite boring and incomprehensible in general, but when any of the regulations are not met, they can end up in long-term legal problems. So MRI services offer an AI-powered lease abstraction plan where bigger commercial leases are summarized and simplified into shorter versions for better understanding. Such streamlined lease accounting can stabilize the financial and accounting work of the company. It helps real estate businesses keep up with FASB regulations, including ASC 842, IFRS 16 & GASB 87 compliances.
Investment and asset management
Investments in the right places and managing your assets properly, and incorporating preventive methods for their upkeep is the best way to grow your real estate business. MRI services help you get better industry insights on the right investments, like technology selection, market trends, etc. MRI can also keep track of your asset lifecycle, from current conditions, insurances, and subscription deadlines and help you prevent any complaints from tenants by getting ahead of the curve. The right technology selection and your strategy and leadership body can get you your money’s worth on your assets and investments.
Gain performance insights with data analytics
A proper strategic plan based on customer buying patterns, authentic market trends, and data can significantly help in business growth plans. MRI services can tell you which of your properties sold out faster, which one had maximum tenant turnover, which ones are dead investments, and which have the potential for growth. Analyzing these data with the human workforce can be time-consuming and bound to be filled with minor yet fatal human errors.
Integrating MRI software with Assetsoft
Looking for an MRI partner to help you with proper advice on integrating and using the MRI software to manage your real estate business? Assetsoft is here to help. From the right selection of technology in project management to providing staff training to help in a seamless SaaS integration process, our team will be there with you every step of the way.
Want to know more about our services? Book a free consultation call with us and talk to us in detail about your property management needs.