Property management is a difficult task. Any property manager, be it residential or commercial, has to dawn many different hats and play many roles simultaneously to keep the business going. Every day is different, and no two challenges are the same. Keeping track of each of them can be a living nightmare for any property manager.
Here is what you need to understand. No matter the size of your business and how qualified your property manager is, it is humanly impossible to conduct all the work seamlessly without hassle. That is why you need a selection of technology in project management to streamline the process and take some load off your property managers' shoulders.
Worried about which property management software works best for you? There are multiple options out there. Property management comes with many different challenges. Yardi and MRI are among the top contenders in property management in the present PropTech market. This article discusses every challenge that the Yardi software can help mitigate in your real estate biz. Read on to find out more.
Using software for property management
Why use software to manage properties? Why not follow the time-tested human agent and managers for all the management work? There are two answers to this.
Firstly, the pandemic has left us no option but to start remote work, and the real estate biz has not been spared from this trend. Remote can only work with the use of the proper selection of technology. Secondly, the rise of tech and the use of SaaS in all industries are rising.
Though the real estate industry is relatively new to tech use, they are not far behind. Many different tech trends are disrupting the industry and making businesses rethink their strategy and leadership to help streamline work. You've different property management software choices, like:
MRI software - Property and investment management
Yardi software - Property and asset management
Procore software - Construction management
MiCasa software - Asset and property management
Top 7 uses of Yardi to manage business challenges
Property management has different challenges at every phase. Here we discuss the top 10 challenges and use various Yardi software features to mitigate and manage them seamlessly. Check them out.
Keeping up with compliances
Your business can be headed for a downward slope and can be ruined faster than ever if you do not keep up with different governmental and legal compliances. You need to keep track of many accounting compliances, health guidelines, and local and federal laws when you run a real estate business. If you fall behind on any of them, you can be up for many penalties and legal battles. Yardi can easily automate this process by keeping track of your compliance conditions and will send you automated notifications if you are behind on any deadlines.
Keeping track of credible customer leads
Using excel sheets or depending on your memory to keep track of customer leads is a major pitfall for your business. A lot of data can be lost and misinterpreted on the way. Yardi can make you an automated system that can segregate your leads into categories and give you an analytical report based on the priority and credibility of these leads.
Back office accounting and financial management
Without the rightly skilled staff, your real estate’s financial health can go for a toss. But sometimes, hiring an in-house accounting and financial team can be a significant monetary burden. Automating this process with project management software like Yardi is the best way. They will compile all your accounting data, analyse them, keep up with compliances and help close all your books right on time to file all taxes.
Automated property management - happy tenants
From collecting rent to asset management, the real estate business has a lot of tasks that come under property management. Putting all of this responsibility on one human can lead to a lot of trouble. You can play it smart and integrate software like Yardi to automate this process and streamline all the property management tasks. You will never have to set foot in the properties, yet all this work will get done without any extra hassle for your team.
Quick responsiveness to customer needs
Making your customers wait before they get a response to their queries and issues can be fatal for your business. You can face a lot of loss of business and tenant turnover if you keep them waiting. Automating the communication process with Yardi can be an excellent fix for this. Your customers can raise issues on the Yardi dashboard, and you can address them on the go and resolve issues much faster than individually addressing them with phone calls.
Communication with vendors and other stakeholders
Your vendors, real estate agents, realtors, landlords, property managers and other stakeholders can communicate and get updated with vital information on the Yardi dashboard. If all the stakeholders in your business are not updated with real-time information, it can be a big mistake. This can lead to a lot of miscommunication and can cause problems in sales and team coordination.
Construction management at your fingertips
Construction management can be a daunting task, given that it involves many environmental compliances and many field visits to stay on track. You can manage construction remotely with the Yardi software and ease the process for your team. No need to visit construction sites every single to check the progress and keep track of your business when you can access all the data and get updates from your software dashboard.
Integrating project management software with Assetsoft
Are you a business with similar credentials but no technology selection to manage your management work? You can integrate Yardi, one of the industry's top property management software. According to market reports, Yardi is used by many real estate companies with average revenue of between $1 - 10 million and a small team to manage many tasks. But there are many other great software in this industry that is changing the way real estate views technology. Talk to us to find out what technology fits your business best.
Our team has a solution for all your real estate needs, from technology selection consultation to project management strategies. Talk to us to find out more about our services!