Any property manager or landlord who handles multiple tenancies may well benefit from using a specialist property management platform. Helping with record keeping, admin and communication are just some of the plus points of using this kind of solution to help manage properties. However, with so many options out there, it can be a challenge to work out which solution offers the specific features that will be of most benefit to your circumstances. Technology is moving at pace and there are always new possibilities emerging for functions and features that will make a tangible difference to how properties can be managed and what it means for those involved.
In this article, we outline seven of the top features that we believe property management platforms need to deliver maximum efficiency, benefits and return on investment for property owners and managers in 2022 and beyond.
- Payment facilitation and record keeping
Being able to facilitate and track rent payments, along with any other fees or payments, directly within the property management platform, can be a great admin time-saver, along with making things like automatic payments straightforward, which reduces the risks of late or missed rent coming in. Being able to see instantly what the current payment status is with each tenancy is an essential feature and having a clear record of past payments can also help inform future actions or the way that tenant is managed going forward.
- Reliable document storage system
Paperwork can be the bane of a property manager’s life, so a platform feature that enables digital copies of essential documents relating to specific properties and tenancies to be stored securely is ideal. This could be anything from tenancy agreements to EPC and gas safety certificates. Enabling tenants to securely access their own copy of documents via their own login to the platform through a tenant interface is also of value, as it means that the paperwork can’t be lost or tampered with and cuts down on admin from your side.
- Multi-device functionality
Many property managers spend much of their time on the go, but also have office time, so a platform that enables them to access everything they need to via an app for mobile devices and also a desktop portal is a must.
- Effective tenant engagement facilities
Using a property management platform that enables tenants to log in to their own interface and both send and receive communications to/from the landlord or property manager is a really valuable feature. It helps build a stronger relationship with tenants, makes things much easier for them if they need to contact you and also means that you can easily communicate with them about essential updates or services e.g. dates of routine building maintenance work, community events or any other relevant information. Enabling them to ask questions or give feedback through the platform can also provide really useful information for you to improve the service you provide.
- Repair and maintenance tracking
A great feature for any property management platform is a straightforward way for tenants to log faults, repairs required or other maintenance issues. The right platform can not only log the problem and notify the property manager or a nominated person or team immediately, it will also be able to help track the progress of the issue and provide the tenant with updates, if needed, until it has been resolved.
- Reporting and data analysis
Data can be powerful and understanding how your properties are being utilised can help inform future decisions and ensure you’re always informed about issues on the ground that could have an impact on your profitability or tenant satisfaction. It could even help you reduce your property’s carbon footprint. Whether it’s reports about rental income, about any tenants in arrears, about how communal areas are being used or about costs and bills for the property itself, a great property management platform will be able to run reports on any of these and more.
- Calendar and notification/reminder facility
There are lots of different reasons why a calendar and date reminder feature is incredibly useful in a property management platform. It can be used for any or all of:
- Rent or other payment reminders to tenants
- Reminders to all parties when a fixed term AST is coming to an end
- Enabling any relevant facilities to be booked e.g. meeting rooms
- Organising community events for tenants
- Showing tenants when maintenance and repairs will be taking place
Choosing the right property management platform can make a huge difference to both the day to day and ‘bigger picture’ running of your business. Having access to important features that help you to provide a better service, be more efficient, maximise profit potential and build positive relationships with tenants can be transformative to both your workload and your bottom line.
At Padoq, our totally customisable property management app can provide any and all features that you need to run rental properties more efficiently operationally, whether residential or commercial. We effortlessly and securely tie in with third party software when needed and can build and launch your fully branded bespoke app and web portal in a fraction of the time and cost of traditional platform development.
Get in touch with us to find out more.