Often considered the golden ticket for letting agents, effective property management software presents many opportunities and features that improve business growth and success.
But what are those benefits? Why do they matter in the current lettings market? And how do you know which is best for your business? We answer all in the ultimate guide to property management software for letting agents.
- The power of property management software for letting agents
- Key features
- The benefits of property management software for letting agents
- Tips for successful implementation
- The future of PropTech
- Want to find the right software for your business?
The power of property management software for letting agents
As letting agents, it may often feel like you have an ever-growing to-do list, with the increasing pressure of doing more with less. Add on top of that the need to satisfy changing and demanding tenant and landlord needs, all within a competitive marketplace, then it’s probably time to start investigating ways to streamline your business.
Luckily, as the market advances and customer needs change, other factors are developing, too.
Take technology, for example. Property management software continually evolves and expands to cure letting agents’ common pain points. By leveraging advanced software and technology, you’ll unlock the opportunity to scale your business, gain a competitive advantage and create efficiencies for your letting agency business.
Put simply, lettings and property management software go hand in hand.
Key features
So, what features does effective property management software have to offer letting agents? The opportunities are almost endless, as the best property management software usually covers all bases, from streamlining communications to managing tenant and landlord relationships, all under one roof.
Here’s a snapshot of the features you can expect to benefit from when investing in property management software for letting agents:
Tenancy management
House all tenant communications, documentation and reminders in one place, enhancing efficiency and removing pain points.
Property management
Managing an extensive and growing portfolio of properties can be complex, but the right software ensures you have all the correct information and tools in one place.
Workflows
Let automation do that hard work for you. Whether scheduling rent reminders, bulk communications or running reports, workflows can take the hassle out of the equation.
Communications
Some property management software tracks all communications, so there’s an audit trail to refer to should you need it.
Accounting
To become the most efficient version of your business, all key services should be included in your software, including accounting. This makes it more streamlined and less likely for errors to occur.
Maintenance
Maintenance requests can take up a lot of time and resources if not managed effectively. Choosing property management software that encompasses the management of maintenance requests can save you time and money.
Marketing
Marketing is crucial to the letting agent puzzle to ensure occupancy rates and your revenue stay high. Some property management software includes marketing capabilities to save time during your day.
Reporting
Reporting is essential to monitor your lettings business' performance, progress and opportunities. In-depth, comprehensive and customisable reporting gives you all the insights you need to power growth.
The benefits of property management software for letting agents
Save time
The whole ethos behind effective property management software is to create efficiencies and streamline workflows that save time. After all, saving time usually means saving money, too!
Value added
Saving time on repetitive, easily automated tasks frees up employee resources to focus on more crucial areas of the business, such as growth plans or managing customer relationships.
Client and tenant retention
Having readily accessible information and communications in one place helps resolve issues, minimise mistakes and enhance the customer experience. This results in greater client and tenant satisfaction and retention rates.
Scalability
Most property management software is built for scalability, meaning growing your business shouldn’t be a headache — you’ll have all the tools, documentation and processes needed in one central system, which can easily grow as your business does.
Security
Lettings requires compliance and security as it deals with sensitive data and the transfer of finances. Therefore, security is paramount, which is why many property management platforms have built-in security features, giving you peace of mind.
Streamlining accounting services
Traditionally, accounting can be very admin-heavy and time-consuming. With property management software's automation and centralisation features, this department can become much more streamlined and efficient.
Competitive advantage
These benefits have one thing in common — they enhance your competitive advantage, which can be the difference between your business succeeding and growing or becoming stagnant in a crowded marketplace.
Tips for successful implementation
While it’s all well and good finding the property management partner you choose to work with, it isn’t as simple as waving a magic wand and everything changes overnight.
For the implementation to move smoothly and get you up and running as soon as possible, here are five tips to help:
- Identify your pain points and priorities from your current system or business model.
- Research the providers available and the features they offer.
- Choose the software that aligns closest with your needs and solves your pain points.
- Prepare all your documentation, communications and process streams ready for implementation.
- Realise the opportunities and capitalise on the efficiencies the software brings.
The future of PropTech
While the benefits of property management software paint a positive picture for letting agents, what does the future of this software look like?
Well, we can only see it continuing to accelerate. As new capabilities are discovered and AI becomes an integral part of our day-to-day, the new features and efficiencies of PropTech can only enhance property management software as we know it.
If letting agents haven’t already, they should adopt or upgrade their property management software now to avoid getting left behind.
Want to find the right software for your business?
We can help with that. Our in-depth guide gives you all the information, tools and insights you need to find the right property management software for your business. Take the first step by downloading your copy today.
