One of the sectors of the American real estate market that is growing the fastest is property management.
Due to this increase, property managers and property owners are dealing with more renters and properties than ever before.
In order to streamline their process and expand their company, they are looking for technological solutions like software for property management, online leases, and internet banking.
What is a Student Housing Property Management System?
Property managers and property owners can keep track of and handle their properties and tenants using property management software, also referred to as a PMC, CRM, or ERP.
You can keep records of all the important elements of your company activities in one location through a property management system.
Despite the fact that there are countless variations of property management software available in the marketplace, they all typically fall into one of two groups: cloud-based or server-based software.
Difference Between Server-based and Cloud-based Student Housing Property Management Systems
What is Server-based PMS?
Server-based software is operated on computers that are either housed in your place of work or at a third-party host with whom you have an agreement.
This has the advantage of giving you authority over data, device upgrades, and update installation. Having said that, there are a few reasons why this is seen as an old-fashioned solution:
- When using a conventional software approach, you must buy, set up, manage, and update all of the hardware and technology services required to execute the software.
- It necessitates a real location, adding to the organization's costs.
- In the event that these actual servers are harmed, you run the chance of losing all of your data.
- Also, the price of updating and managing the computers.
Covid-19 and similar events have brought to light yet another drawback of server-based software. Server-based applications and VPNs operate together to enable distant access for employees.
Therefore, businesses must also make sure that VPNs are configured on every gadget, which could take a lot of time.
What is Cloud-based PMS?
The computer networks and data centers used by the cloud-based operating system also referred to as cloud computing, are controlled and administered by your software supplier.
You must log in online from any computer with a web browser and internet access in order to view the program.
This has the following clear advantage over server-based software:
- The failure to make the necessary infrastructure-building expenditures.
- You only engage in the resources you actually need thanks to its "pay as you go" approach. saving you money that might have been spent on server hardware and server upkeep and upgrades.
- Cloud computing greatly lowers the danger of losing data. Data can be routinely and instantly saved up to the cloud. Therefore, in the event of human mistakes or natural catastrophes, this can aid in retrieving these important data.
The market share of their conventional server-based competitors is currently being rapidly eaten away by cloud-based property administration software options. Actually, according to Forbes, a survey by 451 research shows that 90% of businesses have already adopted cloud computing.
There is no denying that our way of living and working has altered significantly as a result of the COVID-19 pandemic, which is still having an impact on individuals, businesses, and basically every part of everyday life.
On the plus side, this epidemic has hastened the development of many digital solutions and changes, such as cloud-based software for managing properties.
Challenges of Managing Student Housing
- High tenant turnover: Students often only rent properties for a short period of time, which means property owners and managers may have to deal with frequent tenant turnover.
- Unpredictable maintenance issues: Student tenants may not always take the best care of the property, leading to frequent maintenance requests.
- Difficulty in rent collection: Some student tenants may struggle to pay rent on time or in full, leading to potential financial issues for property owners and managers.
- Increased liability: As student tenants are often young and inexperienced, property owners and managers may face a higher risk of liability for accidents or damages that occur on the property.
- Regulatory compliance: Student housing properties may be subject to additional regulations and requirements from local or state authorities, which can be difficult for property owners and managers to navigate.
What are the Benefits of a Property Management System? (Secondary Keywords)
No matter how many properties you rent out, specialized property management software (PMS) can help you organize your leasing processes.
For instance, using the appropriate property management tools, you can:
Make Accounting Less Complicated
By using applications to generate invoices, monitor payments, calculate interest and service charges, and automate the distribution of monthly statements, property managers and owners can streamline their bookkeeping processes.
This can shorten the time invested in accounting, make it possible to receive payments more quickly, and help avoid errors.
Communicate more efficiently with tenants.
To handle leads and interact with both present and potential tenants, software is frequently used. It is used by property managers to coordinate showings, gather applications, monitor contracts, and contact renters.
Renters could be able to submit online applications for open homes thanks to the system's potential integration with a website.
Additionally, it enables you to improve customer service by improving contact with vendors, landlords, and residents through online platforms and programmed messaging services like SMS or email.
This can be used for general correspondence, rent payments, and repair inquiries.
Automate Marketing Operations
Property managers can decide to combine software with marketing communication tools like MailChimp to handle certain marketing duties, such as sending bulletins or promotions to residents or prospective renters.
Users of certain property management software can design unique reports for them to email or publish online. This can assist owners in renting out vacant apartments, cutting down on vacancy rates, and keeping in touch with both current and potential renters.
Automate Recurring Operations Like Requesting Maintenance and Collecting Payments
Quick staff replies are crucial for property administrators in order to avoid customers feeling ignored and losing interest in the company.
When technology is used to manage the assets, this job is made simple because everything may be executed with a single click.
Improve data insights
Enhance Data Insights
The more information you get about your properties, renters, and owners, the better business choices you can make. You can gather a lot of data using PMS, and this data can then be used to generate insights and provide solutions to queries like:
- What should my leasing price be?
- Will my renter make timely payments?
- How much time will it take to open a position?
- To whom should I promote this property?
It might be time to consider how PMS can make your company more effective and successful in the market if your team is frequently falling behind on crucial duties.
What is the finest property administration software, then? What you need in terms of features really depends on your company.
Things to Consider When Selecting A Property Management System
It can be frustrating to consider investing in property management tools. There are so many choices, and each one claims to be able to solve your issues. How do you determine which is best for you?
The following list of indicators should be taken into account when selecting a student housing property management software:
How Many Properties do You Manage?
There are various kinds of software that can meet your requirements if you run less than 100 properties. However, you should probably use specialized student housing property management software if you oversee more than 100 homes.
Some PMS may be better suited for smaller properties, while others may be more suitable for larger properties with multiple units.
Consider the Most Important Features That You Seek
A condensed list of features could include bookkeeping tools for keeping track of expenditures and handling rent payments, monitoring tools, and upkeep management. How much advancement in technology is necessary?
Some apps can help schedule repairs or instantly send out rent reminders.
Look for a PMS with features that meet the specific needs of managing student housing, such as online rent collection, a maintenance ticketing system, and document management.
Cost and Budget
Consider the cost of the PMS, including any upfront costs, ongoing subscription fees, and potential additional costs for customization or additional features. Make sure that the cost is within your budget and provides a good return on investment.
Also, a free trial is available for some solutions before you sign up. The time required to understand how to use the property administration software should be factored into your budget.
Consider the Different Types (Cloud-based and Server-based)
Cloud-based software is the future of technology and is also the pattern for the majority of businesses.
Integration Features
You presumably already use a variety of tools and applications to carry out particular duties if you operate a business.
To save you time physically entering data onto various platforms, your property administration software should ideally work well with these applications.
Consider whether the PMS can integrate with other software or tools that you use for managing student housing, such as accounting software or maintenance scheduling tools.
Ensure your PMS works with your bookkeeping software, for instance, if you use QuickBooks, so that it can immediately transmit financial information, such as payments and security deposits, into QuickBooks on your behalf.
By doing this, you can save time and avoid expensive mistakes when manually inputting data.
Reputation and Reviews
To learn what everyone else thinks of the software system you are contemplating, search for reviews from business publications, main competitors, and real customers. Does it offer reliable customer relations? Is it user-friendly?
How has the instruction been going? You should think about each of these factors before making a choice.
The Potency of the System
Many excellent providers of property administration software have concentrated on a particular facet of the industry.
Some concentrate on marketing, others on upkeep, and still others on bookkeeping. However, you need a solution that takes care of everything and offers you a complete package for handling your assets.
Make sure it interacts with other tools if it fails to include all of your requirements in order to get it all on one platform.
User Interface and User Experience
Some property management systems are simple for tech-savvy people, but not so much for people who are less tech-savvy.
Choose a PMS for student housing that is user-friendly and easy to use, as this will save time and reduce frustration for property owners and managers.
For a team to work more productively and quickly, you need a method that is simple to use and intuitive. It must be able to expand along with your business.
Customization and Personalization
Consider whether the PMS can be customized to meet your specific needs, such as adding fields for tracking student-specific information.
Support
Look for a PMS that offers good customer support, including training and technical assistance, to ensure that you can make the most of the system.
Best Student Housing Management System (Secondary Keyword)
One of the best student housing tools for your property is the Booking Ninjas student housing property management system.
It features an affordable cloud-based student accommodation management system with accounting, maintenance, access control, online student portal & more.
The incredible features of Booking Ninjas' student housing management system come together. Accounting, upkeep, access control, and an online student site allow for simple management and browsing of the portal.
The PMS also eliminates different data layers to create a single, integrated system that makes it possible for your leasing service to automatically gather data. Enjoy independent data collection and research that was previously rejected. What a straightforward existence!
You want to capitalize on the fact that students are becoming more internet-savvy by providing cloud-based software that addresses their housing problems online.
They take your information seriously. You can establish a singular, central store for the complete student information using the Booking Ninjas Cloud-based PMS.
Features of a Good Property Management System
Software for managing properties is not all made alike. To keep the guest and lodging administration process as smooth and simple as feasible, modern systems, on the other hand, integrate multiple features into one piece of software.
Some key features of a good student housing PMS should include:
- Channel management integration
- Reservation management
- Maintenance management
- Online payment processing
- Accounting and revenue management
- Marketing support
- Front desk operations management
- CRM & guest communication
- Housekeeping management
- Reports and analytics
Key Takeaways
You've done your homework, gradually reduced your list, and discovered the ideal software solution for property administration.
After submitting the buy order, you want to proceed with more crucial duties. Now, what do you do?
Making sure we are making the best possible use of our existing budget is another thing we need to do.
These days, expanding your property management company or student housing business necessitates not only the use of cutting-edge solutions and technology.
It also requires the efficient utilization of available resources to their fullest potential if you want to remain ahead of the competition and stay afloat.
However, authentic task automation services for your student housing business, like Booking Ninjas, are also extremely important and cannot be sidelined in the long run.
To learn more about Booking Ninjas and what we do, schedule a free call with us right now