Why are property management firms increasingly adopting software systems for maintenance tracking?
The word ‘maintenance’ comes to the mind with a negative connotation when it comes to property management. Maintenance is because it is a liability on the part of the investor. Most real estate owners want to own a large portfolio of assets without any added expenses on expenditure.
Regular maintenance can be a difficult task to live up to, particularly when everything has to be done manually, but in truth, software systems have made the task of making sure the property is in good shape for the next tenant. These systems make move-ins and move-outs easy and effective because there are always photos and videos to compare the status of the property before and after a tenant decides to leave. This way, the value of the property can be well preserved and cut unnecessary added expenses.
Tenants can mess with properties if proper monitoring is not done to make sure things are always in place. This maintenance-tracking software systems do well to know when and when not to hold the tenants accountable for the wears and tears of the property.
Sophisticated technologies have changed the way property managers handle different maintenance tasks by ensuring efficient and effective tune-ups. In truth, part of tenants’ satisfaction is providing regular property maintenance, but on the general look, regular maintenance prevents the risk of the property falling into critical dilapidation.
If you belong in the hospitality industry or you wish to have one for yourself, then, employing the services of a robust property management company should be one of the top priorities, which is if running hands-on management never crossed your mind. In this article, you will learn about what property management system means, why it is essential to your hospitality industry quest or successfully running one, and why property management firms are increasingly adopting software systems for maintenance-tracking.
What is the Property Management System?
Property Management System, which has its short form to be PMS, is technically a software application that is used by the hospitality industries, commercial, residential rental owners, for logistics, intellectual properties, and many other management-related fields. In a more descriptive sense, we can say a property management system is a digital medium that enhances the management and maintenance of private properties, legalities, and personnel via a single piece of functional system.
Also, PMS is a piece of a software system that is built to monitor day-to-day operations of a hospitality accommodation industry, private properties, among others. In modern hospitality, this newly-developed genius has made the paper-based methods antiquated.
Just like the other systems out there, this also varies in features. If we take a hotel as a perfect example of the hospitality industry, we would see it so much helps the hotel leaders and other staff in keeping in check things like room reservation, restaurant booking, and necessary accountancy information, mostly for the large organizations. More so, a property management system often facilitates the tracking of key metrics like the ADR, and RevPAR. Real estates can also use the help of reliable software systems to oversee plans, tasks, and people.
Why is a Property Management System Essential?
Gone are the days when maintenance was challenging to carry out because all you could use was moving post-it notes on whiteboards. Now, property management employs the most efficient and cost-effective tools to streamline workflow and get the best out of the investments with relatively less cost/expenses. PMS ticks all the boxes, and it can be easily customized and tweaked to meet the needed requirements to run the investment successfully.
The predominant use of Property Management Systems in the hospitality industry speaks volumes of how important it is to monitor all the progress of the real estate investment if being a success is a top priority. For the last decade or two now, the use of this system solution has grown immensely, particularly when the use of cloud storage has become mainstream. PMS lends several benefits, which includes ease of calendar management, giving rise in fewer costly errors.
It so helps the staff members to work more effectively and at a rapid rate. So many hospitality industries are looking to adopt the use of a property management system, owing to its importance which overly outweighs its cons. These hospitality organizations try not to put themselves at a competitive disadvantage by running the old-fashioned manual management process, which is cumbersome and mostly inefficient.
More interestingly, property landlords are also turning their attention to the use of an online property management system to help automate whatever method they employ, and also save them time and money. A better software solution can be so beneficial in significantly cutting down workloads while boosting returns.
We can say digital technology that helps in keeping track of tenants’ information has been around for a while now. Still, the average landlords haven’t invested so much in this technology to hold their own with property management. Property management software systems are so cool that they ensure payments are automatically accepted and also develop business reports.
Importance like the reduced overhead costs and increased focus on analytics has gotten the reluctant property landlords to reconsider their initial reluctance to accept this technology. The PMS offers a plethora of advantages with respect to property management, and thus there is no reason not to make use of it. Whether you are on the fence or already considering it, the interesting advantages will get you selecting a software package. In this article, we are going to give more emphasis on one of the benefits of using a property management software system in managing your real estate properties, which is maintenance-tracking.
Maintenance of the property is one of the critical activities that must be appropriately taken care of to manage a real estate property effectively. Maintenances like cleaning a gutter full of leaves, fixing broken toilets, leaky sinks, dirty furnace filters, are part of the rental business that cannot be automated; hence, they need to be tracked with software systems and manually fixed.
Tenants’ satisfaction is a vital concern for the landlords, which is why their complaints, as regards maintenance, must be treated with immediate effect. On the other hand, the landlords consider these maintenances as a liability because all it does is take away revenue and not return them, but they still have to be taken care of. Since maintenance of the property is essential, many software systems have been developed to lighten the burden of tracking and fixing these tune-up problems.
One of the systems is the cloud-based system, which can alert you of a maintenance problem as soon as a work order is added to the system. The systems are efficiently built that it works like a customer service portal by giving your tenants the option of creating something like a ticket. This ticket is a way they lodge their complaints about the landlord to see, and more interestingly, they are able to attach photographs of the affected areas that need maintenance.
These software systems not only provide a way to giving the tenants the much-needed satisfaction, but they also guarantee the integrity of the property management company. These contractors work well by regularly accessing the cloud database to check for the tickets and effectively schedule their work. They also notify the tenants of any cause of delay to the maintenance process.
Property management systems provide essential importance to real estate investors, property management companies, and tenants. These systems ensure that the landlords can have a well-documented maintenance record and as well be able to track the expenses of each repair.
4 Merits of Maintenance-Tracking Systems to Landlords
- It gets the landlord notified when the tenants lodge a maintenance and repair complaints that need to be addressed in no time
- It makes scrolling through enormous texts, call histories, and emails avoidable by keeping all the requests in one place
- It ensures effective communication to the household tenants easier and can be done at the same time
- It is useful in creating a record of maintenance and repairs, expenses of each repair, and the conversation with each tenant.
4 Merits of Maintenance-Tracking Systems to Tenants
- It makes it easier for the tenants to submit their maintenance and repair request from any device
- It is useful to the tenants in attaching pictures and videos of the actual maintenance that needs to be done
- It is also helpful in following up on the status of the requested repair
- The software system makes it possible to bring your compatriots into the conversation with the landlord or the property maintenance company that may be handling the property.
The maintenance of real estate properties is essential, and some software systems are built to make that easy. These systems can serve multi-purpose of not only allowing you to track maintenance, but also built for comprehensive real estate management by talking into account essential issues like tenant screening, assets marketing, and the payment processes.
Property Management investment must be understood to find the best fit maintenance-tracking system because just like other software, they differ from one another in sizes, complexities, and the overall benefits. Also, remember to maximize the advantages of the software system you decide will work best for you.
The Booking Ninjas system combines a property management system (PMS) and a customer relationship management (CRM) system to give our users the ability to have a complete experience in one platform. Such a system can only be successful if built on the appropriately powerful platform fit for it.
With that in mind, we can genuinely assure you of the best digital management experience available. We plan to move in ways that guarantee our vision, which is to be the leading provider of guest targeted digital solutions in the hospitality industry. The only to get there is to provide long-term beneficial digital solutions to all our users.