- What is Corporate Housing Management?
- Should You Manage Your Own Property?
- What Is Corporate Housing Management Software?
- Purpose of Corporate Housing Management Software
- Basic Features of Corporate Housing Property Management Softwares
- Characteristics of a Good Corporate Housing Management Software
- Best Corporate Housing Management Software
- Final Thoughts
Landlords may use corporate housing management software to function more effectively, maintain their properties seamlessly, and increase the value of their investments more regularly.
Modern software systems provide a diverse set of tools geared to a wide range of landlord types, and, as the quality of software accessible to landlords improves, the cost of using it decreases.
Corporate housing property management software has seen a revolution in the last few years. It has evolved into an immensely useful and economical resource for all property owners.
What is Corporate Housing Management?
Corporate housing management is the administration, maintenance, and monitoring of corporate housing properties.
Property management acts as a link between property owners and the occupants. The property manager is usually in charge of upkeep and maintenance as well as driving income and interacting with tenants.
Should You Manage Your Own Property?
Some property owners choose to manage their own properties, and to do so effectively, you must be active in daily operations, visit your buildings frequently, and respond quickly to rent problems and tenant concerns.
Also, before you choose to manage your own properties, you should consider your own experience level.
Some landlords have extensive property management expertise, while others purchase properties as an investment but have never managed in the real estate industry before.
They've made their money in a completely different industry and aren’t capable of taking on the management of their properties.
Generally speaking, handing your property management over to professionals is the best option for your corporate housing business. However, if you’re opting for self management regardless, you may want to reconsider:
- If you do not reside near your corporate housing property
- If you own a large number of rental units
- If you have too much on your plate
If you don’t take a look at these factors, you may get overwhelmed and end up doing a terrible job, putting the profitability and development of your business at risk.
What Is Corporate Housing Management Software?
Corporate housing management software solutions give property owners the freedom to automate time-consuming administrative tasks. The software can help to monitor not just the activities of tenants but that of property managers.
It also helps to improve insight into tenant and contractor data, allowing you to think more critically and improve your services without increasing operating costs.
Purpose of Corporate Housing Management Software
The property management software should handle four key responsibilities in real estate property management:
- Tenant and Occupancy
- Administration & Risk Management
Let’s explore each of these responsibilities in more details below:
Property management demands an understanding of operational costs and budgets.
Appropriate rental prices are determined based on this information, which is balanced by the existing market and what it will support in terms of rentals.
The property management software should help you get familiar with accounting records, cash flow, income taxes, and marketing.
Corporate housing property management software automatically records a lot of information regarding tenant age, gender, purpose for renting, contact number, and purchase or spending patterns. These variables can then be evaluated for marketing reasons to uncover particular trends and distribution.
Corporate housing management software helps with flawless tenant management. This role requires an understanding of the occupants' demands. The property management software attends to their requests and keeps track of their activities in relation to the lease regulations.
It also offers features that help to receive rent on time, and evaluate the occupants' satisfaction with the property's facilities in comparison to those offered by rival rental homes in the region. This duty also includes the undesirable duty of eviction for noncompliance or non-payment.
Physical management and administration of buildings, facilities, and outdoor spaces is part of property management. The physical property includes landscaping, lighting, plumbing, rooftop, appliances, and much more.
With the scheduling and reminders features, property management softwares can be responsible for maintaining connections with builders and repair establishments, developing renovation budgets, and overseeing the efficiency of all repairs and upkeep.
Administration & Risk Management
For corporate housing operations, certain reporting criteria must be met. Tax and accounting records must be kept carefully.
Corporate housing property management systems properly documents all actions, activities, events, and tenant exchanges for a certain duration, for liability concerns. In most jurisdictions, there are highly strict standards for the utilization of payment provided by tenants.
Basic Features of Corporate Housing Property Management Softwares
Here are six basic features that a standard corporate housing property management offers through their software, to help manage your properties well.
Collect Rent Online
Online corporate housing management software nearly always features some type of online payment, whether it's through a third-party connection or an in-house solution.
The simplicity of online payments can help you collect more money and give your occupants a sense of professionalism.
Multiple payment options, such as Paypal, Debit Card, Credit Card, Crypto, and others, found in systems can motivate your tenants to make payments. Furthermore, at the start of the month, you can avoid going to the bank several times a week.
A strong relationship is built on proper communication. Thankfully, property management software makes this simple. Property management softwares may feature rental alerts that notify tenants when paperwork needs to be completed, rent or any other payment is due, and lease is about to expire. These reminders are all delivered automatically, with no action required on your part as the landlord.
If you do need to inform renters of renovations, maintenance, or a community notice, most corporate housing property management software services like Booking Ninjas will allow you to do so by email, SMS, or via an application.
These notifications are also tracked, which may be extremely beneficial in the event of a disagreement or, if you're facing eviction.
With corporate property management software, you'll note that automation is a common trend. Finding methods to offload work allows you to focus on expanding your business or relaxing in your spare time.
Also, bookkeeping is one of the most mundane things you'll have to do as a homeowner on a regular basis. It involves monitoring rent, documenting costs, and preparing your income statement.
All of these can be readily automated with the right software. When a renter pays their rent online, it is registered. If you're at the store buying supplies, you may snap a quick photo of the receipt and enter it into the software.
Some property management software even allows you to directly connect your bank, allowing you to conveniently record costs alongside revenue.
The wrong tenants can cost you significant expenses and time. Finding better renters is critical, and thankfully, property management software can be of great assistance.
Most property management software includes features that allow you to conveniently promote your homes on a variety of platforms like Craigslist and Zillow. This almost guarantees that you only receive queries from the best candidates.
Furthermore, most of these corporate housing management software systems include screening features. You should definitely screen your tenants if you aren't currently doing so.
A financial, legal, and eviction history may reveal a lot about a potential tenant for your home and help you avoid individuals who will only cause problems for you.
Track Maintenance Seamlessly
Doing maintenance can be a major pain. No one likes to disclose their personal contact information to their renters, but if you don't check your email inbox often, you're more likely to miss inquiries and essential communication with your tenants.
Sharing maintenance progress with maintenance workers and tenants can also be a tricky one.
However, property management software almost often includes some type of maintenance portal, overcomes these issues.
Tenants may generally send descriptions, photos, videos, and every other information they need to express their maintenance issues. This information is saved in your software and may be reviewed whenever you choose.
You'll get an alert from the program, through email or text message. This means that there's no need to give your personal information.
You may send these tickets to your maintenance department or even add them to your rental software. They'll have access and the option to set up their own notifications prefrences.
You have probably noticed this from a few of our previous points, cloud storage and the ease of accessing your records, data, and documents from anywhere is quite beneficial.
If you've been in the corporate housing management industry long enough, you've probably heard countless stories of property owners whose hard drives broke down, erasing years of rental and company history.
This is a complete nightmare, especially if you get a disturbing IRS letter. This risk is fully eliminated with property management software. It does more than simply store your data safely; it also allows you to view it from anywhere.
If a guest asks you how much they owe while you're out, you don't have to go all the way back home to find out.
Booking Ninjas supports efficient cloud storage for corporate housing property management. With this feature, you can simply whip out your phone, go into your account, and get the answer right away.
Characteristics of a Good Corporate Housing Management Software
Requirements, systems, and accounting methods might differ significantly amongst businesses. Here are four tips to keep an eye out for.
Industry Specific Software
There are a variety of property management software businesses and they provide services in different ways. They may specialize in:
- Commercial management- for offices, retail spaces, and industrial structures
- Residential/ hospitality property management- for vacation rentals, student housing, and corporate housing.
- Strata property management- for co-owned multi-unit properties.
Hiring a property management software company that specializes in hospitality is the most suitable option for corporate housing. They offer services that are industry specific, for properties that concentrate on giving a more laid back experience for their occupants.
Access To Information
Cloud-based property management software provides access to all information and data anywhere and anytime. This indicates that you do not need to be present in your office to monitor software data.
This program makes data management and usability easy, with all of your major data and information accessible online and at your disposal.
Regardless of whether you own a small or large property, modern property management software should handle all types and sizes seamlessly.
An advanced software solution is constantly open to growth, modification, and the most recent upgrades. A property management software that is scalable should readily evolve with your changing demands and requirements.
Booking ninjas is built on a salesforce which provides a robust infrastructure to grow your business. The Salesforce platform is always evolving to suit the needs of our contemporary business climate while also creating new digital era standards.
With smart property management software, you can be certain that all of your vital and personal information is kept safe.
A good property management software solution should also create a secure environment that includes encryption, firewall, and recovery/backup modules. Booking Ninjas is partnered with Sales Force which has top-notch security.
Best Corporate Housing Management Software
Leading corporate housing management software lets property owners to digitally handle every part of their company.
Booking Ninjas corporate housing management software is a complete rental management software that lets property managers handle everything from virtual rent payments to vacancy tracking, maintenance schedules, company operations, leasing and bookkeeping.
Through tenant and lease monitoring, automatic rent and fee reminders, on-demand reporting, and comprehensive accounting, it streamlines the lead-to-rent collection cycle.
It's critical to look at the characteristics of not just what your property looks like, but also what you want it to become in the future.
Will the platform you chose be able to scale with you, is it cost-effective while you're still building your portfolio? In our analysis above, we’ve shared some insights to help to answer these questions for you.
In terms of quality and authenticity, Booking Ninjas has proven to be a well-functioning result-based hospitality property management system for your corporate housing management needs.
To know more about what we do and what it requires, schedule a call with us now.