Automation in property management is not about replacing humans. Property management software is about freeing humans to focus on what they do best: problem solving, tenant interactions, and strategic tasks.
Take a look at how property management automation can improve your efficiency and return on investment in the rental market, whether you are an individual landlord or running a large property management company.
What Is a Property Management System?
Property management systems provide support and automation tools for property managers. These systems enable the effective management of operational aspects, like maintenance and leases, for residential and commercial spaces. They enable both individual landlords and property management companies to improve operational efficiency.
Real estate automation tools simplify repetitive processes by providing automated workflows and reporting tools. Note that property management automation differs from a CRM real estate automation tool, which is designed to support customer interactions, lead management and the sales process.
Tenants and property owners can also benefit from property management systems. Portals within the system allow all stakeholders to access relevant information and make requests in one easy-to-access place.
5 Property Management Tasks You Can Automate
Save valuable time and cut costs with these five automatable tasks.
- Everyday Communications
Real estate automation tools enable smooth, seamless communication with your tenants for all routine reminders, notifications, announcements and schedules. One centralised platform simplifies it all.
- Maintenance
As a property manager, you will already have a network of maintenance providers to call upon. However, handling maintenance requests from tenants and passing them on to the appropriate provider is time-consuming. Often, requests are simple repeat items, but they still require various calls and emails.
You can automate maintenance tasks through real estate automation tools to:
- Create work orders
- Assign and schedule maintenance tasks with the correct provider
- Track progress and expenses to resolution
- Rent Collection
Although most tenants pay rent by cheque in the UAE and property managers hold and deposit these at the right time, you may still need to remind tenants to have sufficient funds in their accounts. Late payment reminders and follow ups may also need to be sent in the event a payment cannot be processed.
Property management software allows you to automate all these tasks, record fees payable on tenant accounts, and offer convenient payment options.
- Tenant Onboarding and Contract Renewals
Onboarding new tenants can be a protracted process, with lots of paperwork going back and forth. To streamline, consider automating processes for creating and delivering contracts, checklists, property inventories, and welcome packages.
Make it easier for valued tenants to manage and renew their contracts, too. Automated contract renewal notifications and an easy option to extend ensure a seamless transition from one contract to the next.
Unit management tools enable you to track leases and documentation effortlessly, with space to attach important notes and documentation for individual properties.
- Financial Reporting
A centralised platform allows you to simply handle transactions and deposits, settle bills and generate and send Statement of Accounts to your clients. Access financial reports via integrated real estate reporting software to keep track of incomings and outgoings.
How Automating Tasks Increases Efficiency
Here’s how real estate workflow automation can help your business run smoothly.
By Saving Time
By automating a lot of routine tasks, you can minimise time spent on repetitive and time-consuming manual tasks. Instead, you have more time to focus on strategy and building your business and property portfolio.
By Promoting Consistency
Automation counters the potential for human error and unplanned events to affect routine tasks and communications. Sickness and holiday leave can delay manual processes, but automation continues with tasks regardless. Property management automation also ensures a consistent approach throughout your team.
By Encouraging Collaboration
A centralised platform facilitates effective communication among all stakeholders, helping contracts, payments, maintenance schedules and repairs run smoothly.
How Automation Is Increasing ROI for Landlords and Property Management Companies
Thanks to efficiency improvements, there are several ways you can increase your ROI by adopting real estate task automation software.
By Improving Tenant Relations and Minimising Churn
Automation is favourable for all property stakeholders. You can improve your relationships with tenants because they also benefit from a transparent, simple leasing process and timely onboarding, maintenance and renewal services. You’ll enjoy cost savings by reducing vacancies and tenant churn.
By Reducing Delays
Timely and effective communication minimises delays. This could mean avoiding problems like being overrun with maintenance tasks and defaulted rent payments.
By Tracking Costs Effectively
Easy-to-use financial reporting tools allow you to track expenses, monitor budgets, and identify areas for cost savings.
By Ensuring Compliance
Effective document management and transparent processes help you ensure compliance with the many property laws and regulations. This, in turn, minimises the headaches and costs that come with compliance infractions.
By Employing Data-Driven Strategies
Advanced reporting tools provide valuable insights. Use these to make informed decisions and power growth within your organisation.
PropSpace: Trusted Property Management Software
PropSpace property management automation is one of the most established and trusted in Dubai. It’s already helped thousands of landlords and real estate professionals manage a portfolio of properties effectively, cutting costs and improving ROI at the same time.
Explore our suite of automation platforms that include tools for property managers and real estate sales automation software. Or, contact us today to learn more about property management solutions and pricing.
