Whether you’re an independent real estate investor trying to earn the highest ROI on your investments or a property management firm trying to give the best service you can while remaining profitable, you need a property management software platform that helps you get the job done. Unfortunately, many property owners and managers end up wholly dissatisfied with their respective platforms—and the causes are entirely preventable.
Root Causes of Dissatisfaction
These are some of the main reasons users end up dissatisfied with property management software:
- Mobility. More than 77 percent of Americans now own smartphones, and 51 percent own a tablet. While some people still prefer to use conventional laptops and desktop computers for the bulk of their online interactions, the majority of people are shifting toward mobile needs. This is especially important for property managers, who may need to document tasks in real-time, in a live environment, or check in on a property while on the go. If a platform isn’t optimized for mobile devices, or isn’t readily available via the cloud, its utility instantly decreases.
- Usability. Most people want a property management platform to automate tasks and processes, making their own lives easier; after all, real estate investing is supposed to be qualified as passive income. So if it takes you hours to learn a new function, and the platform itself is annoying and frustrating to use, it defeats the purpose of having the platform in the first place. This is a subjective interpretation, but in the hands of your property managers and employees, it matters.
- Data reliability. Most property management software offers some degree of cost-benefit analysis, including how valuable a property has been historically, and projections of its value in the near future. If the data you’re using is unreliable (such as being entered incorrectly, or not being updated the way it should), you may end up making costly decisions, and the profitability of your entire operation may be compromised.
- Actionable takeaways. Some data points are nice to know, especially if you have a personal interest in real estate investing. However, if those data points aren’t tied to any actionable takeaways, you can’t use them to inform your decisions. You’ll be left with an overabundance of graphs and charts, with no real direction for what to do with your properties next.
- Compliance. Real estate investing often makes tax preparation complicated. You need to make sure the software you use is in full compliance with modern tax codes, and capable of eliminating more headaches than it produces.
If you want a property management software platform that works, look for these key features:
- Cloud integration. First, make sure your software is hosted securely in the cloud, with availability on any mobile device you choose to use.
- Real-time updates. Next, you’ll want to ensure your platform supports real-time data updates. You can’t afford to make a decision based on obsolete or unreliable data.
- KPIs and insights. Your platform should guide you to your most important key performance indicators (KPIs), and provide you with actionable insights that can make your operation more profitable.
- Integration and compliance. Your platform also needs to integrate with any other accounting or planning software you use—with full compliance with the latest accounting standards.
If you’re considering an investment in a new property management platform, give SAP’s real estate management tool a try. Available for both residential and corporate applications, we have the modern features you need to earn a measurable return on your investment.