The real estate industry is getting more ‘n’ more complicated with each passing day. It requires a lot of paperwork, which consumes a vast area of storage. As the industry grows more paperwork will start to increase the number of files needed to manage it. To overcome such issue, it has become imperative for the people associated with the real estate to invest in web-based software or property management portals that has the ability to store a huge data while helping them streamline entire property management related activities on the go.
A good property management won’t cost you, but it will help you make more money on behalf of your real estate business. No matter who you’re, whether you’re a property owner, fee manager or developer, you can leverage from a whole host of benefits from the effective property management portal or real estate management system. It lets the real estate owners manage their day-to-day tasks, enable tracking of multiple accounts, minimize security risks, save costs and offer a lot more benefits on the go.
However, when it comes to choose the real estate or property management system or application, many people forget to consider a few very important modules or features. Are you looking for an ideal property management portal or a system? Ensure you consider all the important software modules discussed below in this article:
1. Does it offer Lot management module?
Lot module helps the real estate agent or property dealer to define categorize buildings in terms of lots and numbers. Such modules would enable developers with ease of segregation and grouping of the properties. It becomes very handy when you’ve multiple properties to deal with.
2. Unit management matters a lot!
Units serves a critical role in the property management portal. It is very important for the developer or a property dealer define units appropriately and fill up the details accurately. An ideal property management portal should offer efficient unit management, which will help property dealers or developers to define units and fill up the details, such as unit number, type, entitlement, lot number, building number, floor area, car parking and so on.
3. What about owner management?
It is one of the most important feature that every real estate management system should provide to the user. An ideal property management portal or system should easily display the information about current owner, their email address, unit owned by the specific owner, position, property related documents and other details related to the owner.
4. Should provide effective tenant management
If someone has assigned his/her property to the tenants, it becomes crucial for the real estate agents or even for the property dealers to keep the up to date details about it. An ideal property management portal or system should provide ample details about the existing as well as past tenants. Moreover, it should provide details related to the lease, such as start date, expiration date, related contracts and more.
5. Efficient service charge management is crucial
While dealing with the properties, dealers or developers should be aware about the service charge that is going to be taken from the users as well as manage them smoothly. It involves a service charge defined for the specific property for the financial year selected and create invoices respectively. It should clearly state whether the service charge conducted is normal, special or includes any other charges along with other details.
6. Well-managed discount and penalty details
The real estate management system should also offer efficient and well-managed discount and penalty details, which includes specific discounts and penalty for non-payment and prepayment of funds in consort with the ability to provide due date and grace period. It will greatly simplify the way property dealers manage such critical details.
7. Contract and agreement is crucial!
While dealing with the properties, it is important to keep track record of the contractors who have assigned services to be provided from their end. An ideal system should offer a means of managing such crucial details. A system should offer developers or dealers to define different types of contractors who are assigned special tasks to be accomplished to the property and their agreement with the property.
Apart from all these, one should also consider other features and modules like the ease of collaborating documents online, customizable analytics and reports that will help you take better decisions, instant access to the key properties, budget and forecasting, lease tracking, repair and maintenance, expense management and more.
Here’s an example of an ideal property management system developed for a Dubai-based real estate operator. This system was developed in Java technology using Grails framework. Check out how it helps in managing property related issues