Technology is gaining popularity and market share, and there are many benefits of property management software. It helps to improve communication with the owners, and the community association manager’s day-to-day work through accounting functionalities, tenant management, document management, and keeping information secure in the cloud,  much more.

However, there are still community association managers who haven’t adopted software yet, so we decided to address the benefits of having software.

Benefits of Property Management Software

Community association managers (or CAMs) face many challenges. Software exists to ease these situations and challenges.

The vast majority of property managers have to deal with delinquent customers, problems with properties, difficulty organizing and carrying out inspections, problems organizing finances, and much more. Having software that can include a private portal and a public-facing website for the HOAs or Condos you manage can help a lot.

1. Access to information in real-time

The first major benefit of using property management software is the ability to access information in real-time. In addition to the data being updated safely and, you can also access it on desktop and by an app. If you’re now working from home rather than going into an office regularly it’s useful to access a platform from home or when you’re on the go visiting properties.

2. Property management software improves communication

Another important detail about property management software is how much it can improve communication with the board, committees, and residents. All residents and property owners will now have access to meeting minutes, payment, and governing documents online. They won’t have to call the board, or property manager desperately when they can’t find the form they need to change their fence. They can now make their request online and the correct person or group can evaluate their proposal.

3. Ease of carrying out inspections

One benefit of Property management software can make HOA inspection management even more practical. It makes it easier to organize preventive maintenance and decide on inspection dates for each community. These dates can then go in an online calendar, so residents can see what’s being done, which increases transparency. And for you, whole portfolio of communities are available with one click, saving you time and effort.

4. Facility to control finances

With property management software, you have greater control over budgets and finances. You can easily view which tenants are up to date with paying their dues and those who aren’t. You can also quickly access what needs to be paid.

Using an online financial management tool, like Quickbooks, allows you to organize their routines betterand have more time to act strategically on a daily basis.

5. Property management software helps with online payments

Among the benefits of property management software is that it can also help you to make payments online. It helps you create invoices, payment management, and making online payments. As a property manager, being able to accept payments easily is very important. You need to make payments as simple as possible for HOA and condo residents, that way you don’t waste time following up on payments.

6. Information security

One of the biggest fears when evaluating property management software is information security. After all, you will be storing communities’ important and confidential documents.

A good platform will allow information to be stored safely. The entire process is designed to ensure the tranquility of managers and owners.

7. Data analysis

Understanding data is fundamental, which is why the software has to collect, and store reports. This helps you to show the community that the software is helpful and what is the most popular. 

It also helps you and the board to make decisions around how to talk to residents, what needs to be made clearer, and what is or isn’t working.

8. Reduction of administrative work

Property management software reduces administrative work so that managers can improve their routine and be more strategic and effective in their work. The right software will optimize and automate tasks. This allows community association managers more time to work on more specific and technical issues. All simple and procedural tasks can be left to the software. 

Conclusion: Benefits of Property Management Software

These 8 benefits are the main reasons that you should look into hiring property management software, to save you time, frustration and ultimately money.

Neigbrs by Vinteum is an all-in-one property management software, where you can store all your portfolio of community associations securely in one place. Schedule a free demo to find out how we can help you be a calmer, more organized and efficient manager.