Property management SaaS can be the difference between getting ahead of the curve and drowning in admin. And, as the industry as a whole experiences explosive growth (with substantial investments focused within commercial multifamily real estate), the solutions that can support growth are becoming ever more important.
In this article, we explore why, considering three reasons why a property management system is an essential defense against the unpredictability of the future.
The three key benefits of a property management system
Beyond a certain number of units, a property management operating system just becomes part of the furniture. But, by taking a closer look at its benefits, we can understand how the right software fortifies and futureproofs operations…
1. It allows you to meet modern resident expectations
Modern multifamily property residents are looking for ease at every turn. As Brian Duggan described when writing for Multifamily Insiders, this started with a desire for “solutions such as on-site lockers or package rooms and package delivery services” and is evolving into a preference for smart tech and digital solutions.
Resident experience managers and platforms allow you to meet this demand for convenience by providing residents with:
- Channels for submitting maintenance requests
- More responsive, direct communication with property managers
- Access to essential documents
- Streamlined online rent payment options
- Real-time notifications about key information
- A space for important announcements
- A platform for events and virtual property tours
- A tenant experience app for ease of use
And, as Kerri Davis described when speaking to Forbes, “Proptech should be seen as a tool to facilitate a thoughtful and consistent approach to resident engagement… This approach should also heavily utilize data from all sources to continuously improve the resident experience and monitor its success.”
2. It allows you to make predictions using data
Utilizing property management software and analytics tools unlocks the potential of data-driven decision-making in multifamily properties, allowing you to adapt to whatever the future may throw. Here’s how:
- Predictive analytics enable proactive decisions on pricing, leasing strategies, and resource allocation. For example, property managers can use historical data and smart pricing to identify seasonal patterns in occupancy and adjust pricing strategies accordingly.
- Financial management tools that automate rent collection, rent growth, expense tracking, and reporting provide real-time insights into the property's financial health.
- Historical maintenance data allows you to identify patterns and trends and understand common maintenance issues, their frequency, and associated costs. This can help you identify opportunities for cost optimization, such as evaluating the cost-effectiveness of outsourcing versus in-house maintenance tasks.
3. It supports you as you scale your business
With the right foundation for managing multi-family properties (a.k.a a core property management operating system that allows you to be agile with integrations) you can make more efficient, more effective decisions.
These forward-thinking property management SaaS solutions offer a dynamic screen that consolidates data and provides customizable interfaces tailored to the specific roles within your organization. From here, everyone can access the information most relevant to their responsibilities, step back from manual tasks, and work more productively together.
Ready to learn more? Discover our e-book: Looking Ahead: Multifamily Property Management and Technology in 2024.