You’ve decided that in order to properly manage your college housing project, you are going to need property management software to keep up with the hundreds of students moving in and out of your housing units. There are just too many apartments, the students have a plethora of needs which can be overwhelming to handle on your own, and to make matters worse all of your data is stored in paper form requiring the employment of extra help. This may be your first time experimenting with property management software, I do say experimenting because trial and error and shopping around may be the only way you find the software solution that is best suited for your needs. There are various software options for you to choose from at varying price points. Many will make claims to do this and that, but it is ultimately up to you to decide which is best. Thankfully, the better property management providers are transparent about the services their software provides and the price points at which they ask to provide such services. A feature you, as a property owner looking for management software with lots of variables involved, should pay attention to are management agents that are integrated into the property management software. Management agents are bots written into the software to perform a specific task in the event of a prescribed action taking place within the software. This might sound like complicated computer jargon to you, but that’s ok, I will explain how management agents in your property management software encourage a logical succession of events when managing your various properties, and more importantly, how all of this benefits you.
Management agents within your property management software are there to make sure the program is one step ahead of you in the process of logging information regarding the management of your properties. Management agents are both proactive and reactive to align with your specific needs or desires regarding your property management. For example, here is a reactive scenario: Say a tenant pays their rent on time using an internet based payment terminal provided by your property management software. The management agent sees the payment, recognizes that it was paid in full, and on time. This information may get passed on to another management agent within the software that generates “late payment” notices, and removes the name of the tenant who paid on time from that list or adds their name to a list of tenants who usually pay on time. A proactive approach could be: Your property management software disperses an email to tenants who tend to be forgetful about rent due dates to help them avoid late payment fee or worst case scenario, eviction. All of this was done upon the tenant making their payments and a combination of their payment histories. Such a complex system would be capable of “learning” the patterns of tenants, and prescribing specific approaches to deal with them. The only task asked of you is to manually monitor the results generated by your property management software after your initial setup, which is where you will establish your various preferences. These preferences can include payment due dates, total amount due, or late fee amount. The same process can be reproduced in the event that a tenant has not paid their rent on time or in full. The management agent can be programmed to issue a late fee to the tenants account or issue an eviction notice if their late payments have become an ongoing trend. This advantageous aspect of the program can be applied to nearly every aspect of rental management. Billing, maintenance, vacancies, etc. can all be streamlined with management agents, all they need is a specific catalyst that you establish in your initial setup to produce a desired result. As time goes on you may find that you need to add more tasks for your management agent to do, or more variables are introduced to your operations so you may need to change the way the software interacts with the different aspects of your property management. Making tweaks and additions all serves to make your property management solution as seamless and convenient for you as possible.
As you may be imagining, management agents are highly convenient, saving time, effort, and sometimes even money seeing as though more efficient operations tend to grant higher returns on investments. After all that is everyone involved Real-Estates main goal! Managing agents is one of the many aspects of property management software that makes it so comprehensive and so valuable to rental property owners looking for a secure method of managing their accounts. The utilization of adequate property management can make or break a landlord. The market is showing that investing in larger scale property acquisitions such as apartments, condos, and dormitories yield more rewards, but these investments don’t come cheap by any means. Seeing that these investments will require higher initial risks, this further solidifies the need for property management solutions. Property management software with management agents well integrated into the software seems to be the best option for larger rental property operations. With thousands of variables involved in the process, comes thousands of opportunities to make mistakes during the process if left to your own devices. Having a software program strategically compare and file important information doesn’t leave much room for human error, because the human aspect is limited to the initial setup and observation of results. By no means does this mean that property management software will do everything or do your job for you, but it is designed to help and streamline your experience by allowing you to effortlessly manage your properties completely and logically.