The private rental sector has often been behind the curve compared to other industries when it comes to the uptake of technology. However, that has all changed with the uptake of property management software, which has revolutionised the way business is done.
Traditional property management often involved a vast amount of paperwork, physical documents like contracts, invoices that need to be sent back and forth and then filed away. This creates a danger that they can be lost or misplaced, and even if that doesn’t happen, the amount of space and time required to file everything away or find something is considerable. While computers helped immensely with digital storage, and platforms like Google and Dropbox helped even more so, neither of these alternatives is specific to the property sector.
Property management software is specific for the industry, and brings all of the moving elements of the property business onto one platform. This means that property managers and landlords can get reminders on the platform about when rent payments or other deadlines like tenant contract expiry are due. It can also be configured to inform contractors, for example when a boiler maintenance is due, an automated reminder can go to the relevant contractor, informing them directly, rather than the property owner or manager having to do it manually.
Software That Seamlessly Integrates
Another aspect of property management software which has had an enormous impact are the integrations with other platforms, like digital signature company Signable, which allows landlords to sign a document and send it at the click of a few buttons, rather than have to print it out, sign it and then send it. There is also digital tenant referencing like Advanced Tenant Referencing, where a check can be run on a prospective tenant digitally. These integrations have saved landlords untold amount of time, paperwork and maximised efficiency.
The integrations have vastly improved communication. Not only does property management software serve the property owners and landlords to keep track of financials and give them reminders, it also provides a platform to communicate with tenants and contractors. Tenants can contact the property manager to report an issue, and property managers can contact tenants if there is an issue, all the platform.
Where before, text messages or Whatsapp messages were used in different places, and managers would often have to be on the phone speaking with various stakeholders, with property management software everything is stored on the platform. Improved communication leads to a better relationship between the parties and increases the likelihood of longer tenancies.
The old way of doing property management, with binders full of paper records and running several different accounts on different platforms is being upended by property management software which has simplified the process. It’s likely that more and more private rental companies will adopt property management software as the benefits become better known.
Marc Trup is the Founder and CEO of Arthur Online
After selling his business to BUPA in 1998, Marc started investing in rental properties in London. Over the next 15 years Marc grew his portfolio to over 85 properties. While successful, self-managing his portfolio became increasingly difficult.
With technological advances and greater connectivity, he assumed there was software available that would allow him to manage his business from his smart phone, while sipping espresso at the local coffee shop. Following a long search, he found that nothing quite cut the mustard. So being an entrepreneur, he started Arthur Online to make not only his life easier, but also that of other property managers.
Arthur Online is a cloud-based platform that enables property managers to respond instantly and solve problems fast from anywhere in the world, be it with tenants, contractors, property owners or letting agents. Since launching in 2015, it has helped thousands of property managers like Marc run their portfolios in the cheapest, most efficient way possible by using the full potential of new technology and cloud computing. www.arthuronline.co.uk