QuickBooks vs. Property Management Software

Property management has its own distinct challenges. You need to market your vacancies, oversee the leasing cycle, collect rent, and manage a range of services, including maintenance and landscaping of buildings.
Several property managers and landlords are using QuickBooks to manage their finances in an attempt to simplify. You can set up each unit as a customer and each tenant as their job and use the software to track new owners, issue monthly statements and automate invoices.

QuickBooks may look like a good solution at a glance. But it is only meant to help with the general finances. But only one aspect of property management is handled by QuickBooks. You are likely to achieve your financial goals using its accounting features. But in order to remain competitive in the property management environment, you should go the extra mile. That’s why, with QuickBooks and other solid accounting software, property management software has become a popular choice.

Property management is much more complex than financial management.It is important that you have a system in place to help you execute some key functions when it comes to managing multi-unit rental properties.

Property management software offers a lot of options for your business performance. From Managing Multiple Properties with all the essential features that your business needs. Whether you are a landlord managing a handful of properties or a property manager with hundreds of properties.

Your software solution must enable you to:

Centralize and Digitize information

Property managers have no patience for data to dig through. You need to combine everything in a secure online hub that can be accessed 24/7 by you and your team. Accounting solutions out-of-the-box just deal with one part of your business line: accounting. You will be able to monitor maintenance issues and rent collection with the right property management software and easily share relevant data with employees, contractors and tenants.

Efficiently collect rent

Unlike QuickBooks, industry-specific software makes moving the entire request for maintenance to the cloud easy. You must ensure that repairs are performed quickly and correctly from filing service requests to issuing work orders to tracking progress. The correct software also allows you to keep tenants in the loop and monitor the performance of contractors, ensuring transparency and accountability. And while increasing time-consuming paper-based applications, it does all that.

Establish Strong Communication

Good communication is the key to maintaining positive relationships with tenants, contractors, and employees. Whether you’re talking about routine maintenance announcements or holiday greetings, you need an effective channel to communicate with your team and they need to be able to reach you as needed. Property management technology provides a portal that enables easy communication through email or SMS, allowing users to use their preferred device: laptop, tablet or smartphone.

Property Management Software:The Solution you need

Property managers and landlords will see lasting benefits through Mpower. Mpower is a real estate management software that lets you list all your spaces on the dashboard, accept inquiries for the listed spaces and earn effortlessly. You can also maintain financial records and paperwork that reflect the transactions made with the bank and the customers. Moreover, we provide you with a dedicated relationship manager that looks after all your queries and resolves them in no time.

Manage your entire space inventory and earn effortlessly with Mpower!

November 6, 2019 0

Benefits of Adopting Software Systems at Property Management Firms

Managing property and handling their routine tasks consists of a large number of juggling tasks for managers. Manually performing such business operations as tracking rent payments and managing maintenance requests is highly time-consuming and often overwhelming, and these processes form only a small part of what property managers face on a daily basis. Luckily, there is a property management software solution which is attracting more and more companies these days.

Property management software facilitates its users to automate multiple business operations through a single platform which otherwise consume lots of time, this many times even hampers the business. So the property managers should gain the benefits by implementing such software which goes far beyond saving time and money. If you wonder how your company can benefit from having property management software designed and developed, let’s find the answer here.

Benefits Of Property Management Software

Implementing this software solves most of the complication that property managers struggle with on a daily basis. By enabling the Mpower which is a space management software, the companies can achieve the following benefits:-

1. Real-time access to information

All the necessary information is stored in your laptop or is piled as documents, this restricts you from working anywhere else, but only at your office.

But with MPower the property management software which is a web-based platform, one can work from anywhere at any time. Data is updated automatically and stored online, allowing both you and your tenants to access all the necessary data in the right form from the mobile phone.

2. Improved communication

This is a two-way process where not only you are involved to manage the property but also tenants are expected to perform many operations as well, like including paying rent and reporting maintenance requests, parking management, etc such essential activities requires their time and your availability for smooth function.

Implementing the property management software, tenants can log into their own profile and perform all the necessary operations online. Offering access to a tenant portal allows them to report a maintenance request any time of the day and track every update.

3. Quick property inspections

Inspecting the properties is one of the most time-consuming business operations which property managers must face. It requires visiting properties one after another, noting down all the necessary information, and then typing it up back in the office

The software can assist you to conduct property inspections and generate insightful reports while out in the field. which can save a lot of time and always provide required information on time without any delay

4. Reduced administration work

Typing data manually is a highly time-consuming activity for any business and, more importantly, it leads to minor errors which with the passage of time can lead to a major problem further it does not give you immediate results, one needs to analyse the data by self to gain insightful information, which becomes a time-consuming activity.

With the application of best software, data is automatically captured and so the reports been generated are comprehensive and one can analyse the report according to its requirement with respect to finance or the company performance. This further reduces human dependency and everything becomes automotive making the systems and process intact.

5. Online payments

Rent payments may be troubling not only for you but also for your tenants. When done manually, it is difficult to keep track of payments which require a few days to process. When manually introduced there is huge possibility to miss the payment record.

Processing payments become very convenient it can be managed with one single click from mobile within a minutes. It is easier to monitor and track the payments from each tenant to manage the proper records online, this further enables you to run financial reports automatically. Also, such reports can be viewed at your convenience through mobile.

6. Securing sensitive data

In every business, data management and protection of sensitive details of your customers, such as their credit checks and lease agreements, is very important. As a property manager, it is your prime responsibility for keeping them safe and secure.

With property management software, there is no need to worry as all of the personal data is securely stored online. Software development companies offer data encryption which secures it even more cautiously.

7. Data analysis

For a business to prosper, it is necessary that its owners make accurate, data-driven decisions. However, the data performed manually is prone to errors which further leads to inaccurate data analysis due to which erroneous business decisions can take place which in the long run can hamper the business performance.

Thus with Mpower, all the information you introduce into the system is stored, which enables you to run thorough analysis and gives you insights on your business. Proper data analysis allows you to spot any inefficiencies and discover new opportunities.

To sum up

Let the technology work for you for managing or tracking your property and growing your business. Thus having MPower the best property management software designed and developed to meet all of your property management needs can help you to improve almost all of your business operations from monitoring payments to managing maintenance requests. With automation, you can save valuable time which you can now spend on growing your business.

September 17, 2019 0

Micro Apartments-Redefine Real Estate Trends

The studio apartment is an international concept, but it is currently gaining momentum in India due to the young professionals primarily in the IT and BPO sector. Spacious and high-end apartments being beyond the budgetary limits of the salaried class in major cities of India have a limited clientele. The concept of studio apartments in major Indian cities gained in prominence due to their lower price as well as the space constraints in these cities.

Let’s Understand Studio Apartment-

It is a small apartment that combines a living room, bedroom and dining room into a single large room. A kitchenette may either be included within this room or in a small separate room, with a small bathroom as well. Such an apartment is also known as an ‘efficiency apartment’ or ‘bachelor apartment’. They are generally occupied by one or more bachelors or a small family. The size of such apartments generally range from about 400 sq.ft-600 sq.ft. The easy connectivity to the office is the well-suited reason for the growth of studio apartments.

There is a major difference between studio apartments and 1 bhk flats although there has been a spurt in demand for affordable living spaces, especially in the metros, and this has led to the commonly accepted culture of the studio apartments’ concept. Although this minimal living style has been popular in the West, it’s fast catching up in India now.
Globally, there is an increasing demand for micro-living. A micro-home or a micro-apartment is a self-contained, single-bedroom unit, mostly meant for single occupancy. Such micro-apartments are mostly in trend in Metro catchments and are gauged anywhere between 50 and 350 sq. ft. These small -size posh apartments are well entrenched across European and Asian countries, where students and young professionals explore economical shelter close to their university or workplace as well in closeness to the entertainment hubs in the city.

Micro-Apartments An Economical Residential Option-

As a concept, micro-apartments in India are set to redefine studio and one-bedroom units. For years, studio apartments and one-bedroom units have been an economical residential option for singles and young couples who are willing to compromise on space to own a house in a convenient location, rather than pay high rentals or take out huge loans to afford bigger houses. However, micro-homes are not just about affordability. What makes studio apartment different is their design and the fact that they are furnished with all the modern comforts and amenities and are at a prime location. These units, designed to offer privacy with a separate bedroom and kitchen, make it popular with small families too.

Growth Of Micro Apartments-

Mumbai has been the front runner when it comes to the concept of micro-apartments and has seen offerings as small as 189 sq ft., going up to 320 sq ft. Amidst soaring realty prices in the space-constrained metro, these micro-units give young working professionals their best shot at owning an apartment in a central locality, without compromising on their lifestyle.
The micro-housing market is also seeing a spurt in demand in cities such as Bengaluru, Gurugram and Noida that has a large migrant population of working professionals with an annual income of more than Rs 8 lakh. mainly among the younger generation, which prioritizes location and lifestyle over space, micro-homes have huge potential in India, given the fact the country is the abode of around 440 millennial.

Millennial Approach Towards Micro Apartments-

The millennial population is not just expanding in size but is also multiplying its economic footprint. Research has also indicated that around one out of every 10 millennial in India plans to purchase a home before a car. Additionally, millennials prefer to spend on rent rather than buying a house in the coming years because they spend most of their time out of the house, working or attending classes. Hence they opt for Studio apartments. These apartments are smaller in size, so cleaning and maintaining the house is easier. These apartments provide privacy. Also the cost of designing and decorating these apartments is lower.

Approach Of Real Estate Developers-

Many Grade-A developers require property management software, to manage such multiple projects as they are coming up with housing concepts that are custom-made for Indian millennials, specifically singles, young couples, and students. These offer all the modern amenities and facilities that large-scale luxury residential projects offer, including a clubhouse, community sports facilities, 24/7 security systems. Many of them also have value-added services such as concierge and room services that can be availed on payment. Having a small space it makes the millennials live with less and keep the things which is essential this kind of space management is other wise a goal for many to achieve.

Apart from end-users, micro-apartments are also attracting the investor community in big numbers. Globally, data has suggested that rental returns in micro-units are generally higher than regular apartments. With the exceeding growth, the developers look for property management solutions for managing such varied properties.

So one such solution available is Mpower which is a Best Cloud-Based Property management software to manage multiple properties The higher returns stem from robust demand and better utilization of the available resources. Likewise, the rates of appreciation are also expected to outperform larger-sized units. As it is a light investment, the entry barriers are limited and it can also be liquidated easily.

August 22, 2019 0

How IoT Is Revolutionizing The Real Estate Sector

Today’s world is technology-driven, you think of anything and it is backed with IoT in some or the other way. With such a high demand for AI and IoT, even real estate sector is highly influenced.

Internet of Things (IoT) and Artificial Intelligence (AI) are the buzzwords in a technology-driven world, even real estate developer are deploying this to their upcoming properties to influence the home buyers Developers are working towards the automation of products to their new developments. Earlier due to the huge cost of technology such advantage could not be provided to the customers but now as India is also a technology-driven country so there is a reduction of cost factor even the deployment cost had gone down due to which application of IoT becomes smooth.

Real estate today is no longer confined to a brick-and-mortar structure with developers constantly looking for ways to offer value to their customers. It has evolved into creating a healthy environment for people to live, work and play, thereby improving the health and quality of life of households in India

Related Post: 5 Steps to Increase Conversion and Rent Out Your Property Faster

Wifi which is now the necessity of every house enable home automation products like video door panels, sensor-based light and video-based security and surveillance systems, automatic management of home appliances, air-condition, television, geysers and other such electricity appliances the entire home automation is controlled by a single application which is slowly becoming part of new development, especially in the metro areas.

MPower, a real estate management software has been working with developers and property managers to manage their multiple properties and thus it had influenced the business functionalities.

Real estate industry completely runs on raw materials like bricks, cement, iron, steel and more. To understand the inventory, agents can keep track of the stock availability at the sites. Tracking of materials helps the real estate companies to avoid the unnecessary wastage of material hence cutting down the unnecessary cost on material and investing the money wisely. Such tracking of materials can be wisely done by IoT application.

Not only this even the decision making also have great impact with the IoT usage better decision making can be taken by customers or property managers. The devices provide valuable information that realtors can leverage to improve sales. An in-depth, predictive analysis of the home serves as a “report card” of the property’s value. Agents can provide this information to prospective buyers to boost their confidence while making the buying decision.Instead of wasting time by seeing the property multiple times for consideration, prospective buyers can use accessible, informed analytics to make quick and better decisions.

Related Post: Ways to Improve your Real Estate Customer Experience

IoT applications will keep booming and molding the real estate industry in innumerable ways. When selling a home, agents ought to think about whether the home is IoT enabled or not for the offer. It will likewise be fundamental for agents to analyze how IoT innovation can enable them to expand their own activity proficiency and create leads.

Infrastructure flaws are not noticeable if a building is newly built. Though, all buildings will age and require attention for its maintenance. IoT helps developers give the assurance that buyers need before signing the agreement. The predictive technology will help tenants identify and address infrastructure flaws over time. By using IoT enabled sensors and real-time energy monitoring, tenants can track any inconsistencies that come up and schedule for maintenance automatically.

Even commercial real estate also see changes in its operations due to IoT usage. The devices connected make it clear who is responsible for the particular task. Due to such a system, last-minute changes can be made even so there’s less confusion for workers regarding their directives. They can be designed to connect all of the major systems in the facility. like HVAC , lighting, etc IoT can show how the building’s units function as a whole.

Leveraging IoT applications in commercial and residential real estate can lead to cost savings through better operations. This works more apt when the managers have all the operational data with them this further helps to make changes to reduce pressure on their equipment. Such in-depth reports lead to less maintenance and replacement costs.

Commercial tenants can also use IoT to improve their businesses with property management software which led to greater efficiency and employee satisfaction, tenants may raise their business’ profile and potentially the profile of the area through IoT. Building owners can’t mandate certain technology upgrades for their tenants. However, they can educate tenants to the power of IoT for better business benefits

Real estate has always been a lucrative option for investors. However, technology has begun to change the expectations of commercial real estate, and it’s likely to keep growing on this path. Owners and investors who understand how the advancements of today will impact the profits of tomorrow stand the best chance to sustain in the future.

IoT has already begun to increase efficiency in construction, building management, home buyers and tenant satisfaction. such capabilities and IoT features will continue to grow and adapt to new building needs in the future.

August 8, 2019 0

5 Steps to Increase Conversion and Rent Out Your Property Faster

In a world where customers demand reliable and instantaneous information, on-demand services are on a rise. You can easily access an ocean of information on your fingertips. Anyone can stream their desired TV shows, book a cab for a quick errand and catch up with world news just with a few clicks.

It is important for the real estate industry to keep up with the pace of the on-demand economy. This economy is sure to revolutionize the trends of the industry on a large scale. Customers will expect quick solutions when it comes to property.

Potential tenants desire responses regarding property listings the same way they desire everything else – fast. From quick replies to follow ups, here are five steps to be taken to increase your lead-to-lease conversion rate and rent out your properties faster:

1. Respond to queries as soon as possible:

The early bird gets the worm. Be quick as a cat when it comes to replying to customers. We are talking minutes instead of hours. Studies suggest that you have a 40 percent better chance of engaging with your customers if you respond within the first 1-2 minutes of the inquiry being made. And if you thinking that waiting for even 30 minutes is not going to affect your chances, you are going to lose about 20 percent of potential renters as they will have moved on to other listings.

The least you can do to keep the customer hooked is acknowledge their inquiry using Artificial Intelligence (AI). Innovative technology has made it possible for you to reply instantaneously to queries. Moreover, you can program the AI to answer frequently asked questions and schedule showings of the property.

2. Qualify Leads

It is of paramount importance to figure out if the property the customer is interested in is the right fit for them. You would not want to offer a smoker a smoke-free property or a pet owner a space that isn’t pet-friendly.

Setting up a criteria that filters the renters who are not fit for the property saves both your time and theirs. When you list the property, you should include as much information as possible before they reach out to you. Even after they have contacted you, ensure that the expectations they have from you match with what you have from them.

If all is well and good, you can proceed to the next step that is the showing. If not, you two can part ways or you can offer another property that will be best suited to their needs.

3. Cross-Sell

Do not rule out a renter if they are not a good fit for the property they inquired about. Instead, offer them to check out other properties you own or manage. Cross-selling allows you to turn more leads into leases.

To do so, you can by figuring out their requirements by the questions they ask or by redirecting them to the listings of other properties owned or managed by you. If you are successfully able to get the customer interested in the space, schedule a showing.

4. Follow Up

Following up is the most important step to converting leads into renters. However, property managers assume that one follow up is sufficient after the initial point of contact to keep the customer engaged. Contrary to that, research shows that following up five times within four days of the inquiry is the ideal conversion ratio that ensures you get the most out of the query.

Contact them the same way they first contacted you. If they sent you an email, reply them back. If they made a phone call, ensure that you call them back. Send follow-ups emails stating the important points covered in the conversation. Moreover, you can ask them about their feedback or if they have any further questions regarding the property. Enabling multiple touch points makes the customer think you are interested in renting out the property to them.

5. Lease Online

With the proliferation of technology in all walks of life, it is about time you moved your business online. If you still rely on screening through submission of applications – consider digital leasing.

Research on a platform that lets you list all your properties and allows customers to get in touch with you regarding the space they like. Additional features that will boost your business is accepting payments through the same platform. This lays out the foundation of managing everything from one place. By switching to a digital method you will not only save valuable time but also fill vacancies faster.

MPower is one such platform that allows you to list your space inventories, accept inquiries online and earn effortlessly. You can also link your bank account and receive money into your account after you complete a booking. MPower lets you keep detailed records of your business to let you resolve issues of property management and finance.

Make the most of these five steps and you will see that letting your properties stay vacant will be a thing of the past. Utilize your time optimally to increase your cash flow with MPower.

July 30, 2019 0

Ways to Improve your Real Estate Customer Experience

For businesses that frequently come in contact with direct customers, it is pivotal that you provide a good customer experience if you wish to retain them. As per a 2018 PwC study, consumers are ready to pay 16% extra for good customer experience. Yet, the most important reason why customers turn their backs towards businesses is insufficient speed and efficiency along with inconvenience.

More and more businesses are focusing on improving their point of contacts with customers. This enhances their experience and adds a personal touch which in turn retains the customers. On-demand services like Netflix, Uber, Ola, etc. are surpassing the expectations of customer experience, thus helping them sore their business to unmatched heights.

The expectations of customers have drastically changed over the years, with most of the consumers expecting quick and reliable solutions. Businesses need to get on board with the trends of the market if they want to make it to the other end.

CUSTOMER EXPERIENCE VS CUSTOMER SERVICE

Customer service and customer experience are two sides of the same coin. Even though customer service had been the top priority of businesses for the past few years, light is now being thrown on the importance of customer experience.

So what really is the difference between the two? According to Forbes, customer service is defined as “the advice or assistance that a company provides to its customers.” whereas customer experience is defined as “the total journey of a customer’s interactions with a brand.”

Customer service is a reactive measure that a business takes when a consumer reaches out for assistance. However, customer experience is a proactive measure where a business reaches out to the consumer. This makes the customer feel heard and acknowledged.

CUSTOMER EXPERIENCE IN REAL ESTATE

Due to the entry of a number of competitors, retaining your customers can be a difficult task. Even the slightest of frictions between the interactions of you and the customer can result in a drift.

Customers demand quick responses and reasonable prices when it comes to real estate. Being at their constant beck and call can enhance their customer experience and improve your goodwill in the market.

WAYS TO IMPROVE YOUR REAL ESTATE CUSTOMER EXPERIENCE

Confused about how to improve your customer experience in your real estate business? Leave your worries to us as we have listed here a few things on how you can get started

Low Response Time

The choices that consumers have has increased significantly while their patience to wait for a response from the business has dropped. Speed, convenience and efficiency are vital if you are aiming at improving your customer experience. Simply acknowledging their queries and requests can buy you some time while you contact the customer to resolve the issue within a few hours or days from which a query was made. This takes up very little of your time but yields great results in customer experience.

Consider Automation

Automation is the recipe to run a successful business. More and more people are opting for automation, thus increasing the efficiency and speed at which your real estate business caters to the customers. Automating most of your processes allows you to focus less on calls and paperwork and more on growing your property business.

Streamline processes

Proper planning and execution reduce the chances of you facing any hiccups in your business. An easy way to solve this is to opt for a property management software that takes care of all the processes of your real estate business. This allows you to take care of everything from one place at any time, anywhere.

Measure success

Measure the growth of your real estate business every now and then to figure out what marketing strategies you should plan next. An easy way to do that is to generate timely reports that help you analyse the trends in your business.

These are some of the ways to enhance real estate customer experience. Now, following all of the above without a little help can be tedious. Keeping that in mind, we have developed the perfect solution to all your real estate problems.

Mpower is a real estate management software that lets you list all your spaces on the dashboard, accept inquiries for the listed spaces and earn effortlessly. You can also maintain financial records and paperwork that reflect the transactions made with the bank and the customers. Moreover, we provide you with a dedicated relationship manager that looks after all your queries and resolves them in no time.

Manage your entire space inventory and earn effortlessly with Mpower!

July 18, 2019 0

How has the Digital Era impacted the Real Estate Industry

Computer screens, tablets, smartwatches, smartphones, and our daily lives are infiltrated by technology. From the moment we wake up in the morning to the moment we go to bed at night, technology has been around us all day. With the advent of technology in every field, the real estate sector has also been impacted by such a revolution globally. Managing multiple properties in a traditional and conventional way by maintaining books of accounts have been a thing of past.

Digital transformation has been playing a crucial role in helping seamlessly connect anyone who wants to complete a real estate transaction.

Let us understand the benefits of digital transformation on the real estate sector

Real estate sector is built upon the trust and relationship and digital transformation has been playing a key role to build such trust as it had become easy to connect to the industry experts, develop long term association resulting into capitalization of such opportunities.

1.Interactive online Applications

Virtual Reality(VR) and Augmented Reality enable for comprehensive viewing and experiences in yet-to-be-built projects will help in the inspection of properties giving real-time data to the clients. Specially VR is fast growing a robust and powerful mechanism that lets likely buyers virtually tour properties from distance which means the location of the property at one place and client at other, allowing them to experience the space without the necessity for inspecting, appointments or model homes. This technology can be a time saver and reduce presale marketing costs, and experts anticipate a steady rise in its use in the industry.

2.Real Estate Portals

Traditionally real estate buying and selling have been done with the help of personal recommendations. But that was practical when the buying and seller and the property were closely located. But when the buyer and the property are in different state or country then this strategy of recommendations is ineffective. So with digital transformation, such problems were solved with the introduction of online real estate portals, bridging the gap between buyer and seller. The Seller is able to list the property for sale and buyer and search property according to their requirements. Also these days you are also given an option of temporary space for rent listing to capitalize the vacant space.

3.Autonomous Vehicles Parking

Autonomous or independent or automatic vehicles parking with the help of Artificial Intelligence(AI) will bring major advances to everything and are “closer than people may think.” Many commercial buildings have started adopting such facilities to ease parking congestion. Even before they hit the market in a significant way, they are influencing how developers believe regarding parking areas in new residential and commercial buildings. Such a system is not time-consuming, reduces manual task.

4.Property Management Softwares

Investing in an apt property management software elevates and rethinks how realtors or landlords manage their vast list of properties. Whether small modular condos, high rises or dedicated commercial hubs, property management using software takes it to the next level. The need to switch becomes more prominent as conventional methods have often failed to demonstrate exemplary levels of property management.

Software alters it into a convenient dashboard, where the owner could simply manage, monitor and operate day to day activities linked to a piece of real estate. Ensuring timely rental payment, maintenance, and upkeep, searching tenants for occupying could all be effectively carried out using property management software. The key is to opt for the right one since the wrong choice would end up curtailing existing practices by cutting out efficiency.

So to conclude we may say that Technology is evolving more than just the end product—it’s also remodeling the leasing and sales method. Sellers are listing spaces for rent or sale and also for temporary renting helping them earn maximum from their asset. Also, the procedures are such that they are in compliance with the rules and regulations of the respective countries. Buyers are utilizing online tools to do their own research and analysis long before they arrive at the actual property for inspection.

May 28, 2019 0

Tag: property management software