As the COVID situation has improved, real estate transaction and property management services have returned to business. As customers these days, from individuals looking for a personal house to elders looking for senior living areas, expect various features at different locations, it is pertinent that real estate agents be updated with the latest market trends. Hence, property management software has risen to the occasion. Real estate agents and operators are increasingly leveraging property management software solutions to improve the slowly growing real estate sector.
Problems and implications:
Following problems are faced by real estate operators using conventional tools to manage their properties.
1. Complexity: When dealing with multiple types of properties, realtors face difficulties in managing the lease, maintenance, etc., as the features required by each property differ, and keeping track of all the requirements of clients manually is difficult.
2. Customization: Customers look for different types of properties from Student housing to self-storage with each type requiring a unique set of skills to manage the operations. However, realtors lack these skills and find it difficult to provide a different portfolio of properties as requested by clients.
3. Unlinked operations and future: Realtors often work on new constructions and renovation projects. Through the conventional system, such projects are rarely tracked. This affects the overall revenue, time is taken and progress of each of the projects.
4. Customer satisfaction: Real estate operators when dealing with multiple customers manually tend to make errors. From lease expirations to rent payments, communication with clients becomes a difficult task.
YARDI, an accounting platform provides solutions for clients’ property management issues. A few of the unique features offered by the platform are as follows:
1. Multiple-applications: YARDI’s property management software caters to different types of properties. From, individual houses to commercial buildings, YARDI provides service to all types of properties. Hence, for operators dealing with multiple property dealings, the platform makes it easier to manage all types of properties.
2. Flexibility: Based on the realtors’ requirements, YARDI provides customizable turnkey solutions that would fit with the realtor’s profile and adapt to grow as the business improves. The platform also provides different methods of payment for customers, various lease packages, etc.
3. User access: Real estate agents can manage the operations of their properties from anywhere across the globe via YARDI’s property management software. This improves the accessibility, availability, and efficiency of the realtor which in turn improves customer experience.
4. New revenue opportunities: YARDI’s property management software leverages data science and the latest technology to help real estate agents choose and promote properties that have high demand as per current market trends, customer expectations, boost internet search visibility, etc.
5. Tracking: YARDI helps track the various projects from construction, and renovation to demolishing that the realtor deals with thereby improving operations and revenue growth.
6. Other services: The property management software also provides other services to the real estate operators such as screening rental applicants, providing various payment opportunities, managing lease expirations, etc.
Real estate is an important sector at the current time. However, various real estate operators own different types of properties each catering to a different set of customers. In such a scenario, property management solutions like YARDI help the real estate operators to improve the efficiency of their operations, increase revenue and also improve customer satisfaction.