The current paradigm shift in technology allows different businesses to digitize tasks, such as property and rent management. Unfortunately, around 32% of rental properties available in Australia are self-managed, which is undoubtedly a big number.
Furthermore, the global pandemic has pushed the housing sector to adopt digital strategies by implementing rental management platforms such as NetSuite Property Management solutions. Only this way the rental managers can work efficiently by automating rent collection and tenant information.
Read along to learn who it’s important to implement digital cloud-based property management solutions to stay ahead of the competitors in Australia.
In simple terms, a property rental management software connects the landlords, residents, and real estate experts on a unified platform to track leases, rents, contracts, and different maintenance tasks. Not only that, but the rental management tool allows the connected parties to collect the rent and manage the finances.
Hence, the software automates all the rental-related information to minimize cost by streamlining different operations related to the rental property.
To sum up, a rental management platform caters to different real estate portfolios and allows landlords and tenants to connect online. Digital rental management is the need of the time, especially when the pandemic doesn’t allow us to step out of our homes.
Furthermore, a rental management platform offers different reporting and accounting tools, work order management, and integrated solutions. This way, the CRM is an allrounder solution to streamline all the operations related to rental management, including:
- Comprehensive dashboards
- Property creation
- Tenant cycle
- Contract creation
- Cheque management
- Facility management
- Financial reports
- Revenue recognition
- Software customization
What to Look for in a Rental Management Platform?
Keep reading to learn about the must-have features while implementing a rental management solution for your real estate business.
One of the most significant things to look for in a CRM solution is easy and hassle-free setup and integration with the existing system. Lucky for you, NetSuite Property Management Software is advanced software compatible with the majority of the databases, tools, and other software.
Opting for a cloud-based solution doesn’t require the real estate businesses to buy and configure different on-ground servers. Furthermore, web-based software requires no installation on any computer. All you need is a high-speed and stable Internet connection to access different information, reports, and dashboards.
Since real-estate businesses don’t need to buy servers, the overall cost is significantly reduced. Moreover, the data is secure with a backup on the cloud-based platforms, thus saving you from worrying about data loss or breach.
NetSuite Property Management software allows different teams to share and access information stored on a unified platform. This way, the teams can access different modules, such as property, finance, and rent collection. Not only that, but this software offers readily-available dashboards presenting information related to all the tenants, landlords, contracts, and collected rent.
The good news is you can easily integrate cloud-based or web-based software with the existing company system and website. For instance, the tenants can access their respective portal to pay the rent and generate a request for different maintenance requirements. Similarly, the landlord and the real estate company have their respective self-service portals accordingly.
In addition to minimizing cost and other manual tasks, a rental management platform offers the following benefits:
The primary reason for implementing a cloud-based rental management solution is information accessibility from anywhere in the world. It means the real estate agents can access the property information on their smartphones as long as they have a stable Internet connection.
Hence, NetSuite Property Management software centralizes all the information on the cloud to ensure complete transparency and information visibility.
Moreover, any changes or addition of information to a contract done by one real estate agent is instantly visible to the rest of the team. The same rule applies when someone creates a lease agreement or enters the cheque details. All the information is present on the undefined online system, thus ensuring compliance with the property rental laws and regulations.
Real estate companies can generate reports and dashboards consisting of graphs, lists, and other insights about the property status, contract expiration, and other cash flows.
A rent management platform allows the real estate business to handle and streamline all the operations related to property and real estate. This way, the businesses can handle property at different locations spread all across Australia.
Hence, the companies can expand their operations nationwide while managing the property remotely from the head office. Furthermore, all the tenant records, monthly rents, and other task scheduling information is updated online and readily available.
The real estate companies can ensure growth despite the pandemic by offering an online platform to the tenants searching for rentals in their region. This way, the landlord can list the properties online by allowing them to reach a wider audience.
Real estate companies no longer need to worry about cybercriminals hacking into financial details or other online payments. It’s because the data is stored online on a cloud-based management solution.
Another reason for the option for a cloud-based rent management platform is scalability. This way, the companies no longer need to worry about the available or consumed storage capacity. It means the businesses can always scale up to keep up with the changing requirements.
Since most of the tasks are automated, the real estate companies can improve the tenants’ and landlord experience by listening to their requirements. Similarly, the companies can attract more customers, while timely follow-up can lead to a lease agreement.
Rental home management is an integral part of our society as people move to other cities and countries searching for better livelihood. That’s why those days are long gone when the rental managers used to maintain different paper files for the available houses for rent.
The advanced NetSuite Property Management software eliminates all the manual labour by integrating all the rental and tenant information on a single platform. As a result, real estate businesses can create dashboards, contracts, manage finances and other accounting tasks without any manual error.
What you need right now is the services of certified NetSuite partners like Folio3 to help you integrate NetSuite Property Management solutions to your day-to-day property rental management operations to make your life easier and your business more profitable.