Property Management Online Tools
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Property Management Online Tools
Introduction
Real estate practices represent an indispensable part of people’s wealth especially for most residing in the United States. The real estate sector plays a critical role in enhancing income distribution, providing employment opportunities, and alleviating the burden of poverty. Various factors determine how the real estate industry conducts its practices. With the current advancement in technology, property and tenant management applies online tools when dealing with real estate practices (Earl, 2007). Two tools in this category include Buildium Property Management online software and Cloud Computing (Online Computing). The property management industry uses various methods when tending to their various needs. Technology is one of these means. It allows property companies to manage various types of property depending on their nature.
Buildium Online Software
Buildium is an online application for managing residential associations and properties. Regardless whether the portfolio is large and diverse or small and homogenous, Buildium still simplifies the process of managing it. Through this software, property managers improve collections, service quality, and they increase efficiency. Compared to other property management software, Buildium’s design constitutes the most up to date experience. Real estate practices include many functions that require intricate handling. Buildium software addresses this issue by providing the user with links to those functions. Therefore, managers are able to access relevant functions without coping with an overbearing and cluttered software system.
Buildium enhances efficiency through systematic application. Many of the software’s processes are divided into simplified steps. For instance, while entering a bill is a single task, the software breaks it down further into two clearly defined tasks. Such features are relevant as they allow the user to verify if all inputs regarding a particular task are completed correctly. These features are noteworthy especially when the user starts to learn and get comfortable with new software.
Previously, accounting practices were conducted manually as managers entered relevant data into books of accounts. As such, this process is exceedingly tedious as one goes through many book records tracking a particular item. Buildium software solves this problem by providing accounting functions (Property Managed, n.d). These functions simplify a manager’s work when handling general ledgers, rent rolls, and payables. Buildium also includes reporting features across the top screen. These features enable the user to know when a task is completed. Even though the software simplifies data calculation and recording, the user needs to have an understanding on accounting to use this feature efficiently.
Other features included in the Buildium software include budgeting and forecasting. This feature allows property companies to formulate operating budgets and develop future ones. This feature uses the company’s historical and financial data to formulate budget forecasts for both revenue and expenses. It also includes tools designed to assess and analyze scenario and tax planning. Through this feature, property companies are saved the burden of recruiting qualified accountants to formulate budgets (Property Managed, n.d). Additionally, salaries that would otherwise be paid to these accounts are used serve other purposes. Additionally, Buildium enables property owners to track the leasing process from start to finish. The aspect of this feature allows managers to know when tenants moved in and out of the premises. As such, one is able to connect this period with the payments made by the tenant. This facilitates identification of any arrears the tenant is liable for and profit or loss at unit level.
Buildium property management software is a current technology trend that looks to improve the efficiency of real estate practices. This software bears positive impact on property management as it simplifies and makes efficient the practices involved. Buildium software aligns the vast array of tasks a manager performs.
Cloud Computing
Similar to Building software, cloud computing has also had significant influence on property management practices. Cloud computing allows property managers to attend to other responsibilities as it takes care of computer system maintenance. Sufficient hardware is required to help facilitate a web browser to make cloud computing possible. Most of the current software demand frequent upgrades. In particular, networking computers in property management require maintenance on software and hardware, and technical assistance. Cloud computing in this regard implies having not to deal with the technicalities of making necessary upgrades.
Moreover, since the software vendor secures and encrypts the business data, property managers are spared the burden of backing up local systems (Online Property Management Reviews, n.d). Vendors that sell property management software use redundant systems that back the consumer’s data that in turn ensure security. Attaining this freedom from IT responsibilities allows property managers to focus on profit generating activities such as focusing on the needs of their clients. Cloud computing in property management enhances productivity and efficiency. It also strengthens and integrates tenant communications, and facilitates management (Bugden, n.d.).
Cloud computing also serves as a marketing tool for property companies. In this regard, they can be used to create web-based brochures that describe the prospects of the company’s services. These brochures are thereafter posted on multiple websites where they can be accessed by clients looking for settlement. In case renters agree to the conditions, they can fill out an online application form. The management then receives the application and runs a background check to determine the credibility of the client (Online Property Management Reviews, n.d). If accepted, the application data is converted into a lease contract. Upon agreement, cloud computing allows the tenant access to a portal incorporated with information regarding the lease and transaction history. The client can also use this portal to make payments online and send requests for maintenance.
The efficient communication and sturdy tenant management serve as a strategy for strengthening the company’s brand. Acquiring and retaining customers is a powerful marketing goal. Cloud computing is an excellent means of achieving this goal in property management. Additionally, each time a client renews a lease, the management does not need to spend resources to organize and market the vacant premises (Online Property Management Reviews, n.d). Normally, the company owner is forced to seek the company’s accounting records from the manager. Through cloud computing, however, the owner can access the accounting data online. He or she can also check the status of the business from any global location. The result is satisfied customers and a business running efficiently.
As property
management becomes increasingly demanding, managers find it prudent to find
multiple solutions. Managers look to achieve the objectives of the business all
the while maximizing profitability. Cloud computing is an online software that
serves this purpose for property management practices. As such, cloud computing
allows managers to overlook a critical infrastructure; upgrading the company’s
information technology systems. IT problems are a constant problem for many
property companies (Earl, 2007). Delegating these responsibilities to cloud
computing is a means of alleviating this problem. Other than that advantage,
cloud computing also facilitates communication with the owner and client, and it
facilitates business efficiency.
References
Earl, J. (2007). Technology’s Impact on the Property Management Profession(al). Buildings. Retrieved Nov 27, 2013, from http://www.buildings.com/article-details/articleid/4836/title/technology-s-impact-on-the-property-management-profession-al.aspxl
Property Managed. (n.d). Buildium Property Managed. Features. Retrieved Nov 27, 2013, from http://www.buildium.com/property-management-features/
Bugden, G. (n.d.). Save it in the cloud?. Gary Bugden. Retrieved from http://www.garybugden.com/assets/seminar/067-2012%20Save%20it%20in%20the%20cloud.pdf
Online Property Management Reviews (n.d). Why use Online Property Management Software. Online Property Management Review. Retrieved Nov 27, 2013, from http://online-property-management-review.toptenreviews.com/
Online Property Management Reviews (n.d). Buildium Property Manager Edition. Top Ten Reviews. Retrieved Nov 27, 2013, from http://online-property-management-review.toptenreviews.com/buildium-property-manager-edition-review.html
Property Management Software (n.d.). Property Management Software. Software Advise. Retrieved Nov 27, 2013 from http://www.softwareadvice.com/property/?layout=var_m#features