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How to Choose the Best Facility and Property Management Software for Your Business?

Category : Real Estate Sector
Blog posted by : Admin / 08 Jun, 2023

 

Overlooking the management of residential, commercial, or industrial properties helps with its upkeep and generates income as well. Facility and Property Management software automates the day-to-day processes required to maintain the real estate and the services provided with it. 

 

The cloud-based ERP software allows users to virtually oversee the management of tasks on their computers, smartphones and tablets, at any time and from any location. The investment provides good returns and benefits many stakeholders.

 

This blog will take you through the many criteria to consider when buying Facility and Property Management Software. 

 

 

Step 1: Who can Use Facility and Property Management ERP?

 

In order to choose the best solution, you need to consider the type of real estate you will be managing. Various types of properties can benefit with an automation software, including:        

  • Open storage areas
  • Parking lots
  • Warehouses
  • Manufacturing facilities
  • Stores
  • Malls
  • Office buildings
  • Co-working spaces
  • Apartment complexes
  • Vacation homes or rentals
  • Resorts
  • Theaters

 

Leveraging technology for improved property and facility management can benefit a lot of the stakeholders involved:

  • Building owners
  • Landlords
  • Service providers
  • Facility managers
  • Tenants

 

 

Step 2: Manage your Real Estate from Anywhere at Any Time!

 

Before investing in Facility and Property Management Software, you need to understand its significance and what it can do for you. Whether it is residential or commercial real estate, ineffective management can lead to unnecessary costs, bad service and a lot of time being wasted.

 

Benefits of Facility and Property Management System

  1. Creating sustainable practices
  2. Budgeting and cost control
  3. Enhancing security measures
  4. Streamlining communication and collaboration
  5. Maintaining compliance and legal considerations
  6. Optimizing space utilization
  7. Maintaining a healthy and safe environment
  8. Effective vendor and contractor management
  9. Tenant retention and satisfaction
  10. Data analytics and business insights

 

 

Step 3: Property Management vs Facility Management Software: What Do You Need?

 

While both are used to manage properties, there are a few major differences. The tasks of a property and facility manager might overlap but the roles cannot be interchangeable. Selecting the right software will help streamline specific tasks and increase productivity.

 

Property Management Software vs. Facility Management Software
Property Management Software Facility Management Software
Management of properties Delivery of services
Buildings and ownership related tasks Management of people and services
Focused on profit maximization Focused on effective maintenance
For property owners and managers For facility managers
Buying, selling, renting, & leasing Service, contract, billing, & staff management

 

 

 

Step 4: Must-Have Features in Your Facility and Property Management Software

 

Choosing the best  facility and property management ERP is not about choosing the perfect one, but one that is perfect for you. It is about looking for features or modules that will resolve the specific problems you are facing.

 

Property Management Software Features

 

StrategicERP Solution for property management is a powerful ERP System to manage numerous sorts of property investments.

  1. Automated escalations and recoveries
  2. Client and prospect information
  3. Data about common amenities
  4. Unit leasing information
  5. Set up terms and conditions for tenants
  6. Manage lease enquiries and create offers
  7. Create agreements with additional details
  8. Provision to manage lease extensions and terminations
  9. Record inspection findings
  10. Flexible tenant and utility billing options
  11. Set up billing cycles and create receipts
  12. Diversified collection management
  13. Compliance with real estate governing agencies
  14. Lease renewal and vacancy management reporting
  15. Automated late and NSF check processing
  16. Property and tenant reminder system
  17. Dashboards and MIS reports
  18. Reports on collections and sales
  19. Integration with industry-leading financial modeling software
  20. Integration with property management app

 

Facility Management Software Features

 

To ensure seamless running of various properties such as residential, commercial and industrial buildings, StrategicERP has developed facility management software.

  1. Maintenance, lease management and accounting
  2. System-generated contracts, annexes, rental receipts
  3. Contract and workforce management
  4. Vendor and visitor management
  5. Asset and supplier management
  6. Key contacts management
  7. Escalation matrix based on Service Level Agreement
  8. Resource directory for materials and services
  9. Classification option for critical resources
  10. Create maintenance plans
  11. View task distribution and progress
  12. Record asset movement details
  13. Create purchase orders or work orders
  14. Service bookings and payments
  15. Compliance with service level agreements, labor regulations, and accounting requirements
  16. Dashboards and MIS reports
  17. Planner group analysis and cost analysis
  18. Integration with industry-leading financial modeling software
  19. Integration with facility management app

 

 

Step 5: Facility and Property Management On-the-Go!

 

In addition to looking for specific property and facility management  modules, you also need to look for a solution that can be accessed on any smart device, including computers, laptops, mobiles and tablets. Along with cross-platform functionality, it allows the software to function on all iOS and Android devices, providing improved flexibility and any-time access.

 

 

Step 6: A Single-Window Centralized Solution

 

Another criterion to prioritize when looking for a Facility and Property Management Solution is its ability to integrate with third-party applications and devices. Managing multiple systems for various tasks creates process lags, data duplication and communication delays. To create a single-window centralized management system, the software should be able to integrate with:

  • Artificial Intelligence
  • Machine Learning
  • IoT devices
  • GIS management
  • GPS tracking
  • Voice commands
  • Biometrics
  • Mobile ERP apps

 

 

Step 7: AI-Integrated Data Analytics and Insights

 

AI-powered reporting is an essential feature in the software. The data analytics provides property and facility managers with valuable data insights that help make result-oriented informed decisions. Data about the following aspects give managers an idea about where the business stands, and identify areas of opportunities in order to develop effective strategies.

 

Property and Facility Management Reports

  • Collections and sales
  • Due payments
  • Property enquiries
  • Planner group analysis
  • Movement of goods
  • Post-processing reports

 

 

Different types of properties and facilities need to be managed effectively in order to be profitable. The automation of workflows not only helps streamline processes but also analyzes data to provide valuable information that can be leveraged to provide better services and increase the return on investment.

 

Lastly, when looking for property management software in India, do not forget to choose an ERP Software provider with positive client feedback, exhaustive training and implementation and quick support. 

 

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