The exponential rise in technology and the simplicity that comes with it has made managing one’s real estate investment properties easier than ever-specifically through the use of Software as a Service (SaaS).
SaaS for real estate is software designed specifically for managing real estate tasks and data. A property owner with multiple units stands to significantly benefit when they invest in an all-in-one property software management.
As property owners continue to expand their portfolios, they tend to look for ways that will help them grow their profits while keeping their margins in check. This is why automating property management in the form of property management software is an excellent choice for modern real estate investors.
How does SaaS for real estate work? What are its benefits? These are questions emerging property owners ask, and today we’ll answer them in detail.
How Does SaaS for Real Estate Work?
SaaS for real estate is where a third-party provider, such as UnitConnect, hosts property management applications available to property owners over the internet. Owners don’t need to download the Software to use it. It’s considered a category of cloud computing.
Cloud computing allows one to store property information and data in a “cloud” while the software automatically updates the data remotely. To begin enjoying these services, one needs to sign up and become licensed to use the all-in-one property management software. In the platform, the host allows property owners to:
- Create additional users such as tenants, employees
- Determine data access
- Define user function
What are the Benefits of SaaS for Real Estate?
Automating property management offers convenience, security, and efficiency in managing real estate tasks. Property owners benefit from backed-up data, improved mobility, a simple work process, and reduced infrastructure costs.
Ease of Accessibility
Property owners spend a considerable amount of time assessing their properties, scouting for new properties, and meeting with potential tenants to keep their properties occupied. With so many responsibilities, a property owner or landlord needs access to property information from any location.
UnitConnect’s all-in-one property management allows one to update new information on the go or acquire crucial information without having to reschedule a meeting or run to the office. The ease of accessibility makes the work run seamlessly and prevents mistakes.
Using SaaS doesn’t require hardware that needs physical upgrades or maintenance. Users are only required to pay a subscription fee and start using the software features. Some of UnitConnect’s property management software features include:
- Bank synchronization
- Bill schedules and common area charges
- Online rent collection
- The ability to track long-term leases and rent escalations
- Creation of an annual budget
- Chart of accounts maintenance
- Automated reports
These features reduce property owners’ expenses because they don’t have to store client information in physical servers where one needs IT personnel to grant access or handle functional errors.
Easy to Use
SaaS designed explicitly for managing real estate automatically updates the entries made or new features added. One doesn’t need to spend hours struggling to understand a complex system.
SaaS is also a customizable software, and it’s easy to integrate it with other systems. Property owners can have multiple accounts to manage properties in various locations without mixing managerial data. The software enables one to switch platforms easily and receive notifications from the correct account.
How Does UnitConnect’s SaaS Features Work?
Each of UnitConnect’s features is on a different page with an organized structure to customize information. When one clicks through to a feature, it takes them to a new page to enter their data. Here are some examples of these features and tasks one can perform.
- Bill Your Tenant: This feature helps one organize their leases and create professional bills in seconds. One can also track all the lease terms and send invoices to tenants with a single click.
- Track Property Expenses: In this feature, one only needs to select their vendor’s account, enter the amount owed, and the software will generate the totals. Each vendor has a different account for easier tracking.
- Budget and Reporting: This UnitConnect feature allows one to set up a budget for reimbursement by tenants when it comes to CAM reconciliation.
- Manage Users: The feature allows property owners to set up user-level permissions for relevant users such as employees. It also allows one to specify who can make changes to critical information.
- Tenant Portal: This feature allows 24-hour tenant access. A property owner can collect rent online, share documents with tenants and send announcements to them. Tenants can also raise complaints or make requests from there.
Ready to simplify your property management responsibilities with these features?