24th January 2024

Why Managing Agents Need Specialist Software

managing agents

It’s clear that managing agents face a high volume of challenges with high variance. As a result, the daily workload can be daunting. Using software built for managing agents stands as a great property management solution. This can transform these challenges into streamlined processes.

What Does Property Management Software Do?

Put simply, property management software helps manage all aspects of property management in one place. It covers everything from managing tenant and landlord data to handling finances and rent collections. Some property management solutions also feature the likes of service charge accounting. Here’s a more detailed look at some key features of an effective property management software:

Data Accuracy

Ensuring data accuracy is vital for driving key processes, reports, and accounting in property management. Accurate onboarding of lease data its continued management is crucial, as it dictates subsequent actions and processes. This includes tracking critical dates like rent reviews, lease expiries and break options.

A commercial property management system can utilise a Critical Event Diary to manage these dates and ensure legal compliance for leaseholders and tenants, avoiding substantial financial losses from missed notices. Additionally, this software for property managers can handle complex ownership structures, enabling agents to produce distinct financial reports for clients, property owners, and mortgagees as needed.

Rent Collection

Not all rents in the UK attract VAT, but where applicable, rent demands should align with VAT requirements. Effective property management software helps you to cater to the lease-specified rent due dates and frequencies, accommodating all frequency of charge required in accordance with the specific lease provisions.

For residential tenancies, the software can comply with legislative mandates, handling varied payment schedules. This includes features for generating late payment interests according to UK leases, supporting Direct Debit, and integrating automatic bank links for accurate transaction postings is essential. The system should facilitate efficient management of high transaction volumes with intelligent automation.

Service Charge Accounting

Compliance with RICS regulations is mandatory in service charge accounting for both commercial and residential properties. Property management software greatly helps the managing agent if it can manage service charges independently of the property owner’s main financial period, accommodating variable year-end dates across a portfolio.

Automation is another key benefit to manage the complexities of service charging. This ensures timely and accurate tenant communications and supports the avoidance of financial discrepancies, particularly in Housing Association tenancies.

The Benefits of Adopting Property Management Software

Using a dedicated software application for property managers enhances efficiency and decision-making, leading to the following benefits:

1. Efficiency Through Automation and Reporting:

The automation and reporting capabilities of property management software substantially boost operational efficiency. By automating routine tasks like data entry, date tracking, and generating comprehensive reports, the system significantly reduces the manual effort and time required for these processes, while also decreasing the likelihood of human error. This automation ensures that rent collections and service charge accounting are handled more efficiently and accurately.

Furthermore, the advanced reporting tools provide real-time insights and analytics, enabling managing agents to make informed decisions quickly and effectively. Additionally, customisation can play a large part in meeting the needs of different stakeholders. This translates into smoother operations and allows for a more strategic and flexible approach to property management.

2. Higher-Quality Work and Enhanced Tenant Relationships

The time saved through automation translates into more opportunities for managing agents to focus on strategic initiatives and quality of service. Freed from the constraints of time-consuming administrative tasks, agents can invest more effort into delivering a higher quality of work, responding promptly to tenant enquiries, and personalising their service.

A dedication to high quality not only enhances the overall tenant experience but also strengthens tenant relationships. Stronger relationships lead to increased tenant satisfaction, which is crucial for retention and positive word-of-mouth, ultimately contributing to the success and reputation of the property management business.

Is Property Management Software Worth It for Managing Agents?

As a basic answer – yes. Property management software not only improves operational effectiveness and tenant relationships, but also contributes significantly to the success and reputation of the business. Therefore, the benefits far outweigh the cost, making software for property managers a worthwhile purchase.

A Solution for Your Property Management

If you’re a managing agent looking for property management software, we hope that you’ll consider Trace Solutions. Our comprehensive software delivers all of the benefits in this article, and more. With the addition of Mojo, our product is becoming increasingly customised. We are the longest established British organisation in property management software, and continue to optimise our software for the modern needs of any managing agent.

If you’d like to know more about Trace property management software, please call us on +44 (0)20 7825 1299, email us, or use the contact form below.

We can provide demonstrations online or in person, at your convenience.

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