1. Introduction :

Property Management Software has been gaining alot of traction over the past couple of years. May it be coliving, malls, or even office spaces most people are realising the potential of property management software ( PMS ). The question then arises as to what property management software should be used.

It's quite tricky to answer that question, broadly speaking all property management software offer the same features and services, it becomes a point of differentiation when we look at some of the unique features each software offers. 

In this blog, we will be focusing on how what factors you should consider when choosing a property management software in a coliving space.

2. Assess Your Property Management Needs :

Before you go ahead searching for the best property management software online you should assess if you truly need a PMS. Assess if you can actualise any gain from the system. If you are already able to manage the operation then maybe opting for a PMS is not a priority for you. 

One way you can do this is by identifying pain points and challenges that you might solve when you implement the software. This process varies from individual to individual and assessing it can vary from reviews, personal experience with demos, etc. 

That being said, if you expect your operation to grow in the future, it would be beneficial to opt for a PMS regardless. Imagine managing multiple properties that could range in the hundreds, and have no automation capacity, utility management, consolidated reports, or even an analytics dashboard. One could claim to function without it, but not without a bit of struggle.  

3. Key Features to Look For :

As mentioned before there are some key features that all property management software have in common. Here are some of them that you should keep in mind. 

1. 1.
   Tenant and Lease Tracking - Most property management software can track the number of units and tenants in a given property at any time. This gives the coliving operator the ability to assess what units are available, what contracts are renewed etc. 
2. 2.
   Maintenance Management - Maintenance management encompasses a variety of functions. From online submission, request tracking, task assignment, and tracking updates. 
3. 3.
   Financial Management and Reporting -  From rent collection and expense tracking to financial reporting and tax management. A PMS helps provide the features and tools to maintain accurate financial records, make informed decisions, and ensure compliance. 
4. 4.
   Communication Tools -By centralising communication, automating routine messages, and providing real-time updates, PMS communication tools ensure that information is conveyed promptly and accurately. This leads to improved tenant satisfaction, better operational efficiency
5. 5.
   Document Management - In the near future we could see a transition to a paperless society, where PMS helps facilitate all of the same functions digitally. Having a digital ecosystem helps add to a company's social responsibility. 

4. Scalability and Flexibility :

When you opt for property management software ensure that it can accommodate the scalability of your operation. As a Coliving company, you are bound to expand to some degree and follow up with your software provider if they can accommodate you for the same.  

They should be willing to accommodate the various features that you might deem necessary. Enquire with them regarding their ability to engineer certain features for you and how viable the costs are from your budget. 

Another important aspect worth looking into is the ability to handle short-term rental leases as well as long-term rental leases. Some property management software caters to only 1 particular type of rental agreement. Ensure that you assess if their capabilities match your business requirements in this aspect. 

5. User-Friendliness :

At times with PMS software, we observe that they are extremely competent but fail to meet the customer's expectations because of its complex user interface. As a property manager, you must look into the user interface by requesting a demo period with the software.  

Allow your company employees to play around with the software and assess if there is any difficulty when using the software. If you find some issues regarding the software try to follow up and clarify the issue so that there is some clarity for the same.  

Softwares can be very complex and daunting for an individual, while some can grasp it very fast some may struggle. Ensure that there, there is some training and modules that all the employees can render when they adopt software, this is to ensure some level of understanding exists between all the employees. 

7. Integration Capabilities :

Not all Software can meet your property management needs, at times you have to integrate with other software to make your perfect ecosystem. Clarify with all your software companies if they can merge with other softwares. Enquire with the PMS provider if they are integration-friendly, this will ensure that if you want to integrate with any other software in the future they would be willing to consider the prospect for the same.

8. Conclusion :

With coliving on the rise we can see an early adoption of property management software. With the promise of operational efficiency and increased cost savings, we could see an increased number of units in coliving spaces. 

( if you are interested in reading about how mobile apps are taking the student housing sector by storm click here )