Using Software to Grow and Diversify Your Property Portfolio | Discuss

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Using Software to Grow and Diversify Your Property Portfolio
16/11/2016
6:18 pm
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Developing a professional property portfolio takes a lot of time and skill. Whether you are handling a handful of suburban households or a fleet of apartment complexes in the city, you will need to deal with varying costs and rental agreements. Taking stock and keeping track of each individual property will become an important part of your weekly routine and should never be taken lightly.

Using property portfolio software to track and collate all your property data can streamline the process. For one, you won’t need to keep individual files on each asset in your portfolio, since the software allows you to store all the information in one place. For property owners looking to expand and diversify their portfolio, this can be the ideal platform for consolidating and analysing rent, service charges and contractor fees.

Property Portfolio Software That Develops with You

The best property portfolio software is designed to deal with hundreds of client portfolios at once, tailored to suit property owners, managing agents, property syndicates and surveyors. If you are employed in one of these sectors, the increased efficiency can allow you to provide a stronger, cleaner service for your clients.

As your property portfolio begins to grow, utilising a management system that expands and adapts with it enables property owners to maximise their workflow and leave nothing up to chance. With accounting, rent management and equity reports all under one roof, the pressure to keep files constantly updated yourself is relieved. Property portfolio software calculates new projections and expenses as your portfolio develops, so you don’t need to create a whole new system for each addition.

Property portfolio software ranges from simple, spreadsheet-based programmes to more comprehensive data analysis tools. Each is effective in its own right, but as your property portfolio grows, you’ll find the software that forecasts annual rental income and produces detailed financial reports will prevent any logistical oversights.

Seeing Returns from Effective Property Portfolio Management

Since some property portfolio software packages can be expensive, it’s worth taking the time to understand their benefits. When purchasing any business-related item, your first port of call is probably the return on investment (ROI) you can expect from it. So, inevitably, you’ll be looking for property portfolio software that can optimise your investments. Whichever package you choose, it needs to facilitate all the tasks you undertake on a daily basis.

Savvy property owners will already have a shrewd eye for investing, so their property portfolio software must be able to augment this process. As in any business, the main purpose of any expense will be to cut costs, save time and produce positive results in the long run. Your property portfolio must live up to these expectations and become an innovative business partner.

There are five key areas that property management software must improve:

  • Single point management – in other words, the ability to control and manage all property related tasks, expenditure and solutions from one place.
  • Real-time solutions – property portfolio software must be able to provide up-to-date information on changing rents and tenants.
  • Customisation – tailored precisely to the requirements of your portfolio, so that all projections and solutions are based solely on your properties.
  • Efficiency – automates the calculations and distribution of rent, service charges, revenue and expenses.
  • Supportproperty portfolio software that offers ongoing support and training ensures that property owners aren’t left with a product they can’t use.

If you are using a system that covers all these bases, you should see sustained growth within your portfolio. Property portfolio software makes it easy for property owners to see where their greatest areas of weakness lie, as well as providing options on how to strengthen them. In real estate, access to accurate performance statistics is vital, especially when managing ever-changing dynamics such as cash flow and stocks.

No matter which sector of the property market you decide to invest in, be it commercial or residential, property portfolio software has the ability to optimise your business. The most effective property portfolios are diverse and tap into current trends in the market. Juggling all these projects between numerous (and often incompatible) management programmes will often just over complicate things. The luxury of working from one, intuitive platform should never be underestimated, especially when that platform can be processed as a tax deductible expense.

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