5 Amazing Property Management Tools You Can't Live Without

December 7, 2015
Posted by: @dmin
Category: Uncategorized

As a Toronto condo property management professional, odds are that you are swamped with work. Understanding some of the top tips for property managers to improve efficiency helps not only save time, but focus on the future as well. It’s important to understand where the market is headed and find the right tools to help you handle your day to day property management tasks. To get you started, here are 5 tools that anyone involved in the property management industry can’t afford to live without.

#1. Property Management Communication Software

Management Communication Software such as Condo Control Central will help any company that specializes in property management improve workflow and customer service. The company claims that integrating its straightforward, cloud-based system into a daily property management workflow increases efficiencies since there is a great focus on customer feedback to improve and expand their services. This particular platform offers a comprehensive solution that’s intended to help you cover your daily property management bases with ease.

Condo Control Central’s wide range of property management tools (discussion forum, periodic overviews, incident reporting and even parking management) will help you keep tabs on tasks that need to be performed on a daily basis. The platform is a super responsive, seamlessly integrated tool that is accessible by desktop, tablet and mobile; a great choice for professionals involved in property management. There are many such tools available and it is important to research the tool that makes the most sense for you and your organization.

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Technology Trends in Property Management

#2. Sharepoint

Real estate predictions estimated that 70,000 new condominium units would hit the market by the end of 2015. This is indicative of the high number of client files that property managers have to store. For this reason, those involved in rental property management in Toronto should concentrate on tools that can handle high volumes of data. Sharepoint is an online file management system that allows Toronto property managers easy access to a high volume of client files. When managing multiple properties, it is important to stay organized and have all company files on one system.

Sharepoint helps protect documents from unauthorized access or use, making them only accessible by your property management company. According to Sharepoint, they ensure consistent business processes for how documents are handled and stored, making it an easy tool for your management company to use to track all files. The simple, easy to use system is online, ensuring that you have access to your documents anywhere, at any time.

#3. Yardi CRM Mobile

The Canadian property management industry is regaining a loss in growth, which was affected by the U.S. housing market crisis. Now, the Canadian property management industry has reached more than 6 Billion Dollars in revenue, while employing more than 44,000 people. A large segment of this industry resides in Toronto.

To keep up with such high demand, the Yardi mobile app allows any professional to put an efficient, multi-dimensional CRM tool right into their pocket. The company touts an impressive 8 million square feet of commercial space that is currently managed with the help of its platform, along with 8 million residential units. This cloud-based platform allows you to take care of business related to Toronto property management, from any device.

The Yardi software platform is segmented into a multitude of property management classifications such as: Multifamily, Student and Senior housing. What’s great about Yardi’s designers is that they are constantly developing quality and responsive software with the customer in mind. What this means for you is less time being stuck to your desk, and more time out in the field.

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#4. Remi Network

Let’s step away from property management technical tools for a moment and talk about a good, solid resource that every professional working in property managementin Toronto should utilize. The Remi Network reports on real estate management industry news, as it happens, and posts it on their highly functional and aesthetically pleasing website. Remi stands for Real Estate Management Industry News, and the site identifies itself as informative, empowering and trusted. Some of the website’s major topics include operations, management, development, design, sustainability and properties. Any property manager that visits the Remi Network will benefit from helpful tips, reports and data about the industry.

Understanding Toronto’s growth pattern is important when considering an efficient and profitable property management strategy. Professionals should consider the thousands of international immigrants who move to Toronto yearly. Over the past five years, Canada has received around 87,000 immigrants and non-permanent residents. Most of these new residents waiting to call Toronto home will need to secure a rental unit quickly. Immigration numbers are set to exceed 100,000 by 2018, so it would be a smart move for property management teams to incorporate this demographic into their marketing efforts.

#5. Rent Compass

Landlords, real estate agents and property management companies across Canada will definitely want to visit Rent Compass if they want to learn how to reach a demographic of tenants who tend to be young and professional, with an above average income. Anyone who is involved in Toronto property management knows that just posting an ad in the paper isn’t going to cut it. Today’s renters are computer savvy, and they naturally gravitate towards Craigslist or similar sites. With Rent Compass, ads are free, and rental postings are divided into categories. Searches are conducted by viewing a map as opposed to a search. The site has a social tab, and the app is incredibly popular in the Greater Toronto Area.

Property management is a diverse and growing industry, and we’ve only mentioned a handful of products that can make your life easier. Another key tool property management companies need to focus on, besides the ones mentioned, is a versatile, bulletproof accounts management system. In order to stay on top of their accounts, management companies should rely on a system that can be customized to meet their clients’ specific needs. Not only in this city but throughout the world, the property management industry is growing exponentially, making these areas of focus key for property managers.

#6. Association of Condominium Managers of Ontario (ACMO)

There is no better Association for the support and education of Property Managers than ACMO. Since 1977, ACMO has been the leader in educating condo managers in Ontario. ACMO continually raises the bar in its quest to provide professional property management to condominiums in Ontario and throughout Canada as the “Registered Condominium Manager” certificate is recognized as the leading professional condominium management designation in Canada with an increased number of RCMs outside of Ontario. Members of ACMO must adhere to its Professional Codes of Ethics along with the requirement for continuing education. Our industry is consistently evolving and ACMO’s belief is that so should condo managers.

ICC^® would like to assist you in reaching your property management goals. If you are interested in the many services that we provide to professionals involved in property management in Toronto, then be sure to contact us for a consultation.