There are various ways to get hold of a real estate property. Some being owning and leasing. A popular go-to method for individuals with budget limitations or who want flexibility is property rentals. It is an agreement with an owner to use a property for a temporary period of time. The rental real estate sector is rapidly growing. It offers numerous benefits to both property owners as well as tenants. 

If you’re a property owner renting out real estate spaces, you must be watchful of the assets on the premises. Real estate asset management software is an apt solution. Prospects looking to rent out your spaces will factor in the condition of the assets. Not only prospects but existing tenants will also expect assets to be in top-notch condition all the time. The more effectively you manage property assets, the more prospects and the happier your tenants will be. 

This post discusses the challenges of renting out properties, what real estate management application is, and the five reasons to invest in one. Let’s get started.

The challenges of renting out properties

Owners face several challenges when putting up their spaces for rent. Among many, we will focus on the asset management aspect of it. Any building, be it commercial or residential, contains facilities underpinning livelihood and work cultures. Those facilities harbor assets. Some common assets in commercial and residential buildings are electrical switches, plumbing, electrical sockets, lights, and furniture. Let’s take a look at the challenges of managing them.

• Tracking inventory – Not knowing the location and physical condition of real estate assets makes allocation and management of assets cumbersome.
• Asset maintenance – Failure to keep close tabs on maintenance and execute repairs on time leads to poor asset quality.
• Inefficient compliance – Compliance inefficiencies open up room for potential living or working hazards. It also attracts legal repercussions.

Rental property asset management software gets rid of the above challenges.

What is a real estate asset management system?

A real estate asset management system is a dedicated solution for governing asset aspects like whereabouts, maintenance schedules, and analytics. It is an all-in-one application. Cloud-based software systems can virtually work on any device with a browser and an internet connection. Real estate asset management software is pivotal for individuals managing assets on properties. It is far superior to using spreadsheets or paper-based tools. 

Advantages of investing in real estate asset management software

Let’s dive into the five reasons why purchasing a dedicated real estate asset management solution is a worthy investment.

1. Real-time inventory tracking

Real estate asset management software allows you to create a comprehensive asset register that provides fields for filling up asset name, model, date of purchase, etc. With its barcode integration feature, you can simply point and scan whenever you move assets. The software automatically updates your inventory in real-time.

2. Schedule preventative maintenance

Facility assets deteriorate over time. Waiting for issues to occur with them attracts unprecedented expenses and fixing time. Instead, with a real estate asset management solution, you can schedule a regular inspection schedule and configure reminders for it.

3. Calculate depreciation

Calculating depreciation is a must for avoiding incorrect business values, tax issues, and inefficient asset utilization. Doing so manually is a daunting process. Not to mention the errors that can occur. Asset management software automates this task.

4. Get an at-a-glance view

Asset management software contains a comprehensive dashboard module. It provides an eagle’s eye view of the latest developments in your real estate assets. Depreciation values, new asset additions, and assets awaiting and undergoing maintenance are some of the parameters the dashboard displays. 

5. Analytics

Finally, the software generates in-depth reports on asset utilization in your properties. It reveals asset usage frequency, the assets requiring the most maintenance, assets requiring frequent replacements, etc. 

Get the best real estate asset management software

Running and managing rental properties without an effective asset management solution can be a nightmare. On the bright side, a custom asset management software application or real estate like SmartAMS simplifies the process significantly. It has top-notch features, is cloud-enabled, and is highly secure. Curb expenses and boost profit margins with SmartAMS. Reach out to us to learn more.