Buyers Guide Content
- What is Apartment Management System?
- Apartment Management Software Features
- Apartment Management System Benefits
- What Does an Apartment Management Software Do?
- Who Can Use Apartment Society Management Software?
- Key Functionalities of Apartment Management Systems
- Use Cases of Apartment Management Systems
- How Much Does Apartment Management Software Cost?
What is Apartment Management System?
An apartment management system is a software application that handles all the tasks related to managing an apartment or housing societies. It ensures that all tenants and property owners enjoy smooth processes related to renting collection, maintenance, parking, security and much more. With the help of apartment management software, property managers can manage tenant information, monthly rent, lease details, and other accounting information. Property managers can track expenses and handle complaints through just one application.
It provides a common platform where all residents can connect to share any complaint or to post queries. Also, house help details and their attendance can be managed through an apartment management system. Regular notifications are also sent related to the activities in an apartment with the help of apartment management software.
Apartment Management Software Features
- Apartment Rental Management: Calculate payment automatically, set-up recurring invoices, and auto-collect payments from the members with apartment rental management software.
- Gate Security Management: This feature can track each and every individual or vehicle entering through the gate of society. This ensures security as a push notification is sent to the residents through the housing management software.
- Collection Gateway: A virtual unique bank account is established which would be the central point of collection in the society. This does not require any manual intervention which is a plus point.
- Apartment Asset Management: Manage and view every asset and inventory with apartment management software. You can keep track of the availability of electrical devices, gym equipment, housekeeping equipment, etc.
- Helpdesk Management: Get an online suggestion and complaint box for the residents. The software provides a dashboard for the admin to process every request in real-time.
- Socializing & Communication: You can get information about the society, send notices to residents, and create polls/surveys for all the residents with the help of apartment management software.
- Vehicle Entry Management: This feature involves all the vehicles of the residents being tracked with the help of RFID technology. This vehicle tracking system sends notifications whenever your vehicle moves in or out of society.
- Tanker Management (Water monitoring): Tankers consisting of supplies like water can be monitored time-to-time with the help of this feature. This software helps track and optimize the expenses as well.
Apartment Management System Benefits
- Property Management: One can manage multiple properties that are located in multiple locations with property management software for landlords.
- Visitor Management system: Most category management systems provide an apartment management app that can be used in smartphones. This easily provides a list of guest entries and all their details. One can even generate security codes for their guests to allow them a quick entry and exit.
- Billing & Payment: Bill payments have become so much easier with the help of an apartment rental management system. Bills can be paid through a centralized gateway where a virtual unique bank account is established for easier transactions.
- Facility Management: All the facilities can be managed by setting up attributes like charges, booking limitations, and usage inside the software. Admin can accept or reject any booking and the software automatically generates invoices based on the usage of apartment maintenance software.
- Activity Updates: Stay updated about all the activities that are happening in and around the apartment, such as any festival, social gathering, music fest or educational session. With an apartment management system India, everyone in the apartment can stay informed with push notifications or text messages.
- Streamlined Domestic Help: Entry and exit of all the domestic helpers are recorded with this software. Any suspicious activity results in informing the stakeholders regarding the activities. The software supervises every individual as well as a vehicle entering and exiting the apartment. Some of the apartment management systems even provide biometric access to its members.
- Emergency Help: Since communication becomes easier, asking and providing emergency help becomes simpler and easier.
- Active Social Network: An apartment society management software can provide a private social network to communicate with all the residents of the apartment. They can use the app to share notices, invites and even invoices to any resident residing in the apartment.
What Does an Apartment Management Software Do?
An apartment management software enables property managers of housing societies, residential apartments and gated communities to manage facility operations and activities in an organized manner.
Here are a few functions of Apartment Management Software:
- Rent payment processing: Property management systems enable users to track and process rent payments, late fees, maintenance charges, and security deposits due from tenants.
- Track tenant information: Building management systems store tenant data such as name, email address, and telephone number, so that owners can communicate with residents quickly and efficiently.
- Track income and expenses: Property management systems enable managers to track the income and expenses of a unit or property. It helps determine the profitability, cash flow, and expenses of a single unit or whole society.
- Property maintenance and task management: The apartment management system helps tenants raise grievances for building maintenance. Property managers can delegate tasks for the maintenance of gyms, parking areas, tennis courts, kids' zone, and so on.
- Vacancy Tracking: Systems automatically give real-time information to owners about vacant units, occupied units, and those on notice periods.
- Vehicle Tracking: Apartment management system helps track the entry and exit of vehicles, whether those are of residents or visitors.
Who Can Use Apartment Society Management Software?
- Property Managers
- Property Owners
- Student PG owners
- Maintenance Technicians
- Leasing Agents
- Real state agents
Key Functionalities of Apartment Management Systems
- Tenant Management: Allows managers/owners to store tenant information, take maintenance requests, process payments and reimbursement.
- Vacancy Postings: Allows property managers to view vacant units and update vacancy information on advertising sites like 99acres, OLX according to pre-set rent rates and specifications.
- Accounting Automation: Apartment management solutions automate monthly rental billing, payment processing, receipts generation, and feeding data into the accounting system.
- Reports: It provides detailed reports about units’ occupancy, billing status, facility management expenses, revenue, and security staff’s performance.
Use Cases of Apartment Management Systems
- Case 1: A housing society in Noida had 150+ flats. The accountant had to generate separate bills for each tenant at the beginning of every month. It consumed a lot of time to create and send invoices and reconcile payments.
The apartment management system completely automates the billing process. Only a few clicks are required to generate and send bills to all the tenants on their registered emails. Now the manager and accountants of the apartment could complete billing on the first day itself and track the received rent without manual reconciliation.
- Case 2: The security team of a housing society in Mumbai was having difficulty rotating security personnel and recording visitors’ data.
The management decided to deploy society management software. The software helped security team to rotate security guards, cover up leaves, track attendance, and maintain a digital register of visitors. It noted the time of entry, exit, and the number of the flat visitors. The name and addresses of regular visitors were filled up automatically. It saved a lot of time for the security team and enabled them to maintain a digital database of visitors.
- Case 3: A well-facilitated residential building chain with over 1200 tenants was facing maintenance problems. The management had trouble in tracking gym equipment's, regular maintenance, and looking over other facilities.
The management of the society did some research and finally procured an apartment society management software. It allowed the managers to keep track of gym equipment and other fixed assets and their maintenance. It also allowed tenants to systematically place maintenance request orders, which helped managers provide service on first-serve basis. Apartment management solution decreased the response time to tenants' complaints by three-fold and cost by half.
How Much Does Apartment Management Software Cost?
The cost of Apartment management software varies based on multiple factors like:
- License Validity: Monthly recurring charges for apartment society management software have lower initial costs but are more expensive than annual or lifetime licenses overall.
- Features: The more features you require, the more expensive it gets. An apartment software with basic features will cost much lower than a high-end customized software.
- Scale of Operation: Many software companies charge clients based on the number of apartments/people it is expected to manage. The price of the software goes proportionally to the scale of operation.