Choosing the Right Property Management Software

As your property management firm grows, with the building of additional properties, investment in a property management software can be crucial for the smooth running of your business. Excel spreadsheets and the old methods of using pencil and paper may not be the ideal choice in today’s world. There are plenty of cheap, user friendly specialty tools that property managers may choose which are much better than using the old systems. Property management is hard enough by itself so choose the right software program to help you to get your growing business organized.

Tips for choosing the right Property Management Software

Budget- Prices for property management software can range from $50 to $10,000. These software’s vary in prices depending on how many features the software has. So depending on number of properties, complexity of operations and size of you organizations choose the software program. Don’t buy more than you need. And at the same point of time do not go for the cheapest alternative. Make sure the software can do the basic things you need.

Trial version- It is always better to have a software program which has the option of a trial. Make sure you can run a full demo that allows you to try before you buy. Make sure you can do the basic things you require, such as maintaining vendor file, separate ledger for each tenant and owner, deal with bank checks and deposits, automatically post rent, management fees, and late fees etc. Always review, if the reports that can be generated from or customized in the software meet your month end reporting needs.

Hidden costs and recurring fees- Avoid software that require long terms contracts and have attached recurring costs. It is important to be able to cancel a subscription when needed without paying a price. Make sure your software program is easy to install, easy to use, and has excellent support hours. Research for update costs. Are you forced to buy any update even though you may not need it?

Full accounting package-Whether you prefer the simplicity of cash or the detail provided by an accrual method, the management program you purchase should support it. And, because a property manager is continually reading reports and calculating late fees and discounts, pick a program that does it automatically. The reports should be available at any time and for any period.

Web based software program-There are multiple online property management software’s today. For small businesses a web based software program can be ideal. Choose a fully integrated, end-to-end productivity tool which can provide everything you need to manage residential and commercial rental property of any type, online. With web based software you get the power and advantage of the latest web based technology, maintenance free operations, and ease of access from anywhere and any-time.

Others features- The software program should be able to capture the relevant details needed by a property manager to manage the property, eg. Tracking cost per unit, Generation of reports such as Late Fee, Move-In, Move-Outs, and Termination/Expiry. The software program should have some handy features such as a reminder system to keep track of appointments, list of tenants and owners that owe you money, automatically update rent amounts, automatically post amounts to each ledger, and update your account names etc. Among the other features available in most property management software packages is the ability to create templates for various forms, rental and lease agreements, and letters that are commonly used when managing properties. Customized documents can be created with the templates and then saved in the appropriate file. The templates can save a lot of time when it comes to generating late notices, final notices, eviction notices and even general notifications to tenants.

Control Working With Property Management Software

In most instances, landlords seek help from professional real estate management companies in managing their rental properties. The problem is that this would require them to spend money for management with the exception of other necessary services and maintenance fees. So, in reality, they would be paying more for managing of their property than earning profit which is not a favorable end for landlords in a real estate business. This is why property management software is developed.

With property management software, landlords are placed in control so they save a lot in terms of fees. Since they oversee every business transaction mostly by themselves, there is no need for them to employ people or seek professional help. They just need the software to work for them so they can easily be in control of their tasks that need to be done such as the marketing aspect, database management and rent collection. The software helps them to advertise their rental property in the market by posting pictures, map, list of amenities and other important details about the property in the property management website. Likewise, the software takes care of organizing all information stored for easier access than before. And when it comes to rent collection, the software electronically transfers payments every time tenants pay with their credit card or e-check.

Also, having this software means working with a property management website which means better security and faster software upgrades. This is because the software is built with a security feature that protects information stored in it from theft and other forms of data loss. Because every single file is stored on a remote computer, users won’t have to worry about accidentally deleting the information or corrupt files. Furthermore, every time users access their account, the software automatically upgrades itself so it can better serve their needs.

Plus, owning the software which runs through property management website helps landlords to share the responsibility of monitoring the accounts of their tenants with them personally. Since the software allows tenants to access their personal accounts, they can easily check their payments with the payment history section or see whether or not there are important notices from their landlords posted.

All in all, great relief is brought about by property management software. It has helped landlords perform their responsibility without requiring professional help that can be expensive. Moreover, it presents landlords with a secure working platform where they can easily monitor their tenants’ activities without the need to travel frequently. It also allows tenants to check on their status so they won’t have to keep on calling their landlords for inquiries over the phone. So, the software is truly an exceptional time and money saver!

Different Elements of a Property Management Software

If you are a property manager looking for ways to sort out and keep your properties organized, getting management software would be a good idea. This software is one of the best solutions to managing your property’s finances and records.This management software has become one of the most cost effective solutions to managing one’s properties because of all the user friendly featues that can easily be learned by anyone.

Aside from saving a lot of time and money, there are still other features that make this software worth investing on. Some of them include:

Proper Financial Management

If you are a landlord handling three or more properties, one of the problems that you would likely face is the proper handling of your finances. Having your very own management software is similar to having an entire accounting department work on your finances. Different financial aspects such as rental yields, net income, taxation, and cash flow will all be encountered once you handle property management and clearly it would be hard to handle all of this without hiring a team to take care of this part of property management. Instead of hiring more employees, a great substitute and cost effective solution to handling finances is to get your own software.

Record Maintenance

As a landlord you will not only take care of your finances, aside from that you will also have to take care of organizing and arranging all your tenant and records. Keeping records and files may sound simple, but with large volumes of records, it won’t be too simple to handle. To make sure that all the records are kept properly, you will need an assistant that will come in the form of your property management software. Aside from keeping a file of all your tenants’ information, this management software can also help in noting the terms of lease of each client, as well as keeping track of all payments including dues that have to be paid and even the record of all late payments. The software helps landlords become efficient and well organized when it comes to files.

Cost effective option

Using software for property management is clearly the more cost effective choice when it comes to managing your properties. Other landlords may opt to hire a team of people to do the necessary work; however getting a software for your properties can still get the job done with lower employee costs.