What’s Wrong With Property Management Software?

Online Property Management Software isn’t new, but it could be revolutionary; however, the revolution seemingly has a limited ability to revolve. Here’s what I mean: something has truncated online property management software’s ability to assimilate all parties to a rental agreement in the cloud, but who’s been left out? The answer is…Tenants! Sure, most software provide a cutting edge way to observe and access information regarding your company’s properties under management, regardless of your geographic obstacles, but most only provide a limited conduit of activity for tenants – those most pertinent to rent and its associated processes. All you software providers who’ve only accommodated for property managers: keep on dancin’ ’till you learn how to tango, ’cause it takes two. Tenants, put on your boogie shoes, ’cause you’re the missing piece to this fiesta. Let’s party.

In a recently conducted a Tenant survey, answers revealed a surprising truth. It’s been deduced that 78% of people are not only willing to pay rent online, but those same people are also willing to pay a fee to do so. Not surprising? How ’bout this – less than 10% of those tenants actually pay online, though 80% of U.S. renters have online rent pay available to them. Strange, people seem eager to pay online, but are simply not doing so, despite the availability. What are the reasons for this apparent discrepancy? Tenants are unaware? Tenants are uncomfortable with the software? Maybe both?

Over the past two years, I’ve scoured the market place to find the perfect online solution for property managers, but online software simply wont work to its potential without tenant participation. If all participate, accounting and rent collect are automated; work orders are processed in one area, communication is enhanced, and disputes fizzle. When everyone knows where to turn, no one is left in the dark. So, why have tenants not participated or become familiar with software that could potentially promote such a healthy living environment… Hardly any software provides tools and features designed specifically for tenants because tenants are not the purchasers of the product. Simply put, tenants don’t buy the software, so software providers highlight only features that appeal to the manager (accounting, reporting, payroll etc.). Under one roof, there are no sets of features allowing tenants to communicate with management and other tenants, to tract current and past work orders, allowing room mates to divide rent as they see fit, submit and track complaints, market items or services for sale to others in the community, or have any reason to access the software other than once a month. Without consistent access, tenants will forget, and not participate, but if there are reasons/features for the tenant to take part in consistently, the world of property management software will condense to tenant software. That’s it! The software would work with greater efficiency if it were a tenant software opposed to a “property management software.”

Imagine how consistent tenant access would enhance the property management features. Work order processing, accounting, rent collect, reporting, property analysis, and many more management functions are enhanced and made much easier to deal with if each tenant is, in some way, inputting his own her own information. Otherwise, it is a paid employee plugging in work orders, rent pay, and vacancy information manually, one tenant and one unit at a time – that doesn’t make anything easier. Isn’t the goal of any online software to make things easier for it’s users?

Instead of remaining theoretical, there have been particular “startup” companies aiming to enhance property management software by providing the best tenant software – all under one roof. In this way, the software takes steps to further simplify life by simplifying rent. One day, all rental interactions will be conducted online, and we aim to greet you (no matter who you are) when that day arrives. Remember, a tenant oasis provides a way to congregate all necessary parties, adding efficiency and organization to any landlord, property manager, owner, and, most importantly, tenant. Be easy, and keep your eyes open for the software to smooth the currently bumpy tenant road.

Real Estate Property Management Software

Property management is made much easier with the specialized help of property management software. It not only gives the virtual image of the whole property, but also gives the errorless calculations and accounting works, the cost factors, the management planning and such other works.

Real estate property management software solutions are helping people across the country to perform real estate property management tasks more efficiently than ever. Real estate property management software alleviates many of the problems that residential property managers face every day. Resident portal, resident pay, and resident works are the usual real estate property management matters that the software can help handle. Also, in order to save more time and money and to ease the work of maintenance, real estate property management software can help a lot of companies in creating customized web sites.

It is the real estate company that decides what they should pay attention to: some companies pay attention to the acquisition and disposition of properties, while others focus on long-range forecasting for invested capital. The real estate property management software gives solutions to all these issues: the customized online and offline data are carefully maintained, updated and processed to facilitate the company management to make decisions and actions. Apart from this, software solutions also provide the two major information workflows unique to the real estate industry. They are:

Asset Valuation: The real estate software solutions help in building the valuation models.

Budgeting & Forecasting: The software simplifies this by organizing and analyzing the data involved.

Selecting the Right Rental Property Management Software

Technological advancements seem to have eased out almost every aspect of human life, whether it is about finding right jobs or choosing a right career. Another such area where technological progress has been remarkably valuable is property management. Properties include houses, apartments, shopping centers, buildings and huge complexes that can be given on rent or lease for residential or commercial utility. Managing a rental property in an effective and efficient manner can be otherwise a daunting unless one takes the assistance of reliable rental property management software.

At present, there are numerous rental property management software available in the market. To pick the right one, one needs to understand whether the software suffices one’s needs and requirements. In addition, the software should be flexible, easy to install and convenient to use. Mentioned below are some tips that can help you select good rental property management software.

Suit your needs – Good management software is one that responds to customer needs, whenever required. Another issue related with property software is upgraded. With companies developing windows-based software, upgrade can be a really problematic and expensive. The reason is these companies upgrade the software once in a while. Every time the software has to be upgraded, the user needs to buy the upgrades from the developer’s site, download them, and have to go through an intricate upgrade process. In this regard, web-integrated third generation software can be a perfect choice as the consumer does not require handling any software upgrades. The entire upgrade is done by the developer. Whenever the user signs in, he is ready to use the upgraded version. Secondly, one would not have the fear of losing sensitive data when using web-based software programs.

Features – There are certain features that are absolutely required in every property management software. These include a complete accounting package that can support any type of accounting method and can generate reports anytime and in any form, facility for sending auto-reminders to tenants about aspects such as late payments and lease expiry notices, and ample data storage space. The software should also provide an uncomplicated and faster data management system that can ease out the problems experienced during data generation, data handling, and data search. It would be an additional benefit if your software can generate auto-forms, letters and can even print checks.

Security – Security is inarguably one critical aspect that must given due importance, particularly when looking for web-based rental management software. Always choose one that uses an SSL encryption for data transfer and data storage. Moreover, in good online rental property software, data is stored on a secure server present at a distant location.

Inexpensive – By and large, you need to either pay a subscription fee or purchase the rental property management software. Hence, always check for a company that does not require you to have a long term commitment or a single annual payment.

Customer support – In most cases, consumers using rental management software are not software professionals. In addition, these are complex software developed using advanced concepts. Hence, always look for a company that provides customer support and technical assistance whenever required.