Property Management Software – Protect Your Rental Property

As your rental property business grows, so does the need for a property management software system. Historically it has been the desire for more in-depth financial information that drives a property manager or landlord to abandon simple accounting software for property management software.

Today it is more important than ever for all property managers to use the same type of web based property management software as the larger asset management companies. There is more pressure to find reliable, rent paying tenants, with the possibility of an increased need for tenant debt collections, and the ever-looming threat of tenant landlord litigation.

Even with the best market outlook, the need to screen your prospective tenants is the top priority. Today’s online tenant credit screening services allow you to access credit and criminal background information in minutes. With an integrated system, tenant screening information is automatically downloaded into your residential property management database. Later, you can review tenant payment history and property maintenance history and make smart decisions about lease management.

Providing tenants with online rent payment options, such as ACH or credit cards, helps to lower delinquencies and keep rental income at its optimum level. With integrated rental property management software, electronic rent payments reduce accounting errors and data entry, and trips to the bank. Automatic scheduled rent payments ensure that rent is received on time and eliminate past due balances.

With bad debt potentially on the rise, automated tenant debt collection services will also prove invaluable to property managers and landlords. The best property management softwares offer integrated access to national debt collections companies. These are the same programs that larger apartment management companies have been using for years.

Of course, some of these online property management services are available separately. Yet integrating all of these tools with one point of data entry can protect you from another, even more alarming threat-tenant landlord litigation. No matter how unjustified, the mere whisper of a lawsuit is enough to terrify any property manager. While litigation is a serious concern for real estate firms of all sizes, it can be particularly frightening for the small property management company which lacks the legal team of a regional or national real estate management firm.

Tenant credit screening services provide a valuable resource by providing a consistent, accepted process for making the best decisions. When you use quantitative tools for rejecting a tenant, you can be more confident in the leasing decisions you make. More importantly, having one database will help ensure all rental application data is captured and no mistakes are made.

What about cost? Historically cost has been a barrier to this type of software used by larger companies; today the web makes access to new online solutions much more cost effective. In many cases these online services, as well as services like internet listings and electronic rent payments, can be included in one low monthly fee. Hardware, server, upgrades, extra licenses, and other costs are eliminated as well, leading to considerable cost and time savings.

As the internet has been the great leveler across many industries, all rental property managers can now afford the property management accounting software that larger real estate management companies have been using for decades. The affordability of web based software is a trend with a positive impact on all professional property managers and owners. Property management systems no longer have to be reserved for the larger companies with deep pockets. They can be used by anyone with a computer and an internet connection who wants to protect their real estate investment.

Systematize Property Management With Online Property Management Software

Online property management software makes the job of property management much easier which otherwise is a Herculean task. Online property management is used to perform all the tasks from finding tenants to collecting debts. Its provides additional features which makes it a necessity in the real estate management business. Choosing best property system from different developers is a tough task requiring good decision-making.

Must look for the following characteristics in the online property management software:

Property administration tool must be flexible enough to meet all the present requirements of property owner. In case of change in requirements in future property management software must be capable of meeting them easily.

Ease of use
Managers are not professional software developers and users hence the user interface provided for the property management system must be easy to use. Software must be easy to use and should have good response time.

Platform Independence
Real Estate management software must be platform independent so that it can be used from any machine irrespective of operating system used.

The most desired characteristic in real estate software is security. Software must have access authorization in order to avoid information leak. Tenants software must be capable of supporting online money transaction.

Best prices
Property administration software must be available in best prices. Tools are available in free trial version. You can download paid version after successful experience with trial version.

Fundamentals of Online Property Management System

You can do all the tasks using online real estate software. You can post advertisements of vacant rental properties on the website. You can accept applications online and can screen tenants online. You can manage all the rental property units simultaneously without mixing details of two property units.

You can collect rent online on the specified payment dates. You can process all the repairing requirements from tenants. You can generate reports of individual property units in order to find their financial worth at any point of time. You can seek help from third parties in case of discrepancies with tenants.

Choosing the Best Online Property Management Software

If you have decided to purchase property management software then you must do some research before purchasing a software. First of all identify all your requirements and note them down. Second, find out different assets management software tools available using the internet. Third, match all your requirements against features provided by them. Fourth, go through the testimonials or user reviews of the software that satisfies most of your requirements. Fifth, download or sign-up for the trial version if available. Sixth, use software support for customization. Sixth, if satisfied go for the paid version of the online property management software.


Online property management system stores and manages the data online hence requires no disk space on your desktop machine. It reduces the use of paper and helps in going green. It should be cloud based. you can access by your cell phone also. It performs certain tasks automatically such as payment and due date reminder, rent calculation, online rent collection, pay rent online, debt management, and other financial management activities.

Property Management Software – What to Look For

While many property managers still use Excel spreadsheets or a pencil and paper to manage their investments, there are much better tools available. The property management software you choose should be flexible, inexpensive and easy to use. You need a really flexible rental property program because, as a property manager, you never know what tomorrow may bring. You might need to get details about a property or tenant at home, in the office or even out at a property. You might need to have other members of your company get records themselves, from their own computers. Your business might double, and you don’t want a tool that won’t server your needs any more. The most flexible property management programs are those running over the Internet.

Because the records are kept on a Web server, you – or anyone else you authorize – can get to them from any Internet-connected computer. And unlike Windows property management programs, on-line property management software doesn’t limit the number of units (doors) you can manage. Surprisingly, you don’t give up any security features when using the right on-line property management software. True, the records aren’t on your computer. Instead, they’re maintained on a computer that typically has much better protection than your own. It’ll be kept in a locked room, fire-safe room, with daily backups and multiple storage devices. The best on-line rental property programs also use SSL security so that all of your work is encrypted – and therefore completely off-limits to hackers. All on-line rental property programs are sold by subscription.

Look for one that doesn’t require a long-term commitment or a single annual payment. You want to be able to cancel without any penalties. Because property management programs can be complex, look for one where support and training are included in the subscription fee. You want a company that looks to maintain a healthy long-term relationship with its customers. This is actually another advantage of on-line tools; they have to keep you satisfied for a long time, not just for the first 30 or 60 days. Support and training should be offered on your schedule. Make sure your software vendor has extended support hours, especially if your office is on one coast and theirs is on another. It goes without saying that the best property management software is developed by actual property managers. However, some developers rely on their own very limited experience. For example, they may know all about single-family houses, but have no clue about the special needs of commercial property investing or multifamily units.

Make sure the company you choose relies on a wide variety of property managers, landlords and other experts to get product design tips. In addition, you want your property management software to be responsive to your specific needs. Companies making Windows property management software can never be that responsive to customers, because upgrading the software is such a hassle. Such companies often only release upgrades every year or two, and when they do, their customers have to go through what may be a very messy upgrade process. On the other hand, on-line property management software can be upgraded whenever the company has a new feature that has been fully tested. The next time customers log in, the new features are ready for them to use. Here are some of the features that you will absolutely want in your property management program.

o A full accounting package. Your program should support whichever accounting method you prefer, cash (simpler) or accrual (more detailed and preferred by most property managers). It should include a number of accounting reports that you can run at any time and for any period. You should be able to calculate late fees and discounts automatically

o Check writing. When you have to write a lot of checks for your business, it’s great to be able to just print them off on your computer. Your software vendor will put you in touch with at least one company that makes the kind of check forms you will need. One word of caution: to print checks with blank check stock, you will need a laser printer and a special magnetic ink cartridge. The laser printer probably won’t be an issue, but the magnetic ink cartridge may be. A simpler solution is just to order preprinted check forms. These forms will have the basic information such as MICR numbers (the numbers at the bottom of the check, which are always printed in magnetic ink). You’ll still print checks, but just the amount, payee, date and other fields that don’t have to be in magnetic ink.

o Reminders. You should be able to set up reminders for appointments, projects, and other tasks. You should also get automatic reminders for the two things every property manager wants to be aware of: late rent payments and expiring leases.

o Many different data fields to let you store all the information you want, but not that many mandatory data fields. You should be able to use your software for as little or as much work as you like.

o Fast and easy data management. You’ll spend a lot of time entering records and finding what you need in your property management software. You don’t want something that will make it complicated and difficult to handle these tasks.

Look for wizards and maybe even a “Quick Start” feature to make loading fast, and fast searching and sorting to let you very easily find what you need. What if you find a property management program that is great, but not perfect? Many property managers will quit using a program because it doesn’t have the one specific report or calculation they really like. They then have a choice; they can keep on going with Excel or written ledgers, or they can continue on an endless search for the perfect program that simply doesn’t exist. Instead, why not contact the company you are interested in and see if they can add the feature you want? You might learn that they’re already working on it. If not, they may be happy to add it to keep you satisfied.