The Benefits of Using Commercial Property Management Software

When seeking commercial property management software, whether you are responsible for retail space or office complexes, it is important to consider a variety of factors. The best software should have all of the following qualities if you want to increase efficiency and be cost-effective:

1. The ability to include as many properties, buildings and units in your database as you need. Being able to sufficiently organize and address specific aspects of the property and rental you manage is absolutely crucial, and commercial property management software that limits this capacity should be avoided.

2. The ability to use commercial property management software to post common area maintenance charges according to your specific needs, based on the criteria that you select.

3. The ability to categorize your ledger by tenant, building, rental unit and owner, and implement changes on each separately. This feature gives you the flexibility to keep accurate and specific records in your database.

4. The ability to make payments by writing checks with your commercial property management software on your computer screen, so that you can make payments to vendors or owners expediently and without any additional hassle.

5. The ability set up Automatic Clearing House (ACH) to make payments as well as accept payments from tenants online, all fully incorporated and merged with the rest of the database automatically.

6. The ability to use a safe and secure commercial property management software program that functions separately from the Internet, which prevents downtime that often happens when servers overload or slow down.

7. The ability to send emails and accept payments online through your software program, integrating your database with online capabilities without having all of the information hanging together on a remote online server.

8. The ability to create legal agreements and forms with your commercial property management software effortlessly, based upon the specifications of your tenant or vendor.

Reasonably priced commercial property management software that meets this criteria can be used for all kinds of commercial properties, including retail outlets, shopping centers, strip malls, office parks, warehouses, storage facilities, business campuses, large corporate buildings and downtown offices. The ability to organize your properties and tenants efficiently and conduct almost all the necessary accounting through your database and online is well worth the cost. It is also far easier than the old pen-and-paper method, and is often far more efficient than using online databases or overpriced systems that are ultimately inefficient.

What is a Residential Property Management Software?

In the last 20 years, real estate market around the world had witnessed an incredible growth, something that was never observed before. Interestingly, only properties that were properly maintained and managed witnessed such a development. In this regard, property management becomes an extremely important aspect if you desire to gain maximum value for your residential properties. One of the best ways to accomplish your property management tasks in an effective and efficient manner is to sign up for good residential property management software.

Often, property owners find themselves surprised when they find out that residential property management is not all about collecting rents from the tenants. On the other hand, it requires a great deal of money management that includes maintaining financial records, preparing balance sheets involving income and expenditure details, and bookkeeping.

In addition, one needs to ensure that all the reports are ready for annual taxation purpose. Residential property management software provides property owners the ability to track every single aspect involved when taking care of their residential property. Mentioned in this article are some important features that must be present in any residential property management software.

Inventory – With an inventory, it is easier to keep track of every aspect related to the rental property. In this, one can clearly list out every single detail about the property including the property dimensions, type of property, information about the tenant, rent details, and even list out all the complaints received with respect to a particular property.

Furthermore, one can even create groups or segregate properties depending on the location, property values, or even based on monthly rental values. In fact, property management firms can gain maximum benefit by using residential property management software as it helps them manage multiple properties with ease.

Creating and printing reports – Report creation and record maintenance is critical when it comes to managing any residential property as it helps maintain transparency during transactions and avoids any disputes. In this regard, residential property management software currently available in the market can be of extreme help. Whether you want to review the lease agreement, prepare an eviction notice, or send a late payment notice, you can easily create any report.

Most of the software contain saved templates of forms that are commonly used by property owners or managing firms. Users can create customized documents using these templates and store them at appropriate location, thereby saving a good amount of time and energy.

Preparing balance sheets – Financial management package is another important feature provided by many residential property management software, something that is extremely necessary both for accounting and year-end taxation purpose.

Extensive data storage capacity – One major prerequisite offered by almost every management software is providing ample storage space, thereby helping users store every small amount of data including several intricate details about each property such as the carpet type, color of the wall, doors and window specifications, interior decoration details, and even about the appliances present in the home.

Many of the residential property management software have so much space that you can even upload and preserve your tenants’ profile such as the name of the tenant, personal credit reports, current employer details, references from past property owners, copies of mails that you had communicated with the tenant and any other information that you might consider useful in future. In some of the software, one can even upload digital images of each and every room in the home and store them. These images would be of immense help when the property is rented out to tenants, as they can be used as evidence describing the existing condition at the time when the home was being given out on rent.

Property Management Software – What it Does and How it Helps

Property software has become an essential tool for property managers. It can be used by everyone from renters to giant hospitality chains. Unfortunately, many managers still do not understand what it does and how it helps. In reality it can save time, money, and effort. Most importantly, it can provide an excellent return on investment or ROI. To better understand if this type of software will help you, here is an overview of what you get.

Property Management Software – What it Does and How It Helps

1. Centralization. A property manager is responsible for collected, maintaining, and interpreting a wide variety of information in order to make the right decisions. This includes dealing with rent collection, maintaining the property, tracking vacancies, and tracking income and expenses. By using property software, you can centralize all of this information, which makes it easier to track and interpret. This also has proved to be an effective tool for people and companies that hire property managers. Since all of this information is centralized, it is easy to see how effective the property manager actually is.

2. Module Utilization. Most property software has a variety of modules that will allow to do everything that you need to do. Common modules include: property/unit management, accounts payable/receivable, a general ledger, budgeting, bank deposits, work orders/job costs, past due letters/late fee processing, rent geared income, vendors, security management, custom reports, and the ability to create user-defined modules. With the ability to track and organize so much information, these modules can simplify the tasks of property management a great deal.

3. Streamlining Management Tasks. Property managers are required to maintain a variety of records such as vacancies, TCF (Total Cash Flow), and total income from rental properties. Property software allows a manager to keep track of every detail without having to calculate the values on their own. The biggest drawback to using excel-type programs is that the manager has to create on the formulas on their own, and the chance of mistakes is commonly high. The property software has been pre-programed to be able to do complex equations automatically, without the possibility of miscalculation.

Property Software In Review

What It Does – Management software is used to track a variety of variables from vacancies and work orders to income per property/unit to complete financial reviews. More importantly, all of this information is stored in a customized and centralized location that allows for automatic calculations without any additional effort on the part of the manager.

How It Helps – Property managing software provides a centralized location for managers to assess their financial situation with 100% accuracy. It allows for a streamlined method of record keeping while also providing all of the necessary calculations that are needed for financial records. It also helps store and track non-financial data such as vacancies, work orders, and records of the other necessary paperwork that must be kept. Finally, it provides managers a way to take care of everything from one location. In total, this ensures that property managers save time, money, and effort on a daily basis.