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.

Why You Should Consider Property Management Software

Internet and computing technologies have changed the way business processes and data is handled. There are so many innovative business solutions that have empowered every kind of industry with more effective and efficient process management. The real estate industry is among the areas that have benefited from the latest advancements. Property owners and managers can now enjoy property management software to automate all complex processes as well as save human effort and time.

Property management software eliminates the hassle that is common with handling rental properties bringing in accuracy. When you have the right software, you will end up adding significant value to property investment which is now a preference for most business groups and individuals. If you are a real estate manager or owner and have not started using properties management software, here are a few reasons as to why you should consider getting the best software solution.

1. The software offers real time information access

Most property management solutions are cloud based and this means that you can easily access all kinds of information as well as important data in real time. As a property manager or owner, you do not have to be present in person at the office just so you can see what software data is there. All data and information that is important is collated in one place and remains available at any time and place making accessibility and data management very simple.

2. Property management software offers more security

This especially with regards to data that you consider confidential, when you have the right solution, you can rest assured that all your data remains secure. Most software development companies build comprehensive secured environment when developing software which can include recovery and backup modules, firewall and encryption.

3. It offers you excellent scalability

With advanced management software for your property, you will be able to cater to all property sizes easily. You can start with minimal features for smaller properties and then expand further, upgrade and do any relevant enhancements to the software to cater to the needs of a bigger property. It simply means that a management software for real estate will grow easily as your business requirements and needs grow so you do not have to make any replacements to the solution you already have.

4. Management software for property saves money

It may not be free, but it cannot be compared to employee and manpower wages you would need to handle without the right software. The software remains to be more cost effective in short and long term, allowing you to save huge amounts as you manage the property. You also have the option of getting a complete software package of your choice or you can opt out of some subscription options you do not find useful for your property.

5. It saves time

This is because property management software automates complex processes, duties and tasks that would have otherwise required lots of manpower and time. What you can so with your software in an hour cannot be compared with the amount of time human attention would use to get the same tasks done.