Property Management Software – Then and Now

Within the past decade, the property management industry has leveraged technology to improve processes, streamline workflows and gain better control of all aspects of property management. This has been achieved mainly through the introduction and evolution of technology, primarily built around property management software.

The first systems in the industry were mixes of DOS-based accounting and rent-roll systems that often proved inflexible and difficult to learn and use. These systems were also limited in their ability to import and export data and were laden with compatibility issues. Stricter reporting demands from investors have made broad compatibility and ease of access to data a necessity.

Next in the evolutionary chain of property management software was the transition to Windows-based software. This allowed for increased functionality, greater ease of use, and simpler deployment. The Windows platform also allowed developers to customize their applications for end users to a degree impractical on the DOS platform.

These Windows-based applications grew to include diverse components or modules covering all aspects of property management: accounting, marketing, lease management, payment and collections, financial management, maintenance management, financial modeling, and communications.

The advent of the Internet and its explosive growth as a pervasive communications and e-commerce medium has lead to the migration of property management software to the Web, with the latest software developed on the Application Service Provider (ASP) platform. Essentially, this means applications are hosted on the service provider’s, or developers, servers and accessed over the Internet through the users’ web browsers.

Web-based applications and ASPs together offer a number of advantages over traditional platforms. The software is easier to learn and use and significantly easier to manage and maintain. Web-based applications and ASPs together create a web-based solution as a service for rental property managers and owners and reduce the financial impact of technology.

Many of the first web-based property management systems to appear on the market were applications ported from older platforms to the web. Finally, software companies developed property management software for the web built from the ground up. These systems run solely on the web and are accessed through a browser (Software as a Service).

Prior to the emergence of Software as a Service, small to medium-sized owners and managers were locked out of the benefits of high-end property management software due to cost and complexity. Software as a Service levels the playing field for property managers and owners giving them a competitive edge that allows greater control over their properties, access to real-time data, ability to respond more quickly to market changes, and, perhaps most importantly, gives them the most complete and current status of their property available.

Top 10 Benefits of Using Online Property Management Software for Rental Property

Online property management software is more than useful for the landlords with multiple rental properties. Software provides myriad advantages to its user. To mention a few are ease of use, proper management of properties, management of all financial transactions with 100% accuracy, ease to access any information in actual time from any location using internet.

The property management software in conjunction with internet manages all you property through you website. Tenants can individually apply for your rental properties, request you for maintenance and pay the rent online with security. Moreover they can discuss anything at any time.

The feature to generate reports about individual property units and to compare different property units allows you to make a better strategy about individual property units. Landlord Software is not only 100 % accurate but it also saves time and money for you. Hence it increases the overall efficiency.

The 10 topmost benefits of using online property management software are:

Information about Property: Using landlord software you can organize information about your property units with finer details regardless of size of property. You can upload images and videos which can be seen by interested people on your website.

Information about Vacancy: Interested people can find out vacant rental properties on you website and can apply online after going through terms and conditions, payment conditions and any other agreements.

Lease Management: The landlord can access information about any property unit at any point of time being online. He can manage all the records related to property lease. He can share information with his team members.

Online Rental Payment: Tenants can pay rentals online. The software will automatically calculate any extra fee such as late fee. And it keeps track of all payment transactions for accuracy and to avoid any controversy.

Maintenance: You can keep track of all maintenance requirements and expenditures. You can assign the maintenance task to any team a can authorize them to access information regarding property maintenance.

Maintenance on Tenants Request: Tenants can request the landlord for maintenance of the property. Since tenants are actual users they know the maintenance requirements better then others.

Centralized Lease Agreements: All the documents related to lease are centralized and online. Property management software informs the landlord and tenant about the date of completion of lease.

Tracking of Income and Expenses: Property management software will track all the money which comes in the form of rent and all the expenses in any form. All the records can be accessed in future.

Generating Reports: Landlords can generate specific reports in order to perform research about any particular property unit. It can track depth history about the property can take better decision about it.

Work in Team: Property management software improves the cooperation among team members. They can communicate with each other, with the landlord and with tenant easily. They can assign task and can manage to complete within time limits.

All these benefit makes the landlord and his team stress free. They can devote themselves to their business and can make most out of it.

Property Management Software

Property management software is a computer program or computer programs that serve to simplify, streamline, and otherwise facilitate the management of property you own or hope to own. The software is equipped with many useful functions to take care of costs, run tasks, oversee labor, and other helpful aspects. Property management, as the name suggests, is meant to deal with the proper management services and scrutiny of various properties. Nonetheless, property management is a particular discipline of defining and achieving targets in matters of properties. At the same time its primary purpose is to optimize the varied utilizations of resources including energy, space, time, people, technology and many others. But for every property management, time constraints play a major part in the whole process.

For every property management, work is conducted under the supervision of an individual property manager. It is the responsibility of the property manager to organize and supervise the work that needs to be done. There is a lot of software on the market that is designed to make a property manager’s job easier.

All the property works are primarily planned through the application of software that not only gives the virtual image of the whole property, but also errorless calculations and accounting works, cost factors, management planning and such other works. Although the best property management professionals are hired for the projects, computer software gives the detailed analysis of the plan, including the calculations and statistical implications. There is even web-based software to manage and facilitate the handling of properties.