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.