Choosing the Right Property Management Software

As your property management firm grows, with the building of additional properties, investment in a property management software can be crucial for the smooth running of your business. Excel spreadsheets and the old methods of using pencil and paper may not be the ideal choice in today’s world. There are plenty of cheap, user friendly specialty tools that property managers may choose which are much better than using the old systems. Property management is hard enough by itself so choose the right software program to help you to get your growing business organized.

Tips for choosing the right Property Management Software

Budget- Prices for property management software can range from $50 to $10,000. These software’s vary in prices depending on how many features the software has. So depending on number of properties, complexity of operations and size of you organizations choose the software program. Don’t buy more than you need. And at the same point of time do not go for the cheapest alternative. Make sure the software can do the basic things you need.

Trial version- It is always better to have a software program which has the option of a trial. Make sure you can run a full demo that allows you to try before you buy. Make sure you can do the basic things you require, such as maintaining vendor file, separate ledger for each tenant and owner, deal with bank checks and deposits, automatically post rent, management fees, and late fees etc. Always review, if the reports that can be generated from or customized in the software meet your month end reporting needs.

Hidden costs and recurring fees- Avoid software that require long terms contracts and have attached recurring costs. It is important to be able to cancel a subscription when needed without paying a price. Make sure your software program is easy to install, easy to use, and has excellent support hours. Research for update costs. Are you forced to buy any update even though you may not need it?

Full accounting package-Whether you prefer the simplicity of cash or the detail provided by an accrual method, the management program you purchase should support it. And, because a property manager is continually reading reports and calculating late fees and discounts, pick a program that does it automatically. The reports should be available at any time and for any period.

Web based software program-There are multiple online property management software’s today. For small businesses a web based software program can be ideal. Choose a fully integrated, end-to-end productivity tool which can provide everything you need to manage residential and commercial rental property of any type, online. With web based software you get the power and advantage of the latest web based technology, maintenance free operations, and ease of access from anywhere and any-time.

Others features- The software program should be able to capture the relevant details needed by a property manager to manage the property, eg. Tracking cost per unit, Generation of reports such as Late Fee, Move-In, Move-Outs, and Termination/Expiry. The software program should have some handy features such as a reminder system to keep track of appointments, list of tenants and owners that owe you money, automatically update rent amounts, automatically post amounts to each ledger, and update your account names etc. Among the other features available in most property management software packages is the ability to create templates for various forms, rental and lease agreements, and letters that are commonly used when managing properties. Customized documents can be created with the templates and then saved in the appropriate file. The templates can save a lot of time when it comes to generating late notices, final notices, eviction notices and even general notifications to tenants.

An Introduction To Real Estate Property Management Software

The real estate market is a booming industry. The success of the industry is a result of competition and the intervention of modern technology. Most people in the business prefer to use real estate property management software to stay ahead in the race. This software has been designed to cater to commercial and residential property, office buildings and apartments.

Real estate property management software is an effective and easy-to-use tool. This software helps people understand the real estate business. It is a quick response application that can store each detail of every transaction. This helps study non-payments and full-payments of rent, and maintains a detailed report of rent receipts and invoices.

Property owners are able to key inputs as and when required. The secured system is intelligent and allows changes from authorized personnel. Real estate property management software can evaluate an unlimited number of properties and units simultaneously. The software stores detailed data related to rent payments for all individual properties. This systematic approach eliminates any problems due to taxation.

Real estate property management software generates automated reports in cases of wrong payments and non-payments. The software does away with the practice of owners waiting for rent payments. All maintenance expenses or any extra revenue statements are regularly updated. The software also stores tenant information.

Residential property managers must select property management software that is most suited for their work. These applications are available with one-month money-back guarantees.

The residential property management system is considered to be time- and cost-effective for a manager and resident. The application can create a personalized website for an individual company in a relatively short time. This allows prospective and existing customers to visit the web site. This is a convenient method to view pictures of property, pay rent and submit maintenance requests.

How Does Online Property Management Software Work?

Traditionally landlord hires property management firms to look after their rental properties. Landlords have to pay high costs for management. And also firms often charge additional fees in the form of maintenance charges and service charges. Now, landlords can manager their rental properties on their own without needing help from companies. It is possible only by using online property management software tools which are easily available in the market.

With the evolution in technology online property management software tools are developed to assist landlords in property management. Tenant software allows manager to perform all the actions quickly, accurately and effectively. Software also stores the voluminous data in the centralized database which can be accessed at any time from any location. In order to use the online landlord software users have to log in into the website.

Property managers can use the software to perform all the calculations automatically avoiding any errors. Managers can retrieve the information from the database and can generate customized reports to use the information in a more meaningful way.

Customized reports can be used to find the status of tenants and their history as tenants. It lets you find which tenants are good for your properties and which have dubious character. Finding the tenants who have dubious character you can get rid of them as soon as possible without creating many problems for you and other tenants. And those with good tenancy record will be given a chance to extend the contract.

For finding bad tenants you can choose certain criterion such as. How many times the tenant is issued legal notifications? How he replies to the notification? How much time he takes to respond? How many times he has been issued eviction notices? And many more which are suitable to find the bad tenants out.

Another advantage of using the landlord software is to find the average rental income from a property unit. You can compare the average rental income of the current year for a property unit with the past year income and with other similar property units in the area. You will be able to decide whether hikes in rental payments are due or not. If hikes are due then you can communicate the information to the tenants instantly using the online property management software. They can give discount to the good tenants and can charge the new tenants with the new rental rates.

Average annual income of property unit will help to find whether the property unit is gaining profit or recurring loss by comparing with the amount of money spent on it. If the property unit is recurring loss that property managers can take a better decision to make it profitable.

The landlord can take immediate action to start the maintenance. You will be able to keep tract of all the maintenance and repair work expenditures. Hence you will be in better position to control the flow of money in the business.

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.

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.