Property Management Software

Property Management Software

Purchasing a good property management software can save you money, time, and hassle. Ranging in price from $100 to thousands of dollars, there is specific software tailored to any situation whether you are the owner, the onsite manager, or the offsite manager.

As you would do with purchasing any software, you must determine what you want the software to do. What kind of financial tasks do you want it to perform? What kind of documents do you wish to generate? What kind of information do you need on-hand concerning your tenant and the property the tenant is occupying? How many units are you managing? What kind of tech support do you need? Once you answer these questions, you can narrow down your choices. Ultimately you'll find three themes in property management software: tenants, finances and general paperwork.

Tenant Management

The basic underlying purpose in all property management software is to keep track of your tenants and their rent payments. Most mid-priced software (about $300) allows you to perform credit checks on potential tenants from your own computer. Some premium programs not only have the basic tenant information on-hand, such as contact numbers, employment information and the like, but they also have a space to attach a picture of the tenant. This can prove especially helpful for those who keep track of multiple units or a large apartment complex.

Finances

Another unifying feature in property management software is financial reporting. The very basic programs, such as Quicken's Rental Property Manager, allow for easy compatibility with other Quicken accounting products. This program keeps track of the receivables and has a Schedule E category list that ensures you receive the tax deductions you deserve. Other programs offer this same feature of compatibility with general accounting software, such as Quicken, allowing for import of financial information to create reports, such as Profit and Loss statements.

Paper Work

Legally binding agreements, such as leases, often generate much paperwork. Property management software can keep track of your lease agreements or general correspondence. However, higher end software can keep track of tenant repair requests and the work order generated as a result. Rent Manager performs this task and, at the touch of a button, keeps a complete service history of your building (which can be sorted in various ways) and the costs associated with that – all integrated in the same software.

Integration

The most current look of property management software is an integrated product that will seamlessly perform different types tasks from finances to word processing. In turn, this will make the management of your income property a profitable and smooth process.

By Sara Castle           


 

 

 

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