Property Management Software Features
You may currently use pen and paper, a spreadsheet, or an accounting package to keep your records. You may want to switch to a more real estate management program or need new software that is compatible or able to integrate with your current solution. Is buying software designed specifically for real estate management more advantageous than your current system or alternatives? This is the question you need to answer for yourself. However, consider some of the commonly available features of the property management software before you come to a conclusion.
The property management software should include accounting features that allow you to track the income and expenses of your individual properties. This feature is obviously critical, and fortunately, almost all programs designed to manage real estate are focused on capturing revenue and expenditure. You may also need the program you choose to track your business’s income and expenses, such as administrative and advertising costs. Most applications can also meet this need.
Because you manage properties, you also need to be able to easily access and retrieve object-specific information. This may include data such as maintenance history, mortgage information, deposit liabilities, insurance policies, taxes, or homeowner information. With a good program you can track all these things and more.
Managing rentals also requires storing data about current, past, and potential tenants. Your package should help, and most applications designed for rental managers will do that. Compliance with local housing lease laws is another aspect of your business that specific real estate management software may support. With a few packages, you can easily document how you deal with tenants or save checklists that can help you ensure that you comply.
As a Property Manager, you must report at both time intervals, such as the end of the fiscal year, and on demand at a specific time. Your software must be able to provide you with reports for tax purposes, explanations for tenants or homeowners, and real estate reports such as a rent list or report on vacancies. Most commercial real estate management software has versions of these reports. Some programs may also allow different adjustments to the reports.
Properties can not be managed without forms that need to be printed and / or signed. A number of programs can create the required paperwork using built-in forms or templates or integrate your data into other form mail applications. This makes the creation of applications, checklists, instructions, clues and letters so much easier and is a nice feature. Some providers of hosted property management software even allow these documents to be stored online and shared with others via the Web.
With these features, you can evaluate the property management software and decide which package is right for you.