As a property manager, you have a lot on your plate. You must advertise vacancies, manage accounts, oversee the lease-cycle, operate within a budget, process legal documents and rent, and keep maintaining a physical office, among other things. Of course, juggling those tasks is not an easy task – unless you have the right tools to help you. Specifically, property management software will help you automate key processes, streamline businesses and make your task a lot easier.
So, what is property management software?
Simply put, property management software can be an application made to help property managers and landlords organize their rental properties, tenants, owners, financials and accounts. Property software also offers features to help you streamline rental management, like full reporting and online signing of lease agreements. Other features include prospective tenant screening, options to create rental vacancies and online rent payments. Many property management solutions are also available as cellular phone apps.
Top Features of Property Management Software
Each property management software has its distinct pair of features. These usually are categorized as three categories: accounting, operations, and management and leasing.
Accounting features help your business perform functions such as:
- Electronic funds transfer
- Tax filing
- Bank reconciliation
- Tracking payables and receivables
As the name suggests, these features keep functions going smoothly. They could include:
- A professional website that promotes your listings and company online
- An owner portal that gives owners access to valuable property data
- The ability to share and store essential documents with owners and tenants via the file library
- The ability to set up unlimited user makes up about remote access by your team
- The ability to keep track of repairs and maintenance with the help of the order management system
Management and Leasing
Features to help you with management and leasing include, but are not limited to:
- Rental applications
- Property marketing
- Electronic signatures
- Document storage
Before you invest in virtually any property management software, make sure you find out what features you’ll need. You only desire a few features. Maybe you desire a one-size-fits-all solution. Or possibly you’d go for a cloud-based solution. In any case, consider these factors before you choose a property management software.
Ability to work with existing systems
Make sure that the vendor offers data migration services. This is especially important if you’re using an onsite application. Also, make sure the software may easily integrate using what you already have on hand.
When comparing prices between vendors, be sure to take into account different pricing plans. Most vendors scale up prices according to the features bundled in to the software. Also, find out whether training services and support are found in the bottom price or not. Take notice that onsite software is often more expensive than its cloud-based counterpart.
If you’re going to have tenants and owners access the program, or you plan to expand your business in the future, look for a solution that can easily change to your needs. Make sure that the software doesn’t impose a limit on the amount of users.
Input from users
All stakeholders, including property owners and top executives, should agree on the use of the new solution. To convince them to use the solution, perform a live demo of it. Last, but not the least, talk to past and current users of the software. Inquire further about its pros and cons. That way, you can make a more informed decision on if the software suits the needs you have or not.