Property Management Software : A Quick Overview

Lots of property managers still use a pencil and paper or Excel spreadsheets to manage their investments. By doing so they are giving themselves a lot more work to do because there are good tools available to help them. There is lots of specialist property management software to choose from that is flexible, inexpensive and easy to use. There is no need to sign up for a long-term commitment or to pay a recurring annual payment. As property management programs can sometimes be complex, getting one with support and training included in the subscription fee is advisable.

Support and training should be available that fits in with your schedule. Make sure that your software vendor has extended support hours, especially if your office is in a different time zone to theirs. Ideally, you want property management software that has been developed by actual property managers. The greater their experience, the better. You want the software to be able to efficiently deal with all kinds of properties, from single-family houses to large commercial properties.

What follows is a list of some of the main features that you should look out for when deciding which property software to buy…

- Efficient data management. You will spend a lot of time entering records and searching through databases and so your property management software must make it easy for you to do those tasks. Getting software that makes these routine tasks a pain will soon cause you to give up on it. You might need to try out a trial version of the software to assess this for yourself.

- A full accounting package. Your chosen software should support whichever accounting method you prefer – cash or accrual (preferred by most property managers). It should allow you to make use of a range of accounting reports and to be able to run them at any time and for any period. It should also be able to calculate discounts and late fees automatically.

- Check writing. When you have to deal with a lot of checks, it is great to be able to just print them off with a click of a button. Not having this feature in the property management software that you choose will cost you a lot of time in the long run. Your software vendor should be able to put you in contact with a company that makes the kind of check forms you will need to print on to.

- Reminders. Property management can be hectic, so choose a program in which you can set reminders about appointments or any other work you need to accomplish. Of utmost importance, however, are reminders about late rent and leases that are about to end. Pop-ups and emails are the best types of reminders.

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