Landlords and property managers perform many day-to-day tasks, from organizing rental property and tenants to tracking rent payments. For decades, these tasks were done on paper, spreadsheets, and email. Property management software automates all these tasks and more.
What Is A Property Management Application?
Property management software automates a majority (if not all) of tasks done by property managers and landlords in their day-to-day activities. The software has been designed to automate and make the process of managing property easier.
Property or real estate management software has a variety of capabilities (from accounting to communication and reporting) that put all the main property management tasks into a single program. Besides saving time, the software reduces the occurrence of inconvenient errors and omissions.
Real estate management software also streamlines daily property management tasks, eliminating stress and allowing landlords to focus on the most important tasks such as pursuing tenants and offering better service to existing tenants.
Sophisticated property management programs can even help landlords and property managers screen potential tenants better, tap into the online rental market and discover new opportunities for growing rental income without necessarily adding real estate “inventory” or hiking rent.
The benefits of property management programs attest to why the industry is currently worth $3 billion+ globally and is expected to grow at 4.8% annually between 2021 and 2028.
Types of Property Management Software
Property management programs can be categorized in many ways, the most notable being installed and server-based (cloud-based) software. As the name suggests, installed software must be installed into a computer, and data stored inside onsite servers is normally run by an IT team. This type of software can only be accessed in your office.
Cloud-based software can be accessed anywhere provided you have a computing device and internet. There’s no need to install cloud-based software or have onsite servers. Cloud-based property management programs come with notable benefits over installed software. The main benefits include reduced software costs, automated backup, automated upgrades, increased accessibility, scalability, and efficiency.
Features of the Best Property Management Programs
While there are many property management programs, very few stand out. If you want the best property management program in the market, look out for notable features like;
Ability to Track & Record Transactions
The best software allows automated tracking of bills, disbursements, reporting, and reconciliation. For instance, it is possible to “query” specific data with a few “clicks” of a button.
The best software also allows customized access where landlords/property managers and tenants can access the software and get important correspondence/information. With good property management software, tenants don’t need to keep calling property managers to find out information on scheduled inspection, rent due date, etc.
Multiple Accounting Functions
The best programs can also offer the main accounting function from filing tax to bank reconciliation, generating accounting reports, and tracking receivables and payables.
Automated Property Management and Leasing
Most importantly, the best programs automate property management and leasing tasks that include but aren’t limited to marketing property, storing documents, handling rental applications, and electronic signing.
While there are other features in the best software, the above information highlights the most notable features to look out for.
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