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Property Management Software - What it does

Updated on February 21, 2015

Introduction

Property management software can save individuals and organizations lots of time, money and effort with managing their portfolio of properties. This article explores the main features and benefits of property management software and how it can assist landlords, property managers and others to make the most of their real estate investments.

The software is designed to help organizations and individuals with managing, renting and letting out property. The right property management software can make every part of the management process easier. we'll cover:

  • Who property management software can help
  • The areas that property management software can assist with
  • Functionality of property management software
  • Examples of property management software

Property management software can help you keep track of and protect your real estate investments
Property management software can help you keep track of and protect your real estate investments | Source

Who property management software can help

Property management software can be useful to a variety of individuals and organizations including:

  • Property management businesses.
  • Private landlords.
  • Residential and commercial property rental agencies.
  • Real estate agents involved in rentals.
  • Businesses with lots of privately held premises that they need to manage.

Your property is an investment; ensure you track and manage it properly
Your property is an investment; ensure you track and manage it properly | Source

The areas that property management software can assist with

There are several distinct areas that good software can help you track and understand including:

  • Properties - The various properties that are or could be rented out.
  • Prospective tenants - People or organizations that want to rent a property from you.
  • Active tenants - People or organizations currently using one of your properties.
  • Suppliers - Details of suppliers and other areas that support and maintain the properties.
  • Tenant Contracts - The various contracts that you have in place with your tenants.
  • Supplier Agreements - The terms, costs and various other aspects of the suppliers that are maintaining your properties.
  • Assets - The various assets assigned to a particular property (for example, installed appliances, services, utilities and the like).

If only property management were this easy!
If only property management were this easy! | Source

Functionality of property management software

Good property management software should be able to perform the majority of the following functions:

Inventory of property

  • Tracking the overall portfolio of property being owned or managed by an individual or organization.
  • Details of assets included at the property including utilities, fixtures and fittings.
  • Records of issues, repairs and maintenance for the property.


Tracking of tenants and rent

  • Details of who is using the property and what they are using it for (e.g. residential, commercial, industrial, storage).
  • Contract details, length of tenancy and any special terms or conditions.
  • Tracking of rent paid and owing and any other financial aspects of the property, such as deposits.


Managing paperwork and reporting

  • Keeping track of insurance, regulatory and other required paperwork and certificates.
  • Providing reports on various aspects of the properties.
  • Forecasting likely rental income and other expenses on the property.
  • Tracking property values and returns on investment.


Dealing with suppliers
Maintaining a list of people and organizations that can are involved with the property, such as:

  • Tradesmen - Plumbers, carpenters, electricians, handymen, gardeners and other contractors.
  • Repair services - Builders, grounds-work, decorators and other maintenance.
  • Utilities - Gas, electric, water, waste disposal and more.


Repairs and maintenance

  • Understanding if maintenance or repairs are needed.
  • Keeping a schedule for regular maintenance of properties.
  • Managing costs associated with repairs and maintenance.


Marketing and advertising for tenants

  • Details and wording for property advertising and marketing.
  • Posting of vacancies to websites and other locations.
  • Online applications and screening of prospective tenants.

Source

Examples of property management software

There are a number of good property management solutions available that you can try. Most of these have a trial period where you can test the software out for a month to see if it will work for you. Some of the applications that you could look into include:

What every landlord should know about property management

Modern software is designed to be extremely easy to use
Modern software is designed to be extremely easy to use | Source

In closing

If you're an established property investor, or you're looking to get into property management, the right software can save you a great deal of time, money and effort. Understand what your needs are and then review the various software that's available to check that it meets your requirements. This approach, combined with this article will ensure that you find the right software for your property portfolio.

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