As the owner or manager of multiple commercial and residential properties, you need property management software capable of handling both types. Complex portfolios do not necessarily require complex solutions. Many times, one program can do everything you need. Of course, the more complex your investment properties are, the longer it will take to set up your software. One thing is for sure though, once up and running it can greatly simplify your work and free up some time in your schedule for more important things like family or even lunch break.
Better Administrative Control
The routine work required to maintain the administrative part of your property management business can be greatly simplified. You can keep track of rent payments, tenants behind in rent, when leases are due, and letter communications to these tenants, all in one program. You can even review transaction histories for each tenant.
Utility payments, maintenance crew scheduling, tracking property inspections, and more can also be tracked with property management software. This is especially useful if you have to deal with yearly checks from fire inspectors and other government entities.
Integration of accounting functions
Why should you have separate accounting software and management software for your properties? Integrate them with property management software. Each property you own or manage likely has its own bank accounts to deposit rent and other fees collected from tenants, as well as to pay utilities, taxes, and other property expenses. With the right software, you can keep track of your earnings and expenses more easily. Bank reconciliations are easier, as is tracking petty cash, producing balance sheets, and even property depreciation.
Report Generation
You can generate reports that will tell you in the blink of an eye which tenants are delinquent and which properties are generating more income than others. You can run detailed deposit reports or even produce expense reports based on the cost of utilities. From general accounting reports to something more specialized, software for property management activities can help.
The bottom line is that with the right software tools, you can turn a complex job of managing multiple properties into a simple one. Of course, the transition from following multiple administrative and accounting procedures and rules to using one tool to get the job done may take some getting used to. However, that is the beauty of property management software.
