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What Is Property Management Software?
Property managers and Landlords have unique needs when it comes to technology, and there are hundreds of systems on the market to meet those needs. Some are designed for companies managing multiple types of properties, while others target a specific niche in the industry (e.g., residential, commercial, university housing and homeowners’ associations).
Common Features of Property Management Software
Property management software help landlords and managers increase efficiency, improve collections and enhance the quality of service provided to the tenant. Property management software streamlines the wide range of tasks that a manager performs on a regular basis. Common applications found in these systems include:
Accounting: Assists managers with their general ledger, payables and rent rolls. Some systems provide reporting features that calculate total per-unit vacancy days and profit/loss at both unit and organization-wide levels.
Tenant Tracking: enables landlords and rental owners to automate and track the leasing process from beginning to end. Functions include: tenant screening, move-in, rent/utility payments, maintenance, vacancy planning, move-out and make-ready.
Budgeting & Forecasting: Helps managers develop accurate operating budgets and calculate future values. Uses historical lease and financial information to make budget projections for revenue and expenses, accounting for CPI increases, inflation, market rates and tenant improvements. Includes tools for assessment and analysis, tax planning and scenario planning
Maintenance: Tracks work orders, schedules preventative maintenance and coordinates communication with maintenance staff. Applications can automatically create schedules and alerts and generate work orders, and some systems let tenants make maintenance requests online, expediting service.
Key Features to Consider
Online tenant services. Renters increasingly want to receive rent reminders via email. They also want access to Web-based property management software interfaces where they can pay rent, file maintenance requests, submit their notice to vacate or search their handbook. A system that supports renters’ needs is critical, especially if you own multiple units or properties.
Automatic vacancy postings. The Internet is the first place most people go when they’re looking for a place to live. Therefore, many systems allow you to post vacancies to sites like Rightmove, using the information already in your system. All you have to do is click a few buttons, and the listing is posted to half a dozen places, helping you fill vacancies faster with much less work.
Integrated Web and marketing tools. Many products include tools that help managers build websites that showcase and market their properties. More integrated systems may include search engine optimization (SEO) tools to help build traffic to your site—and your listings. These tools can include analytics features that allow you to identify traffic sources and dashboards that help measure the impact of your marketing efforts.