Why Property Management Software is Critical
by VENDIREX on 01/08/2015 - 01:37 pm |
Tag: Property Management Software
Managing rental properties is one of the most difficult tasks you can undertake in the
real estate industry. Think about it, if it were easy everyone would be doing it! In real
estate classrooms across the country, instructors caution future Realtors to avoid
property management like the plague. Why is that? Not only is the responsibility of
handling other people’s money challenging, but the juggling act of representing the
property owner while protecting the tenant’s rights is one not many agents want to take
on.
Whether your company handles vacation and corporate rentals or standard long
term leases, there are multiple elements of which you must keep track. No matter
how organized you might be, there is just no manual system that can keep you out of
trouble. In a nutshell, to effectively manage rentals in your care - you must have the
appropriate property management software in place that fits the type and size of your
inventory.
You will want to compare various available programs, and then choose one that at least
handles those aspects of your business which would take the most man hours, and
could involve the highest risk if not consistently tracked and managed.
Here are just three important tasks your software should be capable of tackling for you:
1. RENTS
From emailing or texting your tenant payment reminders to accepting
online payments, calculating late fees, and providing you with full ledger
accounting and on-demand reporting, tracking your rental income is the most
critical element of any program you choose. Be sure it is user friendly, for both
your employees and your tenants, and that it gives you all the details you need at
your fingertips.
2. VACANCIES
This module should house all the data and photos of your
entire inventory of rentals, and display your available listings online as well as
those coming up in the near future. Also desirable would be secure uploadable
applications for new tenants, as well as screening services and even a
scheduling calendar for showing the properties.
3. MAINTENANCE
This is one of the most time intensive elements of property
management. If the software is worth its salt, it will include repair requests from
tenants and allow correspondence between them and your team members,
documenting any issues and the resolutions involved. Integrating this information
will keep your maintenance team, as well as leasing managers, aware of
potential problems - while making certain that these events are handled promptly
and have a positive impact on tenant retention.
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