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 

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 

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:


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.


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.


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.


Leave your comment

You need to login to leave your comment.