ERP Software

Property Management Software

The job of managing property has been getting done for centuries in practically the same way.  Someone paid rent, and someone collected the rent -either for themselves or for someone else.  Consequently, chances are most property managers today are still continuing to do business in that same way.  Maybe now the monthly checks are collected through a drop box. It is possible that advertisements and brochures sit outside the office in case someone comes by looking for a property to rent. Those that have websites have probably limited themselves to one or two pages with a name and an office number, and perhaps some pictures and basic prices are listed.  In the meantime, the manager and the secretary feel inundated in paperwork which they ineffectively push back and forth between them as they search for needed information. Well, the answer to all this chaos and redundancy does have a solution.

Property Management Software programs are available to bring managers up to the twenty-first century and beyond. Nowadays, many if not most, people are renting property through the internet, making it crucial to integrate web services with property management software. Some of the advantages of using the internet are the abilities to: respond automatically via e-mail to internet prospects; track e-mail open rates enabling follow up with those who haven’t seen a response; broadcast e-mails to the leads you’ve collected but haven’t converted; log the source of leads (Craigslist, etc) to software web site; and, integrate online advertising.

Another one of the areas that can immediately be improved is the area of rent collection. Any good property management software system will be able to organize and keep track of the accounting functions.  For example, receivable charges such as: multiple recurring charges per tenant; multiple recurring charges per unit; custom charges; subsidies; automated late-fee increases; automated rent increases, when appropriate; and security deposits and refund management. At the same time, receivable payments are organized.  These could take the form of: cash receipts; receipts from a 3rd party (Sec.8); receipt not from a tenant (non-rental receipt); bad (NSF) checks; write-offs, and discounts.

A third, yet important, benefit of Property Management Software is the ability to stay in touch with the tenants.  Gone are the days of having to waste paper and time slipping a vital piece of news (lobby is going to be re-carpeted, windows are going to be replaced, etc) under each apartment or office door. The right property management software will be the communication hub between manager, tenants, and property owners.

Written by :

Amy Cruz