Buyer Guide to Property Management Software
Whether you are a business owner managing thousands of properties or a self-managed HOA, property management software can help you control some of your most valuable assets. Property management software offers a multitude of features for you and your business, with tools for tenant screening, online payment processing, and financial management services. The computerized systems facilitate and assist in the management of properties, equipment and personnel through one interface.
Enterprise level property management systems can gather a large amount of customer data strategically aligned with your business to improve operational and tactical decision making. For instance, typical hotel property management software will integrate front desk bookings, guest information, and room statuses with the hotels backend data on accounting, sales, human resources and much more. However, every business operates differently and there is no “one size fits all” industry software. To support your property management software purchase, there has to be internal processes and procedures that integrate the data in critical decision areas.
In addition to enterprise property management, residential tools are available for renters. Accessing tenant payment dates and property totals as well as any miscellaneous information about the property, saves you time digging through receipts and paperwork. Property management software also optimizes your collections efforts, as you process the missed and late payments interactively your business will be forced to be proactive in collecting outstanding lease payments.
Property management software is rapidly becoming an adopted solution to handle all administrative functions of a property. According a Software Advice Survey, “70.6% of property managers used software or some specific application to manage and monitor their properties.” (See Graph Below)
With any major purchase decision, it is important to understand what you need before making a selection. This buyer guide will help you get a sense of how these systems work, how they can benefit your business, and the typical costs associated with property management systems.