Functions of Property Management
Property management software links multiple property tasks together into one interface. There are many functions and the features ultimately depend on properties you manage.
Property management software helps rental property managers with the financial aspects of their business. In fact, external accounting software is typically built in to property management software which eliminates the need for additional accounting software.
Typical accounting functions of property management software include:
• Planning and scheduling rent payments
• Track rent potential with vacancies
• Pull expenses from internal general ledger
• Generate reports for strategic account planning
• Track and manage tax, insurance and other charges
Tenant and Facilities Management
Property management software can give you the ability to track tenants history and billing across multiple properties. There are tools which give you a better feel for potential occupants with tenant screening. After you have screened and selected the best applicant, you will able to easily find the necessary paperwork on the software’s document management application. You are also able to issue rent collection reminders, plan for future vacancies and manage all of your documents.
Managing your properties maintenance is also important for property managers. The facilities management functions of these software systems allow you to track work orders and schedule maintenance on your properties machinery. This comes in handy when you are handling a large amount of services or you are calculating common area charges. Complying with laws and regulations within your area can be difficult if you are not being notified of maintenance schedules and work order completions. This software keeps a detailed record of everything you have done to a property to remain compliant in case of an audit or tenant request.
Robust Reporting Tools
If you are budgeting and forecasting for your property, it’s important to pull accurate numbers. After setting up your property management software, incorporating a general ledger and syncing your accounts receivable with your accounting software, you will be able to forecast and plan your real estate budget. A novel feature of property management software is you are able to see historical trends in the market and financial information on your current locations. Make sure your software exports data in excel or your desired format if you will be passing them on to higher authorities.
Be sure to ask your property management software vendors about which functions work with each solution they offer.