Managing more than one property can be overwhelming, especially if you are handling the day to day operations by yourself. There are many tasks to keep track of as a property manager, including rent payments, finding new tenants and maintenance. The solution to becoming overwhelmed is property management software. It is important to use property management software to streamline the information you need to keep track of as well as update the software on a regular basis to stay up to date with the latest innovations and add-ons.
Why Update the Software?
Just like with any software you use, an update is needed from time to time. From our computers to smartphones, we are constantly updating software to have new ways to use our devices. When it comes to property management software, managers need to continue to use the latest options available so that properties can be managed at maximum efficiency. Updates can provide a more streamlined way of tracking your properties, helping you to keep tenants and maintain the upkeep of each facility.
Popular Features that Property Management Software Provides
When using property management software, the option you choose will have various features. You want to use a program that is dedicated to your management needs. A residential program might differ from commercial property, while a hospitality-based program would focus on hotel properties. With any program though, you have common features that are used on a daily basis to keep track of each property.
One feature will include accounting options. This section should include such categories as tax filing, tracking payables and receivables, electronic funds transfer and more. Lease management is another category that will be included in property management software. This section would include rental applications, marketing materials, document storage and more. The features of this section can be used to have an electronic trail of the leasing process, saving both time and paper usage.
Another common feature is maintenance management. This section will help the property manager to keep track of maintenance needs or requests from tenants. The software can be used by tenants to submit a request for maintenance or be set to schedule recurring tasks such as lawn maintenance. Work orders can be assigned as well via software, making it easy for employees to know what to work on next.
If you want to be successful with the management of more than one property, then quality management software is needed. Seek out newer programs to have access to the latest features, so that your day to day activities are streamlined and the workday runs smooth. By staying organized and on track with each property, you are only ensuring long-term success.