For any type of business, investing in software or different methods that will ultimately add to your business, is always an exciting thing. Once the business-specific software is installed on your systems, you automatically start reaping the benefits of sufficiency and optimization.
This type of software has a key importance in the growth of both real estate and property management companies. The software is thus used to track profits, expenses, as well as the marketing trends that need to be implemented or adjusted in the relevant company.
Saying that property management software adds to a such a business, is an understatement as it completely automates your day-to-day tasks.
Features of Interest
With a variety of feature, all depending on the relevant vendor, different versions of this software will allow for some features to be included and some not.
Accounting Features – As one feature one should all look forward to as accounting can be incredibly time consuming and stressful, it allows for the best features of optimization. It incorporates accounting functionality and helps you track both payables and receivables, updates your tax filing, manages your bank reconciliation, as well as assist with your electronic fund’s transfer. Some versions might have these functions and solution integrated upon arrival and with some, you might have to request it.
Managing Leases – This software will also conveniently assist you with the entire lease process, help you market your properties, process rental applications and allow for proper document storage and authentication.
Listing Rentals – In order to market property correctly, both owners and managers will be able to post rentals to real estate websites via their new software.
Maintenance Management – Also referred to as work order tracking, this will help you track property maintenance, as well as any maintenance requests from tenants. Any requests can easily be submitted through the software, as well as be scheduled.
Owner and Tenant Portals – There are individual portals for both owners and tenants where that allows them to share documents, request tasks such as maintenance, pay or receive rent online, assess various types of information, as well as keep track of financial performance. This also allows for accountability and builds a trust between you and your tenants.
Tenant Screenings – Another amazing feature this software has to offer is performing background checks on your tenants. This will help real estate agencies and realtors to acquire trustworthy tenants that don’t have a history of not making payments, as well as make them aware of any criminal records.
The Never-ending Benefits
Like we could mention any more than the software’s features but apart from providing sufficiency for all your admin and saving you time, it also reduces your paperwork, helps you receive payments in a faster and more effective manner, allows for better communication and established trust between owners and tenants, as well as optimizes the entire leasing process.