Property managers have many responsibilities, and it seems there just isn’t enough time in the day to complete them all. In addition to ensuring tenants have paid their rent in a timely manner, there are mounds of paperwork to complete and file. Inspections must be scheduled, vacancy advertisements placed, and maintenance issues addressed. The financial transactions, income and expenses, must be accounted for in order to be successful.
All of this can be laborious and frustrating if the tasks are not well-organized. An inordinate amount of time is spent searching for records when a need arises. There is no reason to be doing all of this the hard way. Computers have changed the nature of every business, and rental properties are no exception. A Property Management System makes all the necessary tasks less time-consuming and relieves a lot of anxiety for managers.
The software’s communication features are one of the best things about using such a program. Contact information is kept handy, and letters or emails can be sent to the appropriate parties, either individuals or groups, with just a click of a button. Document management helps to keep track of important papers, such as rental agreements, payment receipts, maintenance records, deposit information, eviction notices, etc.
The core benefit of a Property Management System is its accurate accounting for rental transactions. The user will instantly know which tenants have paid each month and can record steps made to collect from those in arrears. Powerful tools can visually show how much money is coming in and where it is coming from; plus, they can show how much is going out and where it is going. Tax information is also kept handy so that returns always show the appropriate depreciation deductions.
With many such software products on the market, which one should be chosen? The prices range from around $50 to several thousands of dollars with the more expensive programs meant for large-scale commercial landlords. Most offer a free trial for a 30-day time period, so this allows a chance to see if certain software meets a property manager’s needs. Or, select one with a full refund guarantee. There’s nothing to lose by giving this a try, and results will encourage further use for many years.