For anyone that is responsible for overseeing the upkeep and maintenance of commercial and residential property, property management software is an essential tool. Providing the ability to track all aspects of taking care of property, including maintaining accurate tenant records, is made much easier with the use of this software. Here are some of the examples of functions contained in just about every type of property management software on the market today.
Beginning with basic inventory functions, property management software provides the ability to maintain complete descriptions of each of the rental properties involved in the business. Property managers have the ability to segregate the rentals by type, such as commercial and residential. Property management classifications can also be created using location as well, grouping various properties into cluster groups that the landlord can set up in the software. Landlords and property managers also have the ability to group properties based on monthly rates as well.
Property management software allows the manager to create individual profiles on each unit within a given property as well. For example, most property management software packages will allow the user to not only include a description of the dimensions of the space, but also such details as carpet type and color, wall color, any specifications about the doors and windows, decorative molding, and appliances included with the unit. Digital images can also be uploaded and stored in the property management software, making it very easy to have a solid record of the condition of the unit when the current tenant first leased it.
Along with the physical inventory, many property management software packages include space to save profiles on the tenants. This can include company or individual names, credit reports, copies of correspondence to and from the tenant, payment habits, and any other information the landlord deems necessary to properly manage the property.
Reports that access the information can easily be created and printed if needed for either review of a lease or in the processing of an eviction. Many property software packages allow landlords to scan documents received from the tenants and upload them for storage as well. This helps to ensure there is a complete and permanent record to refer to in the event there is a dispute of what has transpired during the course of the business relationship.
Among the other features of most property management software packages is the ability to create templates for various forms, rental and lease agreements, and letters that are commonly used when managing properties. Customized documents can be created with the templates and then saved in the appropriate file. The templates can save a lot of time when it comes to generating late notices, final notices, eviction notices and even general notifications to tenants.
Some property management software systems include the ability to interact with bank accounts, allowing for automatic transactions. These transactions can include receiving rental payments as well as making payments to vendors. Many property management packages will also allow for easy tracking of open work orders, with reminder features to let the landlord know when a deadline for a work order is fast approaching.
Various forms of property management software are available for persons who have a few properties to manage, all the way through to large real estate companies that manage a large number of properties for different clients. No matter how few or how many properties are under your control, there is a form of property management software that will make the task easier.