Lots of property managers still use a pencil and paper or Excel spreadsheets to manage their investments. By doing so they are giving themselves a lot more work to do because there are good tools available to help them. There is lots of specialist property management software to choose from that is flexible, inexpensive and easy to use. There is no need to sign up for a long-term commitment or to pay a recurring annual payment. As property management programs can sometimes be complex, getting one with support and training included in the subscription fee is advisable.
Bear in mind time zone differences when choosing a company from which to purchase a program. Because customer support and training are essential, find out if their support office hours are compatible with your own and are available at extended hours. The most effective property management software will of course be developed by those in the know, such as managers themselves, so look out for programs developed by those who are not necessarily well-versed in the field. It is quite possible that they may be an expert on single-family homes but be completely in the dark when it comes to the intricacies of commercial property and multifamily homes.
The program you purchase should also contain the following features:
- Efficient data management. All of your time should not be wrapped up in entering records and data, so choose a program that does this quickly and easily. If you are unsure whether the program matches your skills, many programs offer trial versions for you to decide.
- A full accounting package. Your chosen software should support whichever accounting method you prefer – cash or accrual (preferred by most property managers). It should allow you to make use of a range of accounting reports and to be able to run them at any time and for any period. It should also be able to calculate discounts and late fees automatically.
- Check writing. Find a program that allows you to print checks right from your computer, especially if you write quite a few for your business. Time is money, and you don’t want to spend it writing checks. Just ask your vendor to guide you to the correct companies that supply the check forms you will need.
- Reminders. Property management can be hectic, so choose a program in which you can set reminders about appointments or any other work you need to accomplish. Of utmost importance, however, are reminders about late rent and leases that are about to end. Pop-ups and emails are the best types of reminders.
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