Property management software is essential for managing commercial and residential properties. It offers features such as inventory functions, tenant profiles, document archiving, and automatic transactions. Templates can be created for various forms, and work orders can be easily tracked. Different software options are available for managing any number of properties.
For anyone responsible for overseeing the maintenance and upkeep of commercial and residential properties, property management software is an essential tool. Providing the ability to keep track of all aspects of property care including maintaining accurate tenant records is made much easier with the use of this software. Here are some examples of features contained in almost every type of property management software on the market today.
Starting with the basic inventory functions, the property management software offers the ability to maintain complete descriptions of each of the rental properties involved in the business. Property managers have the ability to separate rentals by type, such as commercial and residential. Property management classifications can also be created using location, by grouping various properties into cluster groups that the owner can set up in the software. Property owners and managers also have the option to pool properties based on monthly rates as well.
Property management software allows the manager to create individual profiles on each unit even within a given property. For example, most property management software packages will allow the user to not only include a description of the size of the space, but also details such as carpet type and color, wall color, any specifics on doors and windows, moldings decorative and appliances included with the unit. Digital images can also be uploaded and stored in your property management software, making it very easy to have a solid record of the condition of the unit when the current tenant first rented it.
Along with physical inventory, many property management software packages include space to save profiles about tenants. This may include names of companies or individuals, 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 accessing the information can be easily created and printed if needed for reviewing a lease or processing an eviction. Many property software packages allow landlords to scan documents received from tenants and also upload them for archiving. This helps ensure that you have a complete and permanent record that you can refer to if there is a dispute about what happened in the course of your business relationship.
Among other features of most property management software packages is the ability to create templates for various forms, rental and lease agreements, and letters commonly used when managing properties. Custom documents can be created with templates and then saved in the appropriate file. Templates can save a lot of time when it comes to generating late notices, final notices, eviction notices, and even general tenant notifications.
Some property management software systems include the ability to interact with bank accounts, allowing for automatic transactions. These transactions may include receiving rental payments and making payments to suppliers. Many property management packages will also allow for easy tracking of open work orders, with reminder capabilities to let the owner know when a work order deadline is fast approaching.
Various forms of property management software are available for people who have few properties to manage, all the way up to large real estate companies that manage a large number of properties for different clients. No matter how many or few properties are under your control, there is a form of property management software that will make the task easier.
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