Property software has become an essential tool for property managers. It can be used by everyone from renters to giant hospitality chains. Unfortunately, many managers still do not understand what it does and how it helps. In reality it can save time, money, and effort. Most importantly, it can provide an excellent return on investment or ROI. To better understand if this type of software will help you, here is an overview of what you get.
Property Management Software – What it Does and How It Helps
1. Centralization. A property manager is responsible for collected, maintaining, and interpreting a wide variety of information in order to make the right decisions. This includes dealing with rent collection, maintaining the property, tracking vacancies, and tracking income and expenses. By using property software, you can centralize all of this information, which makes it easier to track and interpret. This also has proved to be an effective tool for people and companies that hire property managers. Since all of this information is centralized, it is easy to see how effective the property manager actually is.
2. Module Utilization. Most property software has a variety of modules that will allow to do everything that you need to do. Common modules include: property/unit management, accounts payable/receivable, a general ledger, budgeting, bank deposits, work orders/job costs, past due letters/late fee processing, rent geared income, vendors, security management, custom reports, and the ability to create user-defined modules. With the ability to track and organize so much information, these modules can simplify the tasks of property management a great deal.
3. Streamlining Management Tasks. Property managers are required to maintain a variety of records such as vacancies, TCF (Total Cash Flow), and total income from rental properties. Property software allows a manager to keep track of every detail without having to calculate the values on their own. The biggest drawback to using excel-type programs is that the manager has to create on the formulas on their own, and the chance of mistakes is commonly high. The property software has been pre-programed to be able to do complex equations automatically, without the possibility of miscalculation.
Property Software In Review
What It Does – Management software is used to track a variety of variables from vacancies and work orders to income per property/unit to complete financial reviews. More importantly, all of this information is stored in a customized and centralized location that allows for automatic calculations without any additional effort on the part of the manager.
How It Helps – Property managing software provides a centralized location for managers to assess their financial situation with 100% accuracy. It allows for a streamlined method of record keeping while also providing all of the necessary calculations that are needed for financial records. It also helps store and track non-financial data such as vacancies, work orders, and records of the other necessary paperwork that must be kept. Finally, it provides managers a way to take care of everything from one location. In total, this ensures that property managers save time, money, and effort on a daily basis.
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How many property managers out there are really taking advantage of this “economic downturn”? I place in quotes because downturn is the last thing that the residential property management industry has been experiencing. In fact, just the opposite – we have been experiencing incredible growth. But even today with the awesome new potential the surrounds us, there are many management companies that are struggling to get new business.
Investors are the new hot pool to go after. In our area over 50% of the houses that are being sold are going to investors. 50%! That is huge and is a significant shift from 2, 3 or even 5 years ago. Having that information, how are you going after that target market? What are the ways that you can get to investors?
The best way that we have found is to start attending your local Investor Clubs. Almost every city or town with greater that 50,000 population most likely has an Investment Club. These clubs usually meet once a week or every other week and are attended by anywhere from 15 to 150 people, depending on your city size. They are attended by all kinds of investors, flippers, buy and hold, rehabbers, etc. Either way with the majority of people buying all real estate being Investors, they are key to your growth as a real estate management company. These Investor meetings are phenomenal ways to get in front of and meet your target market.
A lot of Investors have been taking on new property and likely managing themselves. Many are adding to their portfolio and getting tired of being a landlord. They like to buy properties, and not necessarily manage them. Attend these meetings and network, network, network.
Best of luck!