Online Property Management Software

So, you are reading this article because you are a property manager who has discovered the abundant potential of streamlining your property management deals using state of the art computer software. With computers dominating almost all work spheres, it has become an essential to utilize the full potential of such software to assist the everyday tasks, reducing the overhead to the company in terms of time and resource. The practice of migrating manual operations to automated software was started by major corporations, but it was soon adopted by many mid-level and smaller companies as well. There has been a steep decline in the prices after the advent of online property management software. Also, in addition to mainstream property management software, there exists a trend of using related software for the enhancement of business.

Online Property Management Software

Before you scrape the surface of property management software and their expected features, it is important to know what property management is. It is the coordination, control, and operation of real estate. The managers will have tasks to monitor and are held accountable for the task oversight. It is similar to the role of management in business.

The property management is the management of equipment, tools, personal property, and capital assets needed to construct, maintain or repair the deliverables. When you take into account the property management, it involves functional systems, processes, and manpower to manage the lifecycle of property. These properties are subject to acquisition, maintenance, responsibility,   disposition and utilization.

Now that being said, property management is a tough business; it cannot be managed by mere manpower. It needs an ethical use of smart tools like the online property management software. Only a coordinated function will lead to the goal – an organized business growth. Else, you could feel you are doing everything but still fall short of meeting the desired objective. But, you must remember the prices for online property management can vary from a couple hundred dollars to a whopping five figures. So, if you are wise while choosing the ideal tool, you will be losing more than what you are making.

1. So, what to look for Online Property Management Software?

The most common mistakes made by the users of such technology are that buying overkill software for smaller needs. It is a sheer compromise of money and resource.

Since a property management software is a complex tool to simply the efforts of property managers, they need to define what tasks will be performed using the tool. If you need software to manage your property as well as office management tasks, you must use property management software exclusively for proper management. The accounting and other office activities must be spared for inexpensive management tools. Here are some extras that may cause overhead for your management software:

  • Asset and Liability accounting
  • Budgeting
  • Tenant Background Verification
  • Multiple entries accounting
  • You could also do damage than good to your business if you purchase cheap software with defects (you need to pay keen attention to avoid fakes or faulty product)

The Underkill

Anyone can create an exceptional looking website with just about any web software. But, if you have failed to choose the right one, you could be operating sensitive data on junk software beneath the system. Now, that is a compromise of stability in a long term. So, here is what you need to expect while looking for online property management software.

  • Prioritize basics. Ensure it is capable of simple tasks before thinking of rigorous operations.
  • Capability to manage broad classification of residential and commercial units. It must distinguish between condos, family and multifamily homes. All these operations must comply without denting the costs.
  • It must be capable of clean account maintenance – unique ledger records for each tenant or owners.
  • Easy to operate interface. Labyrinthine operation procedures are a strict no!
  • Ability to maintain the vendor files and data.
  • The tool must allow in-app purchases on demand. Site add-ons are an essential for ensuring fluidity of online rent payment or tax modules. You can purchase these add-ons when required.
  • Management of bank deposits and checks.
  • Pay attention to the cost of these systems. They are critical if you intend to make any savings.
  • Above else, you must place the priority on exploring a demo version of the ordered product prior to placing a full purchase.

2. Having Useful Nippy Features Is Beneficial If Not Essential

There are certain features in your property management software that may not critically sustain your business functions, but will surely make a great add-on.

  • Appointment tracking reminder.
  • Conversation logs that capture the communications and archive the contents.
  • The list of borrowers – the payment details of owners and tenants.
  • Feature to auto update the rent
  • Feature to move the client information to a static file that can be used at a later instance for references
  • Auto-updating of account names and ledger details.
  • The software must display and manage real information rather undecipherable codes and figures.

3. Don’t Fall For The Technical Support bait.

Most property management software is marketed by luring the customers with technical support. It is mostly a marketing gimmick to sell the product and not necessarily a reliable solution you could benefit from. Even big players who market their product with such an offer always quote a price for support such as 1$ a minute to $100 per hour. Even if that’s not the case, they may offer client support for a limited duration.

  • If you are unable to find an ideal vendor who offers free client support, at least look for a 60-90-day free support plan.

4. Hidden Costs Can Be A Spoiler

You won’t be benefiting much if you have been tussling with underperforming online property management software. So, look for an unfriendly user interface that can cost you time and money. If the tool is too complex to understand, and your employees are being paid to read a thick manual, it’s still a fail if they were to call the customer support to help them figure out the operation procedures.

  • Your software must be easy to install and operate
  • Ensure you have also received a printed literature explaining the usage.
  • You must be aware of all the update costs that can arise out of your add-on purchase.

 

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