The Most Flexible Property Management Programs Are Those Running Over The Internet

Category: Finance, Real Estate.

While many property managers still use Excel spreadsheets or a pencil and paper to manage their investments, there are much better tools available. You need a really flexible rental property program because, as a property manager, you never know what tomorrow may bring.

The property management software you choose should be flexible, inexpensive and easy to use. You might need to get details about a property or tenant at home, in the office or even out at a property. Your business might double, and you don t want a tool that won t server your needs any more. You might need to have other members of your company get records themselves, from their own computers. The most flexible property management programs are those running over the Internet. And unlike Windows property management programs, on- line property management software doesn t limit the number of units( doors) you can manage.

Because the records are kept on a Web server, you- or anyone else you authorize- can get to them from any Internet- connected computer. Surprisingly, you don t give up any security features when using the right on- line property management software. Instead, they re maintained on a computer that typically has much better protection than your own. True, the records aren t on your computer. It ll be kept in a locked room, fire- safe room, with daily backups and multiple storage devices. All on- line rental property programs are sold by subscription. The best on- line rental property programs also use SSL security so that all of your work is encrypted- and therefore completely off- limits to hackers.

Look for one that doesn t require a long- term commitment or a single annual payment. Because property management programs can be complex, look for one where support and training are included in the subscription fee. You want to be able to cancel without any penalties. You want a company that looks to maintain a healthy long- term relationship with its customers. They have to keep you satisfied for a long time, not just for the first 30 or 60 days. This is actually another advantage of on- line tools.

Support and training should be offered on your schedule. It goes without saying that the best property management software is developed by actual property managers. Make sure your software vendor has extended support hours, especially if your office is on one coast and theirs is on another. However, some developers rely on their own very limited experience. Make sure the company you choose relies on a wide variety of property managers, landlords and other experts to get product design tips. For example, they may know all about single- family houses, but have no clue about the special needs of commercial property investing or multifamily units.

In addition, you want your property management software to be responsive to your specific needs. Such companies often only release upgrades every year or two, and when they do, their customers have to go through what may be a very messy upgrade process. Companies making Windows property management software can never be that responsive to customers, because upgrading the software is such a hassle. On the other hand, on- line property management software can be upgraded whenever the company has a new feature that has been fully tested. Here are some of the features that you will absolutely want in your property management program. The next time customers log in, the new features are ready for them to use. A full accounting package.

It should include a number of accounting reports that you can run at any time and for any period. Your program should support whichever accounting method you prefer, cash( simpler) or accrual( more detailed and preferred by most property managers) . You should be able to calculate late fees and discounts automatically. When you have to write a lot of checks for your business, it s great to be able to just print them off on your computer. Check writing. Your software vendor will put you in touch with at least one company that makes the kind of check forms you will need. The laser printer probably won t be an issue, but the magnetic ink cartridge may be.

One word of caution: to print checks with blank check stock, you will need a laser printer and a special magnetic ink cartridge. A simpler solution is just to order preprinted check forms. You ll still print checks, but just the amount, date and other, payee fields that don t have to be in magnetic ink. These forms will have the basic information such as MICR numbers( the numbers at the bottom of the check, which are always printed in magnetic ink) . Reminders. You should also get automatic reminders for the two things every property manager wants to be aware of: late rent payments and expiring leases.

You should be able to set up reminders for appointments, and other tasks, projects. Many different data fields to let you store all the information you want, but not that many mandatory data fields. Fast and easy data management. You should be able to use your software for as little or as much work as you like. You ll spend a lot of time entering records and finding what you need in your property management software. Look for wizards and maybe even a" Quick Start" feature to make loading fast, and fast searching and sorting to let you very easily find what you need.

You don t want something that will make it complicated and difficult to handle these tasks. What if you find a property management program that is great, but not perfect? They then have a choice. Many property managers will quit using a program because it doesn t have the one specific report or calculation they really like. They can keep on going with Excel or written ledgers, or they can continue on an endless search for the perfect program that simply doesn t exist. You might learn that they re already working on it. Instead, why not contact the company you are interested in and see if they can add the feature you want?

If not, they may be happy to add it to keep you satisfied.