Article by Chris Jenkinson
Property management, particularly when you are dealing with multiple locations and property types, could be accomplished without computer technology, but why would you do that? When you shop around for the right software for your management needs, you will discover a variety of examples, including free and low-cost versions. But don’t be too quick to jump to use a free or reduced price software package. Owning and managing property is a huge responsibility so why would you trust a low-end or free software program with your investment of thousands to millions of dollars? The answer is that you should not. Rather, focus on the software companies that can work with you closely to customise a program that best suits your individual needs.
If you own a complex portfolio of properties, you need a software program that can handle these diverse locations. Residential properties might encompass houses, apartment buildings, duplex units or even condos. Commercial properties could include factories, plants, office warehouses and even retail complexes. In the old days, you either had a separate program for each property or you managed things by hand.
The right property management software can handle all of these properties within one program. Look for a company that can offer software with different modules. These modules could represent each type of property you own and therefore could be customized to the unique needs of each. From there, all the data could be incorporated with that of other modules to create clear, concise reports over all of your holdings.
Simplify Financial and Administrative Tasks
Have you ever had to pore over tenant lists and cross reference their payments to see which ones are in arrears and which ones need new leases negotiated? It can be quite time consuming! With the right software managing your properties, these tasks are automated. Now, just by running a few reports, you can tell at a glance who is current, paid ahead or behind on rent.
Rental notices could be automated and printed from the right software. Property files can be flagged for your attention when it is time for gas and utility checks, inspections or even simple upgrades to certain locations. You could store vendor information as well as transaction histories with them. Creating budgets for each property and integrating bank accounts and checking abilities are possible as well.
Your management needs are not a one size fits all so do not choose a program that is too global. By the same token, you do not want a program that you cannot grow with either. If anything, choose a property management program that may be slightly more than you require at the moment because chances are your needs will change and grow.
About the Author
Property management software is the best tool a property manager can have and Multi-User Systems Ltd at http://www.mus.co.uk/ can help you automate property management.
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