The list of functions a property manager or landlord would want from a property management software is long and seems to grow longer as new software enter the market and vie for customer attention. There are however new functionalities that are fast becoming necessities for property management software to have instead of it being a “nice to have”.

One of the functionalities that is fast becoming a necessity instead of a nice to have in property management software are ePayments. Has it ever happened to you that you already have the money to pay the rent but are not able to go to the property manager’s office or even to the bank to pay for it? Have you been penalized for paying the rent late? This is a conundrum that property managers and landlords face often, trying to set an appointment to collect the rent or your tenant not having the time to pass by the office. A great solution that several property management software companies have already installed is the tenants being able to pay online. With this one simple change, paying for the rent becomes easier. Records are updated faster because these are done almost automatically. The property management software is able to walk you through setup with a host that payments can be made online. This makes the payment process easier because the tenant can log online and make payments as well as view past payments. Payments can be made in different ways like paying with credit cards, Check, ACH, using the mobile phone or via check. The software also automatically sends out reminders which can be customized so that no tenant will ever have to say that paying slipped their mind or that they were not notified. All these functionalities will decrease the time manager use updating records and can therefore focus more on managing the rental properties.

Another incredibly innovative functionality is an Ad assistant. Since landlords and property managers are also in charge of listing the vacant units in websites like craigslist or sending off ads in newspapers some property management software have also included functionalities that help landlords post ads on craigslist and other sites. Because creating ads is time consuming some property management software not only helps one post on craigslist but teaches you how to make a site where your rental properties are highlighted so that tenants will be able to see the positive aspect of the units and vacancies will be minimized.

Property management software makes it easier for property managers to communicate with their tenants, suppliers and other stakeholders efficiently. This software also comes with an ability to manage online documents. Almost all types of property management software works for commercial properties, apartment complexes, condominium associations, home associations, mobile home parks, storage units and other rental facilities. This software makes it easier for managers to input rents and post expenses, which means you do not have to do it manually. Another great thing about this software is that they are accurate.

The key benefit of this software is that you can easily track rent arrears and make a record of all the transactions you have made for your property. This can make it easier for you to know where the income is coming from and what your expenses are. The use of this software can also make it easier for you to send letters to your tenants and/or property owners and allow landlords, property managers and tenants to view their own data online so that they can keep track of their depreciation expenses annually and in the future years to come. All property management software can be multi-user enabled, thus allowing multiple computers to make use of it all at the same time. This can make things a lot easier in case you do have a small office and you need help updating information or attending to other documents.

If you are interested in getting this software to help you manage your property, there are several factors that you have to consider. First is your budget, as the cost of this software range from $50 up to $10,000, depending on its features. When searching for property management software, make sure that you opt for the one that comes with a trial version. This is for you to be able to test the program first before purchasing it. This can also help you determine if the software you have in mind can provide you what you need. On the other hand, some software companies offer money back guarantee so you can simply return it if it is not exactly what you are looking for then you may start looking for other software that will best suit your needs.

There are myriad functionalities in property management software these days that one gets confused as to what is really important and what are just “nice to haves”, coupled with the fact that some charge quite a hefty amount it’s really important to identify which features are worth investing in. So what are the features we can’t do without as landlords or property managers? First and foremost we will be looking at flexibility and expandability. Usability will be the next feature to be discussed then interaction, reports generation and support.

Let us first look at flexibility and expandability. When you buy property management software you must look to the future. Since you will be investing not just money but time mastering this application it is natural to want to be able to use it for a number of years. The question that you should ask about the software is can it grow with me? If the firm starts to handle more units or if you acquire more units will the software you have still be able to service the additions? Is it flexible enough for these changes? Also does the software manufacturer have plans of adding additional upgrades or updates to the basic program? This is important and shows that the developers are working hard to perfect the software and keep up with the times. It may not seem important now, but having a program that promises expandability to include upgrades for new rental tasks will definitely come in handy.

Another “must be included” characteristic of property management software is usability. You can have the best and most advance software but if it is too difficult to use then you will ultimately get discouraged and use another one. Navigation is a key component when it comes to usability. The user should have no problems finding the function they need as well as using it. If it takes you too long to access a function or if running it take several steps then that once again discourages use and the user will not be able to maximize the program.

Interaction with other programs and operating systems is also important when buying property management software. Can you use your property management software easily with a windows operating system or is it better suited for a MAC? Additionally can the software integrate with other programs like excel or word? This leads us to the next feature which is reports generation. Are the reports it can generate what you need? Can you pull up data easily like who has paid the rent and who has not? How much is owed by the tenant including overdue fees? Does it have its own tax tracking system or do you need to buy another separate program? With all the property management software available today choosing one with its own tax tracking functions are best. Last but not least is support. You may find it challenging to identify if this feature is effective or not so you’ll have to dive into forums and software review sites to get a better idea. Live chat or phone support is best though, an email support only option takes too long and the chances of being misunderstood are greater

You may be considering purchasing a software program like this but you might want to know how it can help you first.  You are going to want to know that there are many benefits to using property management software.  Consider the following:

1.)  Accepting Payments

When you have software like this your tenants are going to be able to get onto the internet and make a payment to you.  This is great because you will be able to keep track of each and every property and you will always know when payments have been made.  You are going to see that you will never have to worry about losing paper receipts and being confused about who has paid and who needs to pay.

2.)  Contracts and Leases

For those individuals that own a lot of different properties, you are going to find that it can be very difficult to determine who has leases that are expiring.  You want to make sure that everything is up to date and legal so ensuring that you have everything in order and current is going to be very important.  When you have a software program like this you will see that you are always going to know important dates like lease expirations.

3.)  Accounting

Many of these programs are also going to keep track of your income and expenses.  This is great for keeping books on your property as you never going to need to worry about what has come in and what has gone out. You will be able to show all of this to your accountant with great ease and you will never have to worry about going through paper receipts again.  Think about the money that you are also going to be able to save because you will not need to pay a book keeper anymore.  You will be able to do all of this on your own.

If you have never used software like this before you will be very happy to know that we can provide a FREE TRIAL.  You are also going to see that there are many different features that automate many of the processes that you are currently doing. Please take your time to review what features are available to make sure that it is going to fit your needs.

You can have great lease administration if you have property management software.  Consider the following benefits when it comes to leases and this property:

1.)  It will be very easy to see when the leases that you have are going to be expiring and when they are going to need to be updated and renewed.  If you have a lot of different properties you will find that it can be very hard to keep everything straight.  This can be very bad for you and your tenants.  If the leases are not current you could end up in a lot of trouble.

2.)  When you or your tenants have questions about their leases it can be very hard to find the paperwork in a stack of papers.  However, if you have property management software you will be able to review the terms of the leases without any complications. It will be as easy as clicking a button on your mouse.  You will then have access to all of the terms within the lease and you can answer any questions without losing time.

3.)  Some property management software is going to allow you to be able to communicate with your tenants.  This is going to improve your relationships with your tenants and it will definitely make everyone happy.  There is nothing worse than having a lot of properties and arriving home to find messages on your machine.  When everyone can communicate through this software you will be able to respond quickly and efficiently.

4.)  Scanning and attachments are becoming a normal part of online communication as well.  The great thing about software like this is that you are going to be able to have your tenants scan their signed leases and send them to you.  You will even be able to do the same thing with the originals.  This is immediate and cheap.  There will never be any reason to worry about the mail anymore.  Everything will be right there for you online.

As you can see you are going to be able to use property management software for much more than typical billing purposes.  Individuals that own property are not going to tell you that they struggled with their leases when they first began.  Many times you are going to find that you may not have even thought about leases when you considered renting out property.  While this can be a complicated task, it does not have to be with the right software.