Complex portfolios require the versatility of property management software

As the owner or manager of multiple commercial and residential properties, you need property management software capable of handling both types. Complex portfolios do not necessarily require complex solutions. Many times, one program can do everything you need. Of course, the more complex your investment properties are, the longer it will take to set up your software. One thing is for sure though, once it’s up and running, it can greatly simplify your work and free up some time in your schedule for more important things like family or even lunch break.

Better Administrative Control

The routine work required to maintain the administrative side of your property management business can be greatly simplified. You can track rent payments, tenants behind on rent, when leases are due, and letter communications to these tenants all in one program. You can even review transaction histories for each tenant.

Utility payments, maintenance crew scheduling, property inspection tracking and more can also be tracked with property management software. This is especially useful if you have to deal with annual checks from fire inspectors and other government entities.

Integration of accounting functions

Why should you have separate accounting software and management software for your properties? Integrate them with property management software. Each property you own or manage likely has its own bank accounts to deposit rent and other fees charged to tenants, as well as to pay for utilities, taxes, and other property expenses. With the right software, you can more easily keep track of your earnings and expenses. Bank reconciliations are easier, as is keeping track of petty cash, balance sheet production, and even property depreciation.

The generation of the report

You can generate reports that will tell you in the blink of an eye which tenants are delinquent and which properties are bringing in more income than others. You can run detailed deposit reports or even produce expense reports based on the cost of utilities. From general accounting reports to something more specialized, software for property management activities can help.

The bottom line is that with the right software tools, you can turn a complex job of managing multiple properties into a simple one. Of course, the transition from following multiple administrative and accounting rules and procedures to using one tool to get the job done may take some getting used to. However, that is the beauty of property management software.