All of us can relate to the fact that managing a real estate business requires huge investment in time, effort and money. One of the most valuable investments you can make is in “Property Management Software” which will allow you to automate and streamline many of the complex, manual processes you execute today. Moreover, a good Property Management Software can be a one-stop solution for all real estate verticals including owners, managers, investors and other stakeholders.
Efficiency is must in any organization and so we at Availeron strive to provide you the most efficient and effective Property Management Software such as Yardi, MRI, RealPage, RentManager and many more. They basically ease the task of property management and accounting for any type of real estate including multifamily, commercial, retail, etc.
If you are planning to buy a property management software, you need to consider the following:
There are many different types of properties including apartment buildings, co-ops, condos, office buildings, retail and industrial. It is critical that you consider the ability of your property management software to handle these different verticals as they have very specific requirements that are not necessarily supported out-of-the box by all vendors. Some vendors have “grown up” around either residential or commercial portfolios and can be stronger in one area than another.
One hallmark of a good Property Management Software is the ability to integrate both Financial and Operational roles. The process of tracking operations including A/R, A/P and maintenance will, by its nature, produce a large transaction stream that affects your GL and has accounting implications. It’s important you choose a property management software which can address both sides of the business. Bonus points if your system can handle other tasks like marketing, tenant correspondence, leasing, etc.
Also, you need to ensure that the software you purchase is mobile friendly. You should look for a property management software that allows you to access it from any device, anywhere, any time. Most providers offer their system as a Software as a Service or SaaS and some offer dedicated mobile apps as well. These can really improve operations as you are no longer tied to being in the office in front of a desktop computer.
As you look at migrating to a new Property Management Software, you must consider how easy it will be to move data out of your old system (even if that was on paper) into the new system. Unfortunately, there is no true standard for the data format of property management information so it will require some manual clean up to map fields from the old system to the new one. The good news is that many systems offer a sophisticated toolset for manipulating data and exporting it out of the old system and importing it into the new one.
Successfully managing a property requires exquisite attention to detail, especially when trying to optimize the business. Having a Property Management Software that provides strong reporting functionality is critical both from an operational perspective as well as from a financial reporting and accounting perspective. Reports and analytics will allow you to meet regulatory/tax requirements as well as provide you with actionable metrics and data about your business.
Before you buy your first property management software, you should consider the above-mentioned factors so that you can choose the most effective one. We at Availeron, provide you the best IT Services and software consulting. For more details, contact us now.