A real estate property management system is a computerized system that can facility the management of your properties through one piece of software. A good property management system can help you manage the day-to-day operations of your building and keep track of your main areas of as landlord such as risk management, maintenance, communication and tenant satisfaction.
How property management systems help
You may own several rental properties or just one, but either way keeping an eye on all facets of your units can be time-consuming. Property management systems were created to help landlords keep track of everything much easier. They can help you reduce costs, manage tenants, leases, contracts, fill vacancies faster and take care of your current tenants. You no longer have to keep track of everything in your head or with a pen and paper.
Working with a property management system can help landlords make more efficient use of their time. For example, you can collect tenants’ rent checks online rather than have to open envelopes to access the checks every month. Plus you won’t have to spend time going to the bank to make deposits. Daily operations can be automated and you can more quickly get word about when there’s a new vacancy.
Property Management System Software
Deciding to use a property management system isn’t difficult; deciding which one to use can be however. You’ll find no shortage of systems to choose from. Some of the top rated ones include Buildium, Rentec PM, Propertyware, ATMDirect and Property Matrix.
When you’re deciding which system to go with, there are a few things to consider. For example, do you want a cloud-based system or a desktop system? Cloud-based systems are cost-effective and easy to use, but desktop systems tend to be more secure and security is paramount when you consider how much of your tenants’ private information you possess. Be sure to also take a look at each system’s features and weigh the cost-effectiveness based on your property.
Property Management Applications
If you find yourself more on-the-go than sitting behind the desk, you may want to consider downloading a property management application (app). For example, Property Matrix can be downloaded on Android and Apple devices and lets landlords access all of their property information from the palm of their hand. A property management app like Property Matrix lets you work from anywhere and you record property inspection photos, email or call contacts straight from the app and keeps you connected to most up-to-date company information and data.
Property management systems keep all of your important real estate information in one secure place, which means you can spend less time going through spreadsheets and rent checks and focus on managing and expanding your portfolio.