Property managers, landlords and other real estate professionals use rental property management software for a number of reasons. Perhaps the biggest reason they do so is the convenience the software provides. Just what are the most convenient aspects of the latest property management software? Probably the most commonly reported convenience is the software’s ability to easily connect with other software, apps and the internet. It might not seem like it at first, but what property managers do when it comes down to it is work with data. Sure, there is also a big part of their jobs that deals with people and the physical places these people live. In that sense, it is one job where you still need to be able to get things done the old fashioned way. At some level though, the job of a property manager is to keep track of data. The data a property manager works with involves mainly dates (durations of rental agreements, tax deadlines, etc.) and dollar amounts (monthly rent, late fees, maintenance fees, etc.). As anyone who works with data knows, in recent years the ability to transfer this data between different platforms has become crucial for anyone who needs to keep track of numbers. For property managers, data tracking and transferring be done efficiently using the aforementioned property management software. But just what can this software connect property managers with? Here are a few examples.
Most landlords, property managers and tenants communicate with each other through e-mail. While there are some property management platforms that seek to be the main hub of communication between these parties, there are times when a property manager will need to send an email update to a tenant. This email could be a payment receipt or a missed payment notice to a specific payment. It could be an urgent or routine notice sent to all tenants regarding their building. Because tenant contact information and information related to payment and building maintenance schedules can be stored by property management software, these emails can be sent to tenants automatically. This saves time for property managers who can focus their energy on any personalized follow-up that may be necessary.
Word Processing & Spreadsheets
Information and data collected by the property management software can be easily exported to word processing and spreadsheet applications. Many property managers find that this is an effective way to create their own internal or external reports for personal or accounting purposes. When it comes time to crunch the numbers and you need to use a spreadsheet, all you need to do is export the data that has already been tracked from the software to the spreadsheet. If this sounds like a complicated process, it is made easier by the user-friendly software interface and the customer support and training provided by some software companies. IRS forms and other specific reporting templates are also a feature of many of these programs and can be easily downloaded from the software.
The ability to email tenants with payment reminders, notices and receipts has already been covered. Property management software also allows property managers to actually collect payments from tenants automatically and transfer money to a specific account. Again, this eliminates a process that in the past would have in the past demanded a large chunk of the property manager’s time. Many tenants even have found this process to be less stressful and more efficient.
My name is Wayne Gathright and I write for Tenant File Property Management Software.