How Does a Property Management Software Works For You?
A Property management software supports property managers in managing their rental properties, condos or homeowner association groups. Key functions of the software include accepting payments, recording income and expenses, tracking property repair and maintenance costs and producing a financial statement on a monthly basis.
The statements above gives an overview as to what property management software really is. That is why RenTec Direct, the leading producer of property management software, association management software, and landlord software, created such product to help you in using the newest innovation in property management.
To give you an in depth information about how can the property management software works for you the following ideas can guide you in knowing the software:
Banking integration
By automatically linking a property management software to your company’s bank accounts, electronic payments can immediately be made and applied to the accounting records within the software. This also speeds up the bank reconciliation process.
To speed up that process for manual checks, scan-able property owner bills should be mailed to tenants so that when they return their payment with the scan code, the payment can be immediately applied to the right account.
For accounts payable, the system can automatically print checks and update banking records for the correct balance.
Streamlined Record Keeping
All expenses incurred to maintain and repair an individual unit could be coded with the unit identification so that a complete repair history of a unit is maintained by the system. Having such detailed records makes it possible to calculate the profitability of each unit, a feature not available in many property management software systems in the market today.
Marketing
Although many property management systems focus primarily on accounting, another useful component is to support marketing of the properties. One of the capabilities of the property management software would be to keep a database of prospects and contact records for those prospects showing which marketing campaigns they were a part of. The marketing module could also provide mailing labels to mail a monthly newsletter to existing tenants.
From an advertising perspective, the software could track all advertising expenditures by property, date, and media used. It could also associate any sales with a specific marketing campaign to assist in calculating which marketing campaigns produced the best results.
An additional capability would be to calculate important marketing metric such as the average number of months a tenant resided in a property and the average lifetime value of an average tenant.
Security and Recoverability
The system should also control access to it and related information by person who is accessing the system, the physical workstation used, the application being accessed and the time of day. There should also be a complete audit trail of who changed what record and when they changed it.
From a recoverability viewpoint, if there was damage to data or the physical computer, the system should constantly be backing up all of its data and the operating system on a real time basis to an off-site location. Although this was expensive to do only five years ago, with today’s lower cost of telecommunications to off-site locations and the low cost of storage, this is now feasible for any business.
For more information call (800) 881-5139 or visit http://www.rentecdirect.com/details/rentec_pm.php
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