May 5, 2012 - Tips on Buying Property Management Software.
It has now become popular for people who own properties for rent and there needs to be a way to make sure all the information about the units is kept in one place. Once it is clear which properties are making money and which ones are costing money it will be easier to know which way to take the business.
It will be best to do this online as there is then a complete record of every action that has occurred. There is no reason why the one program cannot keep all the information you need in the one place. You will know which house needs to have a lot done to it, which tenants are proving difficult to get the rent from, and who has paid how much as a security deposit.
The main thing however is that you get the right one. Some are all singing and all dancing and with a decent sized portfolio it will be worth investing. But if you are just starting out or don’t intend to increase the number of rental properties you have then it will be best to start with one at the lower end of the range. With prices ranging from $100 and rising to $10,000 plus there will be the right one for you out there.
It will be tempting to get property management software
that does both the housing side and business side of the work, but you could be spending money that you would be best investing somewhere else. The other risk is the chance that you will get software that is not going to do all you need and it will just have been wasted money.
Before purchasing the product there are a few things that you would be well advised to look out for. A good product will more likely than not allow you to run a trial version meaning that you will know before you pay for it if it is going to be suitable. If it is able to do the following then it will be a good system for you.
* Allow you to have a separate ledger and identify each owner and tenant.
* Work in conjunction with your bank allowing checks and deposits
* Quickly update information.
* Not be phased by multi occupancy accommodations
* Allow additional modules to be added without the need to completely start again.
Now that you know the basics it is worth considering what add-ons would be helpful.
* A calendar would fit in well with all systems
* A log of all the contact you have with clients and tenants
* A reminder list outlining the tenants who are behind with their payments.
* The ability to update rents automatically
Once you have the system you want in mind be very careful about whether or not you want customer support. Often there will not be access to the sort of support you need and many systems come with a long list of conditions before the support is granted. You could find that a friend with a good knowledge of IT will be of more help to you.
UnitConnect is online software that manages properties
for commercial and residential properties. We offer solutions directly to service real estate professionals with property management needs, including property management firms, real estate investors, and individuals just starting out in the property management business.
Contact Name: Albert
505 West 37th Street
New York, NY 10018