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What is property management software? What does it do?

  • 06/28/2022

Property management is one of the broadest or we can say vast work that needs the involvement of several individuals who has to go through many tasks. 

A lot of tasks are involved with property management starting from attracting tenants, screening and managing tenants, responding to their maintenance requests, and accounting for all of the expenses and revenue that entails.

However, the property may look hectic and time-consuming work but it gives you a great scope of generating money as well. If we talk about the property management industry in America only, it generates roughly $88.4 billion in revenue annually.

To make property management a hassle-free, smooth and profitable work, property management software plays a vital role. 

Let’s get a deeper look into, What is property management software? What does it do?

Property Management Software - Property management software is an app-based software solution helping property managers to automate back-office, financial, and administrative procedures.

A PMS is packed with cutting-edge features such as online payment processing, electronic leasing, document storage, and maintenance tracking. From single landlords to building owners overseeing hundreds of units, property management software offers value to a variety of user types.

There are two types of property management software are available in the market. 

  • Installed software 
  • Cloud software.
  • Installed software - You must install installed or server-based property management software on your PC. Your data is kept on local servers that are normally maintained and upgraded by an IT team. Additionally, this implies that you can only access your data when you are at work.

 

  • Cloud software - Software for managing properties online or in the cloud doesn't need to be installed. You merely enter the software on your tablet, smartphone, or an online browser. As long as you have an internet connection, you may access your data because it is saved on the cloud.

 

What does a PMS do?

Putting property management software into practice may encourage expansion and advance your company. Here are three benefits that property management may provide for your company.

  • Streamlines Accounting - Property management accounting may be challenging, especially if you oversee several properties. When it comes to paying your taxes, you already have everything arranged since property management software may help you stay current with your accounts. 

           You can create financial reports, log payments, track spending, scan receipts, and record payments using property management software. Some systems allow you to link your bank               account, which automatically uploads transactions related to your portfolio for you to monitor.

 

  • Property Marketing - Your rental listings are automatically syndicated to property listing websites by a property management solution. These websites allow renters to submit applications, which are then automatically uploaded into your property management database. For individuals who wish to sell their homes on many listing platforms and have a large portfolio, this is a great time-saving.

 

  • Tracking Maintenance - Tracking maintenance requests and coordinating contractors may be a nuisance when you're in charge of several properties. Because of this, the majority of property management programs provide an online interface where tenants may upload images, videos, and written descriptions of their issues. In the property management software, you may keep track of maintenance requests and create maintenance tickets for contractors.

 

  • Processing of Rent Payments - Rent collection is streamlined by property management software. The majority of systems feature an online resident portal where your renters may electronically submit payments. Automated email and SMS reminders can also help cut down on late payments.

 

  • Renter Screening - Most property management software programs collaborate with tenant screening companies. You may include a tenant screening requirement in your online rental applications, and you can see the screening results right from the platform.

 

Conclusion - A property management software is really a boon for property managers that empower them to cut off all the difficulties involved with the work. This makes property management a highly smooth task for every individual involved with it. 

 

If you are looking for innovative property management software, TenantDen is the best option available in the market. It is a well-engineered PMS packed with cutting-edge property management features.