Property Management Software Feature Checklist

Transcription

1 Property Management Software Feature Checklist

2 A Guide to Property Management Features In order to help you evaluate property management software, Software Advice has compiled a list of property management software features and explained them in plain English. Use this guide to gain familiarity with the many available features, and then prioritize which features are most important to you. Ultimately, these features will provide important criteria when comparing a short list of systems. You can return to our website to download detailed sideby-side comparison documents that compare multiple products against these feature criteria. OTHER CRITICAL CRITERIA Ease of use Service and support Software vendor viability Product pricing Keep in mind that there are other critical criteria to evaluate: ease-of-use, support, viability, and pricing, for example.

3 Functionality Feature Description Core accounting Quickbooks integration Fixed asset management Payroll management Budgeting & forecasting Electronic payments Check mailing services Tenant & lease management Website content management Tenant portal The main accounting record of the business. Maintains a summary of all transactions that occur in the company, including receivables and payables. Enables the system to transfer data in and out of Quickbooks for users that prefer to use that accounting system in conjunction with a property management system. Tracks all physical assets of the company to verify location, use and calculate depreciation. Manages payroll and processes tax with holdings for insurance, IRA contributions, and other employee benefits. Provides managers the ability to budget under various cash flow scenarios and using custom formulas. Reduces processing costs and allows for increased tenant convenience through electronic and automatic rent payments. Prints and mails checks (and often other correspondence). Data is sent to the service, which takes care of all printing, mailing, postage, etc. Stores vital customer contact information, lease expiration notices, late fee reminders, work order history and vehicles. Manages the content of a website listing vacancies and property descriptions to increase exposure to the target audience. Website that allows residents to communicate with the property manager and make online payments, service requests and renew property leases.

4 Functionality Feature Description Market rent analysis Online unit viewing Lead tracking Online rental applications Integrated resident screening Document management Online maintenance requests Paperless work orders Inventory tracking Dispatching Gathers current market rates and uses that data to calculate the optimal rents for each unit based on square footage, amenities, etc. Presents numerous properties managed with detailed descriptions and photos to increase presentations. Provides lead follow-up tools to convert prospects into leads through appropriate screening steps and follow-ups. Allows prospective tenants to complete a rental application online, rather than printing, hand writing and submitting a paper application. Automatically manages and screens applicants using criteria for credit history, rent history and income. Standardizes the leasing process with customizable lease forms, custom fields, and easy document distribution. Allows tenants to submit maintenance requests online and follow the successful resolution of that request on the web. Allows for the seamless, online creation, processing and workflow of work order processing, without every having to print out paper. Enables maintenance staff to view available parts and equipment, and modify the inventory levels accordingly. Provides a schedule to assign work, check status, duration, employee hours and other job details.

5 Functionality Feature Description CAM reconciliation Job costing Service contracts Utility metering User-defined reports Owner portal Tracks charges and bills tenants for maintenance and operating expenses for property common areas. Tracks and calculates the actual labor and material costs of a specific job relative to the initial budget. Stores the key terms of service contracts with tenants or vendors, including warranty tracking and routine maintenance requirements. Allows user to calculate and bill for tenant consumption of metered utilities. Empowers the user to create their own custom reports based on data and information available within the system. Allows owners to log into a website to review current status of collections and vacancies, as well as generate important tax filings and accounting data.

6 Jumpstart Your Software Search Software Advice - the website and the people behind it - is dedicated to helping businesses find the right software for their organization. Our expertise, in-depth research and easy-to-use website are made available free through the sponsorship of hundreds of software vendors. GET A FREE FastStart Consultation 1 Tell us about your software needs Our FastStart Consultations will jump start your software search, saving you weeks of research. A 15- minute phone conversation will get you headed in the right direction and there is no obligation. 2 Our experts tap their brains & research I didn't have time to research a lot of software options for managing residential properties. David was a huge help in listening to my tenant / apartment reporting requirements and pointing me to the right system. Tracie Brenner Big Apple Properties 3 We send you the perfect short list Click to LEARN MORE Or call