It is easy to track the rapid development and innovation that has taken place in the software sector, especially in recent years. Predictive modeling, predictive intelligence and cloud-based systems are used at the forefront of the software industry to produce the most advanced products in the industry. The innovations in the software industry have trickled down into property management software. Property managers, owners, landlords and tenants use this rental property software to make the rental process easier and more satisfying for all involved. Some people might be familiar with the software industry and curious as to how software developments are applied to the growing property management field. Others might be in this emerging property management sector themselves and interested to learn the tools of the trade, while some veteran landlords may be curious as to how this software might be used to make their life and work easier. All of these groups of people, as well as others, will be interested to read the following list of features that are available with the newest incarnation of property management software. Many of these features are inherent in basic software packages, while others are available as add-on components to these packages.
Many features of the latest property management software predictably deal with rent and the process by which rent is collected. Basically, this software completely automates the process of collecting rent. Rent amounts can now be automatically transferred from the tenant’s bank accountant to the property’s bank account on a scheduled date each pay period. Not only is this basic rent collection done automatically, other potential rent collection processes can happen automatically. The rent amount itself, as well as any other charges, are automatically posted to a tenant’s account, which takes much of the potential guesswork out of the process for the tenant. The property manager easily posts the rent to the tenant’s account using the software. The software is also capable of automatically charging late fees to the accountants and making adjustments to the rent, whether the adjustment is an increase or a decrease. Using the software, the property manager does not have to make each of these adjustments individually, but can filter the specific units that are to be affected by a specific change.
A property manager’s job is not as simple as collecting payments. They must use the monetary payment data in order to create an actionable, strategic plan conducive to the long-term success of the property. Collecting and working with data to help property manager’s formulate their strategic plans is a huge facet of modern property management software. Not only does the software automatically collect the rent, it allows managers to work with the data in several relevant ways. For one, property managers may run reports that extract the specific information they need from the tenant data. These reports are easily exported from the software to email and other software programs like Excel. The software actually creates a database of data that managers can easily maintain and search within. If all of these features sound complicated, you should remember that while the capability of property management software has never been more complex, it has never been easier to use! Many companies offering the software also offer training and a technical support staff.
My name is Wayne Gathright and I write for Tenant File Property Management Software.