Property Management Software Property Management Software Reviews

Property Management Software Introduction

Property Manager Software

Thie site specializes in reviews and tips for property manager software. Property management involves one or more of the following duties: finding tenants for the property in question, coordinatiing rental  agreements for property owner, collecting rents on a regular schedule from tenants, and paying the operating costs on the property. These operating costs can come from the rental income itself, or may come out of pocket from the owner. Any property management software dealing in this industry needs to take these tasks into account – and create a set of tools and workflows that automate as much of the flow as possible.

A property manager can be the owner of the property himself, or operating on behalf of the owner. Residential property management, condominium property management, and commercial property management each have their own special issues that software must deal with.

When looking for property manager’s software, keep in mind that there are a wide range of features and prices. I would place Intuit Quicken at the “personal” end of the scale – it is intended for individuals managing their own properties. There are enterprise software solutions which we’ll discuss.

Quicken lists four features, the descriptions are high level though.

• Run tax and tenant reports, reconcile statements and pay bills — all in one place. This is something quite basic.
• Instantly see who has and hasn’t paid rent this month, including partial payments and late fees. It’s not clear how payment information is captured though – manually or automatically reconciled – from a bank account for example.
• Store tenant contact information, lease terms, security deposits and payment histories.
• Organize deductions by Schedule E categories and help maximize deductions for tax time. Ultimately Intuit is a tax software – so it is expected they will be able to generate IRS schedules.

Now take a software like Rent Manager – they are definately on the higher end of the scale – and priced accordingly.  You have modules for Accounts Receivable, Accounts Payables, Budgeting,  and General Ledger.  You can send or email notices to tenants for late notices, notices of maintenance, etc.. quickly, and your bank accounts can be reconciled with the software. Rent Manager offers a partnership with CBC/AmRent for tenant screening.

1. Property Management

   A property manager is a real estate professional who is hired to maintain property and to be responsible for its profitability

2. Duties and Responsibilities
   1. Prepare Annual Operating Budget include identification of line items and estimates of amount and time of expense
   2. Propose Budgets for Capital Expenditures and Operating Reserves
   3. Collect Rents, Pay Bills, Maintain Accounts and Report to the owner on Plan vs. Actual expenditures
   4. Maintain property by hiring employees and supervising their work
   5. Establish rental rates by analyzing vacancy rates and market conditions
   6. Select tenants by Advertising, showing property, references and credit checks (may utilize a rental agency)
   7. Guard against insurable losses
3. Management Agreement
   1. identification of the property and the parties (owner and agent)
   2. define owners purpose
   3. define managers authority and responsibilities
   4. define time period covered
   5. Management Fees (percentage, fixed or other)
   6. Reporting Requirement – what and when
4. Types of Tenancies
   1. Estate/Tenancy for years
   2. Estate/Tenancy for Period to Period – Estate/Tenancy at Will
   3. Estate/Tenancy at Sufferance
5. Selection of lease form
   1. Gross
   2. Net (Triple Net – Taxes, Insurance, Expenses
   3. Graduated
   4. Percentage
6. Insurance Considerations – Lessor/Lessee
   1. Fine and Hazard (windstorm, hail, smoke, civil disturbance)
   2. Business interruption (property cannot be used)
   3. Contents and Personal Property (include off site)
   4. Liability (Landlord Negligence)
   5. Employee Coverage
      1. Workers Compensation Act
      2. Private Insurance
   6. Casualty (theft, burglary, vandalism, health and accident)
   7. Surety bands – employee acts
7. Condominium Insurance Issues
   1. Master Insurance Policy
   2. Unit Owners Policy
8. Options
   1. Definition Ex. town approval
   2. Right of first refusal