Property management softwareis basically the software that provides world-class services required to meet all the management functions related to property.
Property Management is broadly defined as the operation, oversight and control of real estate. It involves all the processes and system needed as well as the manpower required for managing the acquired property including accounting, utilization, and control.
The Property Manager (landlord, fee manager or an asset manager of any real-estate owned properties) has to perform different duties. He plays the role of liaison between the asset manager (owner) and the actual tenant.
The primary tasks included in the duties of the Property manager are:
A.Proper Identification- This means testing of an applicant's credit, criminal history, rental history, his or her income and ability to pay.
B.Legal Documentation-The manager needs to accept the rent using legal documents approved for the area in which the property is located.
C.Mitigation and Remediation-This defines that proper strategies must be followed regarding any maintenance issues, generally within a budget.
So, it becomes very hectic and tedious work for a property manager to take care of different things as he has to deal with multiple clients.
Hence, a Property management Software is developed to reduce the work load of a property manager. It provides One-time set-up fees apply and outstanding services.
It includes all the information about property management like:
-· Work-order status;
-· Rental documents;
-· Owner documents and provides communications with customized portals for tenants and owners.
-· Tenant details,
-· Tenancy agreements that can be automatically generated
-· Scheduling Reminders such as property inspections, gas safety certificate renewal etc
This software usually is a new and essential development made in the field of software development and designing. It is continually gaining importance and popularity.
Due to its lowest price, Property Management Software can be used even by small companies in order to perform the same best practices and efficiency as larger companies. The major cause for the price decline is OPMS (Online Property Management Software).It is also known as a SaaS or Online Service product.
Benefits of OPMS:
Ã It allows the Customer to discontinue the Service if at any case the provider doesnât fulfil the terms of Contract.
Ã It provides Upgrades to the server-site by the Software Vendor thereby providing less or no change management at all.
Ã It doesnât require Upgrade cost directly but one needs to pay Licencing fee at the time of implementation.
Ã It follows Iterative augmentations and hence causes repairing of many bugs without installing patches.
Ã It is an integrated platform that is designed to replace different patchwork regarding property management in a Cost-effective manner.
Ã It consists of a Property Management Cloud that stores data which can be accessed anytime with an internet connection.
Ã It enables in automatic Data Migration
Ã It renews more leases, saves time and ultimately boosts profits.
Ã The software can be used by only the licenced Property Managers and reduces risk of misuse.
An Effective Property Management Software should include web-based integrities like:
Ã Easy Vacancy Posting
Ã Prospect Tracking
Ã Online Applications
Ã Built-in Screening
Ã Accurate Accounting
Ã Time-sharing Features
Ã Collect Rent online
Ã Professional Websites
Ã Management of Tooling and physical capital assets used in building.