Managing real estate is not easy. There are so many different types of problems that can arise, it’s hard to keep track of them all. Making sure tenants pay rent on time, remembering a unit’s rental history, managing work orders for maintenance staff, getting the right keys to the grocery store, and scheduling lease entries can all make you say: It’s too much! The right property management software can be instrumental in cleaning up a cluttered office with a million sticky notes and a cluttered mind.
Instead of taking notes by hand in notebooks or on strips of paper and sticky notes, many property managers have opted to go digital. Modern property management software is not expensive or difficult to operate if you choose the right provider, and the savings in time and money can be enormous. But if you’re like me, money isn’t always as important as the peace of mind that no important information will slip through the cracks and never be acted upon. You probably won’t know what you forgot to do until it comes back up to bite you in the ass, having become a big deal.
So what is property management software really all about? In a nutshell, it is a piece of software that you run on your laptop or desktop computer. It allows you to keep track of all your rental units, whether they are four hundred or four hundred. In an easy-to-understand interface, you can enter each unit’s rent, current and former occupants, special instructions or information about the unit, and much more. With the push of a button, you can list all vacant apartments, or those whose lease is due to expire within the next three months. Keep track of deposits, back rent, due or upcoming repairs, work orders for a super and handyman, etc.
Correctly implemented, it is a lifesaver!