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Complex portfolios require the versatility of property management software

As the owner or manager of multiple commercial and residential properties, you need property management software capable of handling both types. Complex portfolios don’t necessarily require complex solutions. Many times, a program can do everything you need. Of course, the more complex your investment properties, the longer it will take to set up your software. One thing’s for sure though, once you’re up and running, you can greatly streamline your work and free up some time in your schedule for more important things, like family or even a lunch break!

Better administrative control

The routine work required to maintain the administrative part of your property management business can be greatly simplified. You can keep track of rent payments, tenants behind on rent, when leases end, and letter communications to these tenants, all in one program. You can even review transaction histories for each tenant.

Utility payments, maintenance equipment scheduling, property inspection tracking, and more can also be tracked with property management software. This is especially useful if you have to deal with annual checks from fire inspectors and other government entities.

Integration of accounting functions

Why should you have separate accounting software and management software for your properties? Integrate them with property management software. Each property you own or manage likely has its own bank accounts to deposit rent and other fees charged to tenants, as well as to pay for utilities, taxes, and other property expenses. With the right software, you can keep track of your earnings and expenses more easily. Bank reconciliations are easier, as is petty cash tracking, balance sheet production, and even property depreciation.

Report generation

You can generate reports that will tell you in the blink of an eye which tenants are behind and which properties are producing more income than others. You can run detailed deposit reports or even produce expense reports based on the cost of utilities. From general accounting reports to something more specialized, software for property management activities can help.

The bottom line is that with the right software tools, you can turn a complex job of managing multiple properties into a simple one. Of course, it may take getting used to the transition from following multiple administrative and accounting rules and procedures to using one tool to get the job done. However, that is the beauty of property management software.

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