Property management software has made property management more efficient by allowing property owners and managers to store and access a wide range of useful information within seconds. Apartment managers often handle hundreds of tenants in one building, making a great apartment management system really important. Not all property management systems are created equal and not all apartment management systems are properly optimized. Apartment managers should look for the following features to make sure their existing apartment management system is working as well as it should.
Features in a great apartment management system
Budgeting features: when renting multiple properties or apartments, many will have different rental rates and contracts. For example, apartments require different budgeting rates (even within the same property) when compared to a home and the same is true for multi-family units and duplexes. A working management system easily stores data for each unit, making budgeting easier.
Secure against hackers: in the modern world, data theft has become a widespread danger. A property manager’s records should be protected from hacking and outside access. Property safety features, verification factors, and protection from outside access keep customers’ data and payment information safe.
Spending monitoring: many properties incur various expenses during regular ownership and upkeep. A lot of these expenses are random and don’t occur at a set time. Sometimes they come up after an unexpected storm or other emergency event. The ability to keep track of all spending allows a property owner to stay aware of the bottom line and to modify spending as needed to stay profitable.
Document access: record keeping can be an issue for many businesses and hard records, which used to be the norm, can easily become disorganized and hard to manage. A digital document system allows for faster access, easier storage, and in many cases a lower storage cost.
Repair and maintenance overview: when maintenance is performed, detailed records of the work and associated expenses are critical. This is important from a budgeting standpoint but also to keep track of what was fixed, when the work was completed, and to which units and properties the repairs happened at.
Payment records and tools: an underestimated expense many property owners encounter is payment process expenses and tools. A well-structured and efficient apartment management system should include payment processing tools that allow for both in person and online payment options.
Reporting tools: finally, don’t underestimate the value of detailed reports for tackling various data points. Any successful business relies on detailed reporting and reports to track expenses, payments, and property activity such as repairs and occupancy changes.
It’s much easier to manage a multi-unit property with well-configured apartment management software. Property management is complex with many different variables that have to be carefully tracked to ensure the property is run correctly and can compete in the local market. An effective apartment management system has the features mentioned in this article, giving a property owner the information and responsiveness needed to form a consistent and effective property management strategy.
Son-Rise Property Management has been serving the property management needs of Bellingham and Whatcom County since 1996. Contact us today to see how we can help you find a rental property for your family or manage your rental properties.