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What is Property Management Software?

August 21, 2015

There are a ton of companies that offer property management software solutions on the current market, but you may find yourself asking “What is Property Management Software and why do I need it?” These are valid questions that have run through many landlords minds. When you Google ‘property management software’, you will find only one article on Wikipedia and it is not really self explanatory.

So lets figure out what property management software is and how exactly it works.

 

 

All-in-One
Typically, property management software is a set of different tools for landlords, property managers, realtors, and advertisers brought together to replace old fashioned ways of property management. They tend to be very cumbersome and ineffective in the 21st century. All these tools are computerised which means they can work automatically. As to what kind of tools specifically, these can be accounting, communication, online rent collection, work orders management, marketing, etc. In short, it’s a bunch of the most necessary features for real estate professionals in one place.

Cloud Software
Today, most property management systems favour a cloud technology when it comes to data management and security. It means that you don’t need to buy a CD or download it and install on your computer. Cloud software works just like Facebook or Linkedin (but more secure), so you can access and manage your communication, accounting, and other data from any device you want without the necessity to install anything. Make changes to your account from your phone and you will see those changes on all other devices instantly. ‘Cloud’ also means that multiple people can work with one account from different places which drastically cuts time spent on communication.

It’s Automatic
You might think once you sign up for an account, you will have to spend lots of time with your computer, but since most property management software solutions are automatic, you only have to set it up once and then get some popcorn and watch your business productivity level increase with little to no hassle. With the right type of software you can be sure your rent is collected on time (if not, then the late fee will automatically be applied), and your tenants and contractors are informed about new or resolved work orders. Most things are automatic and still under your full control.

No Special Skills Required
A lot of real estate professionals feel uncomfortable when they hear the word “software” assuming they need to have some advanced computer knowledge to use it. But the reality is different. Actually, you can call this software whatever you want, it can be a service or system, but you definitely don't have to be afraid of it. Current property management software/services/systems offer you a “Sign up & Go” experience so you don’t have to mess with confusing computer code or take any other hard actions.  Just fill in your information and you are all set and ready to join the smart property managers club.

It Can Be Free!
Thats true, some software solutions are very expensive, you can spend up to $600 for managing 75 units, at the same time there are services that allow you to manage these 75 units absolutely free, thanks to their business model. So make sure to choose the right solution that will be fine for your business.