Property management systems can make a huge difference in terms of both managing multiple properties and providing information to your clients. Information at your finger tips has been the desired approach for some time for most property managers and owners. With property management systems that are available online or on your smart phone, many property managers can now answer questions instantly using their smart phones that are connected to the property management systems online. Access to rental contracts, work orders, setting up tracking lists and much more are not only available to the superintendent, but also to the management team responsible to manage the overall set of property investments. These sorts of applications save a great deal of time which in turn saves money.
Property Management Systems – Server based
These systems have come a long way from the time they were run on local computers using DOS systems. They now run on servers that can be accessed from almost anywhere remotely from systems that are located at the actual rental building on a wireless basis, from home and from smart phones that are carried by the local property manager superintendent. Imagine you have a tenant with a problem in their unit. Not only can you log the problem immediately, provide a status when it is assessed and issue a work order to have the issue dealt with right from your smart phone. When the problem is resolved, it can be reported, pictures taken, transmitted and closed using a smart phone application and all information is available to management and their customers.
Modern property management companies are adopting this software and providing their employees with the latest capabilities to their customers or clients as well. Now they can provide online reports that management has reviewed to their clients as well. This changes the total relationship with the customer and the tenants and makes it much easier to manage all properties.
Dealing with Property Owners
Property managers also must report to their owners and to the investors that have invested in the property that they are managing. This is extremely important if they are to retain contracts, year over year based on relationships with the owners and providing real time summaries and answers to their issues. Providing up to date and accurate information regarding rents collected, expenses during the month and a year to date comparison to the budget are the usual kinds of reports that most investors will look for.
The annual report is also one of the most important documents that is produced by the property manager. It may be subject to an audit and may also provide the information needed by owners to file their income taxes. This information must be accurate and meet all federal tax guidelines otherwise owners could end up paying more tax than they would normally have to pay.
Some condo boards and property owners will request that these reports be audited to satisfy themselves that all transactions are accurate and allocated appropriately. This provides a sense of confidence to the owners and the investors that their assets are being managed properly and that funds are not being used inappropriately. The tax department will also look on claims etc more favorably as well when a year end annual statement has been audited.
Property Management Systems – Tenants
Many people who are living in rented apartments are dissatisfied with the way their buildings are being managed. They may report that some item needs to be repaired and then nothing is done. Not only is it not corrected, there is no record of any report being made. This is typical of the older antiquated systems which do not have online access and paper or someone’s memories can simply be lost or forgotten. With an online system using smart phone access, reports can be completed immediately, with pictures taken and then the item can be easily tracked.