Property Management SystemsProperty 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 property managers and owners. Property management systems are available online on your smart phone. Many property managers can now answer questions instantly using their smart phones.

Access to rental contracts, work orders, setting up tracking lists and much more are 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 use to operate on stand alone computers. They now run on servers. Access the information from almost anywhere remotely. From systems that are located at the actual rental building on a wireless basis. Imagine you have a tenant with a problem in their unit. Log the problem immediately. Provide status updates immediately. Also issue a work order to have the issue dealt with right from your smart phone. Report the problem resolved. Also take pictures and transmit them immediately. Close the issue using a smart phone application. All information is available to management and their customers instantly.

Modern property management companies are adopting this software. They are 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. It makes it much easier to manage all properties.

Dealing with Property Owners

Property managers also must report to their owners. Also 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. They must provide real time summaries and answers to their issues. They provide up to date and accurate information regarding rents collected, expenses during the month. Also year to date comparisons to the budget are the usual kinds of reports that most investors will look for.

Property managers produce annual reports. It is one of the most important documents. It may be subject to an audit. They 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.

Condo boards and property owners often request audited reports. This is 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. The tax department may also look on claims etc more favorably.

Property Management Systems – Tenants

Many people live in rented apartments. They are dissatisfied with the way their buildings are being managed. They 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. They do not have online access. Use smart phone access to online systems. As a result complete reports immediately. In addition pictures taken and uploaded. Track the issue easily.

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