Review of Property Management Software — 2006

For most, the first rule of property management is to minimize vacancies.
No lease contract on a unit equals no revenue for that unit. But this is just
the tip of the iceberg. A tenant management module is needed to manage the lease
contract process, from marketing to prospects, to move-in, and ultimately move-out.
Maintaining properties, both while occupied and vacant, is also a vital concern,
requiring the use of a work order management module.

Accounting is another key issue and requires keeping track of the rental receipts,
security deposits, maintenance costs and other associated expenses. Some of
the programs in this review contain complete GL/AP/AR accounting modules with
audit trail functions, while others are geared for integration with a company’s
existing accounting application. In either case, it is essential that detailed
books be kept and, if possible, that information on the profitability of each
individual unit be examinable. This is especially important for property groups
that manage the property of other individuals or entities.

And finally, reporting capabilities must enable the management company to
analyze data in further detail, readily show occupancy levels, show maintenance
issues, and handle client correspondence issues such as late notices.

Of course, numerous other special issues need to be considered, as well, such
as tenant screening, affordable housing compliance issues, community association
management (CAM) functions, utility cost apportionment, asset management, electronic
banking, budgeting and forecasting. The products reviewed here provide options
for all of these tasks and more. 

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