From the January 2006 Review of Property
Even small rental property companies used to require large staffs to keep up
with tenant issues, leasing functions, accounting, maintenance, occupancy levels,
prospect marketing and the never-ending issues these companies face. But technology
has significantly streamlined these processes, allowing small property managers
to be more profitable and grow, while also enabling larger entities to increase
their holdings and show a greater investment return.
The key issues still come down to keeping a unit occupied and keeping costs
down, but by automating maintenance, client screening, reporting and most other
issues, property management software allows property professionals to spend
more time on revenue-enhancing activities and client service. This is a win-win
for tenants and property owners.
These reviews should provide a good overview of the strengths and weaknesses
of the various products, but prior to selection of a program, it is essential
that the specific needs of a property management firm be identified.