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From the outside looking in, people wonder how hard being a property owner could possibly be. You own the property, you make money off it, ????, profit. As a property owner, though, you know the truth: its a mountain of paperwork, with every seemingly irrelevant detail of your business coming up in taxes, in financial statements, again and again. As if that wasn't enough, you need to manage your clients; the deadbeats, the tenants who are asking for maintenance and repairs, the prospective tenants, the tenants who are moving out, everyone demands your attention yesterday.
It can be too much for one person to take care of, but can you really afford to hire a staff? Before you go blowing tens of thousands of dollars on a secretary, an accountant, a loan shark, you might want to look into some 21st century solutions in the shape of real estate property management software. Similar to portfolio management systems that allow real estate investors to manage their real estate portfolios, the right kind of software can totally transform how you manage your business.
First, take a look at some property management software reviews. A good property management software review will tell you what kind of features you're getting with each particular software suite; they can end up costing a pretty penny if you go big, but sometimes even the most comprehensive software package is lacking some vital component that you then have to go out and pay for.
For example, does the software use facilities maintenance software? Being able to track what needs maintenance, how much it costs, when it needs to be done, and how you're going to account for the cost of the maintenance is pretty important. Putting the maintenance off – or doing it poorly – can have dire consequences for you and your tenants. On the other hand, you don't just want to be repairing everything at top dollar all the time, and at your own expense. Decisions, decisions. Software helps you make those decisions!
On the other hand, does the package include real estate accounting software? Although accounting software isn't always as helpful as a real, flesh and blood accountant, it is also considerably more affordable, and you get the added advantage of understanding how your finances got to look as they did, because you were involved in every step of the accounting process – the software just did the heavy math for you, and made sure to remind you of all the little details and caveats that come with accounting.
Whatever software package you decide on, its obvious that a good suite of property management software can make your life far, far more easier, and your business far more profitable to boot. What do you have to lose?