When it comes to dealing with your property management software, and the glitches or “I wish it could do this” thoughts, it can easily feel like the grass is greener on the other side. While many simply learn to live with the software they have, and silently wish for an easier management process, we’ve compiled a list of vital tools and visual data snapshots that you should look for in a PM software.
- Current Vacancies
No matter how attached you are to your current property management software, if it does not track your property’s vacancies, you desperately need to upgrade. As one of the most vital parts of any property management software, your platform should be able to store all the data you need and maintain an updated vacancy list. Beyond information like the unit type, move-out dates, and market rent, look for a software package that also tallies the total days on the market, shows the total loss due to vacancy, and posts vacancy reminders.
- Work Orders
While physical, paper work orders or email maintenance requests might be doable when you manage a few units, when you’re trying to juggle over 500 units, a manual work order process isn’t practical. Not only is it easy to lose or forget physical work orders, but over time it becomes difficult to keep records of all the repairs and maintenance that’s been done. With an online property management software, like CICTotal Manager™, you can stay on top of work orders and keep detailed records at the same time. Look at programs that allow your maintenance staff to access work orders online, on a mobile device and provide status updates right to you and your renters.
- Profit & Loss Statement
Beyond marketing vacancies and managing work orders, you also need to be aware of your property’s expenses. While you might track gross income, operating expenses, non-operating expenses, net income, gross potential rent, and last month’s income already, doing so takes valuable time away from your busy schedule. If your software manages your property’s expenses, it should be able to calculate your profit and losses automatically for you, no matter what time of the year it is.
- Action Items & A List of Missing Phone and Emails
It’s time to get rid of the sticky notes, because if you’re on the go at another property, those reminder sticky notes will still be on your desk and out of sight. If you’re using an online software, it should have the capabilities to create, manage, and send reminders. This way, you’ll have your to-do list no matter where your next meeting is. Additionally, if your property management software has a mass resident text messaging feature, the software should remind you of missing phone and email addresses on your resident files.
- Missed Promises to Pay & Delinquency Tracking
Alongside rental payments and P&L statements, knowing if your residents have missed their ‘promise to pay’ date or have an outstanding balance are important. While your current software probably already tracks delinquencies, look into if they have a space to record ‘promises to pay’. These should be included in your resident’s online records.
Whether you’re lusting after a few key features or are pleased to know your property management software made the cut, it’s important to note that not every P.M. software will be the right fit for your community. There’s no shame in manual recordkeeping. That being said, while working with a slow management software, you don’t want your rental applicants and residents to start thinking the grass is greener at another competing rental property.
What manual processes did you wish your property management software automated? Let us know in the comment section below & be sure to subscribe!
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