Successful property management requires good computer skills. With everything – from repair requests to rent payments transactions – being performed online, property management companies must stay ahead of the game in order to succeed in the competitive real estate industry. That is why there are software programs that can help property managers stay organized, especially when they have to oversee multiple properties. Learn more about what these programs can do.
Leases
Software programs offer flexible capabilities to support landlord and tenant leases. They can automate payment requests, resulting in convenience for property management companies. Fort Smith property managers can also track payment terms, security deposits, and tenant improvement allowances. They can also include alerts and notifications for important dates.
Transactions
Software programs can also track a variety of transactions, such as acquisitions of new sites and properties, new leases and renewals, subleases, and terminations. You can calculate rents for each tenant and create rent roll reports for the entire property for a designated time period. Business process workflows can help property managers coordinate tasks and deadlines. Some software programs can also configure more complex tasks, such as calculating and tracking commission payments.
Documents
With built-in document management systems, you will have an electronic audit trail if any changes are made or if there is any communication between team members. Software programs can also ensure that, if any documents are uploaded into the system, staff will always have access to the latest version, reducing the risk of confusion.
Portfolio
Portfolio management capabilities allow property management companies Fort Smith to set up portfolios by site or location. You will gain access to data, so you can track your rental’s results against objectives. If you have multiple properties, you can compare all of them or just view them individually. Some programs offer real-time real estate information and reports that compare your data to the current market.
