Top 10 Features of Property Management Software

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As we all know, independent rental owners are champions at multitasking. Therefore, they need affordable housing property management software that simultaneously automates all their tasks. This blog provides an overview of all the features of property management software. In other words, they make up the bulk of leasing, financial, operational, and marketing tasks that you face.  

Some of the property management software features are as follows

Past reconciliations:

One of the premium features of property management software is that of past reconciliations. This affordable housing property management software enables all sorts of property managers to quickly view all kinds of past bank reconciliations. This feature is accessible through the platform’s reporting tools, which provide key insights regarding historical financial data, aiding in quick financial tracking and auditing.

Monthly financial reports:

These features of property management software provide detailed monthly reports and key insights on payments that are owed by each unit. These reports provide a detailed view of both closing and opening balances, as well as all the charges that are incurred during a specific month. Property managers can customize these reports as per their own needs, ensuring that the report consists of up-to-date financial information in the format that works out for them.

Tenant charges:

At times, adding charges to tenant accounts within your property management software happens to be a straightforward method. Therefore, it is the property managers who can apply unique charge codes and amounts to the tenant accounts, ensuring unique billing and accounting for all sorts of units.

New GL accounts:

Try to set up a new general ledger account for all kinds of properties which is critical for accurate financial management. The best property management software provides a well-defined structured approach to creating these accounts, ensuring that all financial transactions are correctly reported and recorded at once.

Managed payables:

One of the premium features of property management software is that of managed payables. This software basically simplifies the process of entering and managing payables. The property managers can handle all sorts of invoices and create cheques for payments, streamline the process of accounts payable operations and ensure timely payouts.

Bill pays:

One of the features of the property management system is a bill-pay solution. It offers a convenient way to manage payments. This service can easily handle electronic fund transfers or print and mail checks, depending solely on the available bank account information. Therefore, setting up a bill payment involves the addition of bank accounts and verifying them through a simple and quick process.

A single point of contact (SPOC):

For security purposes, setting up online payment processing requires a designated single point of contact within the organization itself. The user handles the initial setup and ongoing management of the payment system, ensuring that most of the bank accounts are well configured.

Check images:

At times, property managers need to view images of checks that are sent to vendors. It enhances accountability and provides a record of all check payments, which are easily accessed and reviewed at the same moment.

All pertinent owner & tenant information:

While maintaining historical data property management software makes it easy to update owner and tenant information. It ensures that property records remain accurate and up to date without losing important historical context.

Top 5 Benefits of Property Management Software

At times, property management software does come in a wide variety of deployment options including that of cloud-based software as a service or traditional onsite installations. Whereas, some even come with mobile applications so that you can easily manage your properties and respond to the tenant’s concerns. Therefore, some of the benefits of property management software are as follows:

Streamlined Financial Operations:

Within property management software, automation happens to be the key advantage. The software is designed in such a way that it can handle any sort of functions like rent collection, expense tracking, and financial reporting automatically, by reducing errors and saving time at once. In turn, it ensures nothing but accurate financial records and simplifies your accounting tasks.

Efficient Maintenance Tracking:

Another huge benefit of using property management software is nothing but efficient maintenance tracking. At times, through this PMS system, you can seamlessly manage requests, monitor progress, and schedule repairs. In one word all of the requests can be maintained from one space. Further, this centralized approach ensures timely resolutions and keeps your properties in good condition.

Unified Property Management:

Another key benefit of property management software is nothing but a centralized management system. Some of the unique features of property management software are nothing but consolidated lease management, tenant communication, and financial tracking can all be managed through one unique platform. It simplifies all sorts of operations and reduces the complexity that is associated with managing a huge property or multiple properties at once.

Detailed Data Tracking:

One of the major benefits of property management software is data tracking. This software further provides detailed information regarding the occupancy rate, rental income, and maintenance costs, enabling you to make informed decisions and optimise your management strategies.

Manage Properties from Anywhere:

Considering the research results, With the aid of property management software, you can manage your properties from anywhere across the globe. As you will get mobile access to this software, you can handle all sorts of tenant issues, review financials and oversee operations on the move. In other words, this flexibility keeps you connected and in control no matter from wherever you belong.

Final Thoughts:

In conclusion, Intellectyx provides affordable housing solutions, where through their PMS system, it simplifies the overall application process, provides transparency, and allows superior access to affordable housing options. The software is customer-build and it fulfils your customer’s needs at once. Further, it can be said that through their property management system, you can revolutionize your property management tasks. It simplifies rent collection, and handling maintenance requests to improve tenant satisfaction, by ensuring compliance and the benefits of PMS are truly clear.