Property Management Buyer's Guide

Property management features

First-time property management system buyers often wrestle with the question of whether this software is that much better than using a standard accounting package. Most property management software programs include modules that address several property-specific needs:

Managing real estate data
The software should be able to store comprehensive data on all of your real estate, including property improvements, appliance purchases, repair histories, and mortgage payments. It should also be easy to view current vacancies and pending maintenance requests.

Tracking tenant information
The software should handle all tenant information including contact details, payment history, security deposits, vehicles, and incidents. Some property management systems also provide templates to auto-generate forms and letters. These can include applications, lease expiration notices, late fee reminders, and even complete leases.

Income and expense accounting
Accounting features are central to most packages. The software you choose should keep a log of tenant payments and expenses related to managing and marketing your properties. It should also make it easy to prepare your records at tax time. A popular additional feature allows tenants to pay their bills online.

Reporting
The printed and on-screen reports should give you exactly the information you need in an easy-to-understand format. Some of the most common include rent rolls that list the payment status of all tenants and pending renewal reports that show which tenants have leases that are due to expire. Check to see that the software you are considering includes the reports you need and that you can edit and export the reports if needed.

Other features

• Look for software packages that integrate with your standard business tools. If, like most businesses, you use Microsoft Word and Excel, look for a property management package that can export to those formats. You may also want a system that can integrate with your accounting software or payroll service to track your hourly employees.
• In commercial leasing, calculating common area maintenance charges (CAMS) can be fairly complex. If these fees apply to your tenants, look for a package that automates CAMS calculations.
• Complying with property laws and regulations on fair housing, lead paint and other hazardous materials, and complaint or eviction processes can be a real challenge. Property management software can help by providing procedural checklists, tracking notification schedules, and keeping detailed records of the actions you take to comply with the applicable laws.

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