Custom Property Management Software: Key Features to Know

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Whether you’re overseeing a single tenant or thousands of commercial units, being a property manager requires you to wear many hats. For example, collecting rent, advertising new vacancies and handling maintenance requests. With so many tasks to manage for each property, scaling your business can pose a major challenge. This is especially true if you don’t have a way to track and organize all of these responsibilities.

The best property management software aligns well with your needs and objectives. It should also grow with you as your business evolves. By using custom property management software, you can benefit from a tailor-made, feature-rich solution that’s easy to use and that helps you remain organized and attentive.

You can manage nearly any type of property with custom software solutions, including:

  • Residential properties: apartment buildings, houses, single-family and multiple-unit properties
  • Commercial properties: office buildings and retail sites
  • Homeowners associations: condominiums and townhouses
  • Hospitality properties: hotels and vacation rentals
  • Student housing: apartments and houses dedicated to off-campus college students

Here are the top four features that you should look for in custom property management software. This is how each one can make you more efficient and productive.

1. Accounting

Collecting rent is the foundation of managing any property, and it should be as easy and pain-free as possible for both you and your tenants. Good property management software should include accounting functionality such as tracking payables and receivables, tax filing and electronic funds transfer.

Basic accounting features may be built directly into the software. If you’re looking for something with more advanced functionality, however, then look for software that can integrate with a third-party accounting system such as QuickBooks.

2. Lease Management

After collecting rent, lease and contract management is the next most important responsibility of a property manager. As you know, there are so many documents to keep track of during the leasing process. Rental rental applications, home insurance policies, background checks, and more. It can be difficult to stay organized all on your own.

Mature property management software includes features such as document storage and electronic signatures that make lease management much easier. You’ll benefit from keeping a digital trail that records the entire leasing process, saving you valuable time and effort.

3. Maintenance Management

Once your tenants move into the property, it’s inevitable that you’ll have to deal with issues and maintenance requests at some point. As a property manager, you have a legal responsibility and a commitment to good service to uphold. This means you must respond and resolve issues in a timely manner.

You can use custom property management software to keep track of your property’s upkeep and handle maintenance requests. Tenants can submit requests directly through the software interface, and you can automatically delegate work orders to certain individuals and track their progress.

4. Owner and Tenant Portals

The lack of a reliable channel for owner-tenant communications is one of the biggest points of complaint during a lease. Custom property management software can provide a dedicated portal that allows both owners and tenants to handle their responsibilities and get in contact.

Owners can share documents, collect rental payments and access information on a property’s financial well-being. Meanwhile, tenants can pay their rent online, submit maintenance requests and get in touch with their landlord.

Custom Property Management Software: A Case Study

Grid Systems, LLC provides community management services. They work with condominiums and Homeowners Associations throughout the United States. Grid Systems approached the project managers and developers at Specific-Group in need of a custom property management software to handle dozens of communities in one database.

So, Specific-Group created a modern web application to manage complicated workflows. Interaction between applications was implemented in a secure way via APIs, protected by SSL and certificate authentication.

As a result, Specific-Group’s custom solution allowed Grid Systems to eliminate manual tasks and streamline their business. The software was designed to be sleek, user-friendly, and easy to manage. And as a bonus, developers recommended the Amazon AWS as hosting system. This dramatically improved the running costs and rollout of new servers.

If your organization is in need of discovering these benefits for yourself, contact our team today. We are dedicated to finding a solution that increases productivity and decreases cost.

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