Generate Quick Property Management Reports

If you are a real estate property manager for a small apartment complex, you may find that it is still hard to create reports from scratch every month, while maintaining your daily real estate property manager duties. Certainly, real estate property managers for larger housing, commercial, industrial and vacation communities can not spend two weeks out of their month solely on making real estate property management reports.

This is where real estate property management software comes in handy. Imagine trying to generate a report based on predicting late payments so that the real estate property manager can contact those individuals before they become delinquent. If the real estate property was any size of significance, it would take too long to manually generate such a report and the list would be outdated before it was even complete.

Real estate property management software should generate that report, and many others, within a few minutes, leaving the real estate property manager free to do other things such as build new business. Here are some of the available reports a real estate property owner or real estate property manager should look for in an efficient real estate property management software program.

• Posting Rents listed by tenant name or unit number or date of last payment – This will allow the real estate property manager the ability to sort the information in several ways for quick access to information.

• Track partial payments – This is important to monitor to ensure that the correct amounts are applied to each tenants account and to also ensure they are not paid incorrectly as an oversight on the part of the tenant.

• Track late payments – Real estate property management software should be able to tell you which tenants are late so that the real estate property manager can take the first step in the collections process and collect overdue moneys.

• Track advance payments – This is important to guarantee accuracy for each tenant and keep the real estate property management business running smoothly. You do not want to lose track of a tenants rent who has already paid a month in advance. That could lead to a frustrating situation and reflect poorly on the real estate property management firm.

• Track auto payments – Some tenants may with to set up monthly direct payments with your real estate property management business. Having a real estate property management software to keep track of these payments will protect the tenant and the property management company and ensure proper processing each month.

• Show vacancies – This will allow the real estate property manager the ability to maintain a higher occupancy level.

• Show expired leases – This will give the property manager enough notice to have tenants renew the lease or begin showing the unit to prospective renters.

• User friendly and fast to generate reports – Real estate property management software should be easy for any property manager to use. If the real estate property management software poses problems or is troublesome or takes several hours to generate reports, then it is no longer a convenience for the property manager and becomes burdensome.

• Backed by a reputable business or is a member or has a high standing with good business bureaus – Checking if the real estate property management software you have selected is endorsed by real estate property management associations within your industry or by broader business bureaus will protect your investment. You can also rely heavily on word of mouth by real estate property management firms or real estate property owners that you know.

• Generate accounts receivable – This is important to be able to make sure what your real estate property management software accounts for and match it with what your accounting software or accountants records show.

• Generate accounts payable – Just like any good tenant, you want to pay your vendors in a timely manner and keep track of those payments. A real estate property management software should help you do that.

• Integrates with your current accounting or money software – You should only have to enter the data somewhere one time in order to be efficient.

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Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.

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