Benefits of Property Management Accounting Software

accounting basics

Property ownership can be a burden or a pleasure, depending on the current situation. This business is cyclical. It requires a special ingenuity to make it profitable even through the downward trends or shaky market economies. Commercial real estate ventures have their own concerns around tenancy issues, but they are minimal compared to those faced by residential property managers.

Property management is not an industry that shows mercy to the unprepared. A seemingly inconsequential administrative oversight or billing error can lead to bigger mistakes and even larger penalties. It is best to avoid these unnecessary problems whenever possible. Operating planned communities and housing developments is no easy task, but the process can be made easier with a few tools. Efficient property management accounting software package can lessen the burden of residential community management.

Property Ownership Concerns

Owning any large scale property requires diligent oversight and effective management strategies. There are many daily activities that require a hands on approach. These include property taxes, landscape maintenance, resident or tenancy capacity, and zoning regulations. Each of these items requires expertise and finesse to manage in a timely manner. Likewise, none of them should be put on the back burner as they are all time sensitive. Consequences for late filings or improper notifications can be devastating and expensive.

One of the other primary concerns for property managers is the security of their inhabitants and the property itself. Effective security systems, appropriate insurance policies and other necessary precautions can address the security needs of the property. Other ongoing needs are more time consuming and require continuous monitoring. Property management, especially in residential communities, is one such concern that definitely requires regular attention if things are expected to operate smoothly.

Property Management Responsibilities

There are countless responsibilities that property management staff take ownership of on a daily basis. Routine accounting paperwork, lease applications, insurance filings, and other similar items can take up a large part of the day. Safety or community violations, such as leash laws or parking infractions are not fun to address, but must be dealt with on a daily basis. Even planning community events such as a Recycling Day are the responsibility of the community or property manager. Beyond the administrative duties, there are maintenance concerns to be addressed throughout the day as well. Accepting and processing maintenance requests from residents as well as addressing emergency maintenance situations also take time for property managers.

In virtually every season, landscape contracts will need to be acquired and managed. For instance, snow removal crews are often hired well in advance of the winter weather. These items cannot wait until they are needed for the procurement process to begin. Septic and water systems require regularly scheduled maintenance, and utility companies frequently need access to the property for meter reading, tree trimming, and other routine tasks. Property managers and their staff assistants should be kept abreast of these schedules from third party companies so they can notify residents and avoid inconveniences whenever possible.

Delegating Property Management Duties

The arena of residential property management is large. Effective property managers delegate responsibility to capable employees or manage outsourcing contracts to reputable third party companies. This approach helps distribute the workload so all the small details are taken care of and the residents are able to enjoy a community that is organized and efficient.

There are many other ways that self managed associations and association management companies can decrease their manual workload while streamlining their business practices. Multiple software solutions and virtual assistants are designed to help property management become an efficient rather than a cumbersome process.

Property Management Solutions

Collecting homeowners association (HOA) or condominium association (COA) fees has been a historically difficult, not to mention extremely time consuming task to manage. This was in the time before streamlining property management accounting software became available for modern managers to utilize. Now, with a few simple data entry keystrokes, one of the greatest property management tasks can be resolved almost instantly.

Fee collection and violation tracking are two of the major factors for property managers to consider when seeking new technologies to make their jobs a little easier, but there are also other tasks that can be fully automated today. A software manager is obviously a more cost effective strategy than hiring additional staff. Advanced property management accounting software programs are fully customizable and can be tailored to the unique needs of virtually any property.

If you are ready to finally streamline all your property management needs, call Condo Manager at (800) 626-1267 or request a demo today. Our friendly and knowledgeable staff are able to answer any questions. We’ll personalize the perfect property management accounting packages for your specific property.