Perhaps the main benefit of using software specially designed for both accounting and property management is the ability to end the reliance upon spreadsheets or manila folders to store and track information. Software has the ability to greatly simplify and streamline your data entry, storage and retrieval saving time and money.

Vital to any property management business is the ability to track income and expenses. At tax time, obviously you need to have all of your income and expense information close at hand and in order. Software allows you to store all of that information electronically in one place. Well designed software will allow you to see at a glance what your tax liability is. In addition to income and expense tracking for tax purposes, your software should allow you to generate reports with a couple of keystrokes or mouse clicks. The reports you generate should neatly present all the information you need to know about your rental property investments which you can then print.

Part of recording income for a property is tracking rent payments. This is another important benefit of property management accounting software that should not be overlooked. Using software, one can tell at a glance which tenants have paid and which have not. In addition, software can allow you to view or generate a report showing the rent payment history of a given tenant or tenants.

Software also allows you to quickly know and stay on top of where your money is going. The ability to easily monitor your historical expenses both in the aggregate and by property will allow you to make better decision regarding future spending and rental rates.

Whether you are a do it yourself weekend landlord managing one property or a professional property manager with hundreds of units under management, it makes sense to use property management accounting software. When it is time to pay your taxes or make any important decision regarding your rental property investments, you will want to have all the relevant information available at your fingertips. A good software program will save you time and help you make the right decision.

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Up until fairly recently, software was created, CDs or DVD were mass produced, packaged then distributed to various retail outlets where consumers could buy the software package then load it onto their computer. As you can imagine, manufacturing and distribution are costly processes and these costs are reflected in the price of the software. Some companies save on these costs by making their software products available for purchase and delivery online. After the customer purchases the software, he or she is able to download the program onto their computer, install it and start using the application right away. Whether the software came in a box from a store or was downloaded online, the program lives on the customer’s computer. Data is stored either on the same computer or in a location the user specifies. It is up to the user to secure the application, determine when upgrades are installed and when or how data is backed up.

With hosted software, the delivery process is much different. Think of web based software as a service. The software is accessed and used entirely online through the user’s web browser. It can be accessed from any computer or physical location, provided the user has an Internet connection available. The software and data live on the software provider’s servers. Users interact with the software sending and receiving data over the Internet. The data is usually encrypted to prevent others from viewing your data. The hosted software provider is responsible for maintenance, upgrades, security and data backup. Rather than paying a flat fee as you would for packaged software, most web based software application service providers charge a monthly fee for usage.

In terms of benefits, startup costs for hosted software are typically much less than those of traditional software. For hosted software, license or usage fees are normally paid monthly rather than all at once up front pricing that is typical of licenses for off the shelf software. If you have a web browser and can access the Internet, you can usually begin using a web based software product right away. You would not have to be concerned with upgrading your hardware or getting the program installed on all the computers that need to access the application. No plan or changes to your existing plan needs to be made to accommodate data backup and security needs for your new software.

Hosted software programs usually offer all of the key features of their off the shelf counterparts and in some cases more functionality is included. With the potential cost savings and convenience hosted applications offer, it is worth taking a look at web based software if you are in the market for a new program.

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If you are currently using an accounting software package, how happy are you with it? If you are thinking about switching, what features or functionality in your current program do you find lacking or frustrating? Does the property management software you are considering have the features your current accounting software lacks or is the implementation of similar features more to your liking? Will switching to a property management program save you time, money or make running your business easier or more efficient? Can I easily export from my current software and import all of my historical data into the new program? How user friendly and intuitive is the property management program I am considering and will I have to spend a lot of time getting up to speed? These are the types of questions that need to be asked during the decision making process and the answers will go a long way toward making one choice stand out as the right one.

If you are just starting out and do not have an existing program of either type in use, there may be some additional questions you need to ask yourself. What benefits am I expecting from the application I choose? How much am I willing to spend on a software package for my business? How much support, training and documentation is available? How is support delivered and are there any additional costs associated with getting support? Is a free trial or a demo version available? These are just some of the questions you will probably have and as you evaluate different offerings more questions will inevitably come to mind.

Depending on your circumstances, using accounting software for property management rather than a dedicated property management software application may make sense. If for example you are a part time landlord managing one property with one tenant and have been using an accounting program for the last several years, changing now is most likely not necessary. If your property business has experienced tremendous growth to the point where you feel as though you have outgrown your accounting software switching may be the best option. This is particularly true if you are looking for property management specific features from your software such as accepting online electronic payments, managing vacancies or generating correspondence such as an eviction notice. To make the right decision, consider your circumstances, needs and budget then evaluate the available offerings from several vendors. Using accounting software for property management may be the best, most cost effective solution or it may not. Carefully evaluating your situation and your expectations will make the choice clear.

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Every property management company or individual landlord is going to have different needs, levels of experience, comfort with technology and a different budget. A weekend landlord or do it yourselfer probably does not have an IT staff, a large enough portfolio of properties that could only be managed efficiently with software or a need for a large number of software licenses. Someone in that situation may just be looking for a standalone software program that will be used sparingly on one computer or a low cost web based property management software solution. It may also make sense to simply use accounting software for property management as they might not need any of the additional features that landlord software provides. A large property management company with an IT department, several million dollars in property under management, a large budget and needs several employees to be able to use the software from different locations will have vastly different requirements and options. Such an organization may want a scalable client server application they host themselves or an on demand online application users with an Internet connection can access from anywhere at any time.

As you can see there is no definitive answer to the question. The best property management software application may be the one whose features fit your needs, is easy or intuitive to use and whose price fits your budget. The best property management software is the program you will continue to use after you buy it. The best application will have the ability to scale to meet the evolving demands of your growing business. Many people buy a program, find it difficult to use or unable to meet their requirements then completely stop using it out of frustration. You can avoid that scenario by knowing what you are looking for before you buy. Determine what the best property management software is for your unique circumstances then make your purchasing decision.

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• Keep up the unit inside and out at all times. Keep the rental in ready to move in condition. If that means painting, polishing and landscaping, get it done. Make sure the interior of the apartment or home is as clean and bright as possible, the exterior is inviting and the yard is kept free of debris and well maintained. First impressions are critical. An owner should show pride in ownership. If you are managing property for others, make sure the homeowner understands that.
• Consider allowing pets. While it is true that unruly pets can cause damage and problems for neighbors or landlords, not allowing renters with pets shuts out a significant percentage of potential tenants. In a competitive market accepting pets could be the difference between filling your vacancy right away and having it remain vacant for weeks. You can set limits on the types of pets you will accept and/or require a pet deposit to offset any potential costs.
• Offer a referral fee to your current tenants. Many times, word of mouth is the most effective form of advertisement. A tenant who is leaving or a tenant with whom you have a solid good relationship may be able to refer additional tenants to you. Cash compensation would likely motivate them to do so.
• Offer incentives, gifts or upgrades. Offer a discount on rent, pay all utilities for the first month, give a small move in gift such as a new appliance or perform an upgrade such as adding a new dishwasher. These types of incentives attract tenants, create goodwill and can also add long term value to the unit.

Use these tips to attract new tenants, get people in the door and get your vacant rentals occupied. In slow or competitive markets, implementing these ideas can have a positive impact on your bottom line.

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