Choosing the Best Building Management Software for Residential Property Managers

Managing rentals of residential properties is a big job to handle. You have to keep track of everything from rental payments to work orders. With the help of technology you can now manage your apartments, condos and other housing with ease using residential property management software. If you are considering using property manager software for the first time, or finding something more suitable for your needs, you are on the right track by reading this article. We will help you determine the best landlord property management software.

First, you must know your needs. What are you looking for in a best property management software tool? Second, do you need a desktop application or a web-based program? Third, is the software user-friendly? Fourth, how affordable is the landlord management software?

Common features of residential rental software applications are:

Keep track of rent payments for tenants which include utilities and other charges such as late charges. Accept partial and government subsidies.

Record important information about all of your tenants and rental units

A way to add misc. charges and record full and partial rent payments and print rent receipts.

Record all your expense payments and travel deductions. View deposits and debits for any number of expense reporting accounts.

Keep track of deposits, payments to accounts, and other income sources. Generate registers for your income reporting accounts

Track of all your income and tax deductible expenses and generate tax form reports.

Some apartment property management software will also keep track of schedules, generate form letters to be mailed or emailed, and provide other tools to help you streamline your business. Consider these additional features:

Send promotional materials or other form letters to all of your guests, vendors, family, friends or any other contacts

Keep track of all the appliances, furniture, etc. that are included with your rental units.

Display your appointments, deadlines and other important events in Daily, Weekly or Monthly Calendar formats.

Create Work Orders for any repairs or maintenance, track vendors, schedules, work completed and amounts paid.

Create To Do Lists with room for notes, deadlines, priorities, etc. with project management software.

The best rental property management software also includes tools which allow you to look up where area codes are, calculate time zone differences, and has a universal calculator that adds or subtracts numbers, dates and times, converts length, volume and weight measurements, computes discounts, sales tax, foreign money exchanges and loan payment amounts.

One major thing to consider is, should it be a desktop application or a web-based application? Here are some differences between the two:

A desktop application is an application that runs without the need of an internet connection. A web-based application, which includes any software you log on to a web site to access, requires a fast, reliable internet connection.

Desktop software is generally much faster and easier to use than web-based software. If you do not have a very fast internet connection, it could take you several times longer to get the same amount of work done.

A desktop application, if backed-up regularly, is more secure and reliable than a web-based application. If your web connection goes down, or the company's website were to go down, or the company went out of business, you will no longer have access to your data if using web-based applications.

With web-based applications you rent the software, paying monthly fees and often get only email support. With desktop applications, you generally pay just once, and technical support is often included.

The next thing to consider is how easy is the software to use? Is it easy to understand? Are you comfortable using the software? Can you get technical support easily and quickly, both by phone and by email? Does that support cost extra?

The final question is, how much are you willing to spend for this software? Would you rather pay less on a monthly basis for web-based software, which will add up to much more over time, or pay one reasonable amount up front and get the features, speed and reliability of a desktop application?

As a solopreneur, I'm sure you would rather find ways to save money and at the same time have the features and capabilities you are looking for in a property manager software?

With these things in mind, you can now determine what would be the best rental property tracker software for your need. The best rental management software in my opinion is Rental Property Tracker Plus. It is a reasonably priced desktop application that is easy to use and is available for most Mac and Windows computers.

To better understand ease, comfort and productivity, and download a free trial today, visit Rental Property Tracker Plus for more details.