The four stages any entrepreneur goes through   

The four stages any entrepreneur goes through   

Running a business is not something easy to do and while some people manage to succeed although they do not have a lot of experience, others may fail even if they are More »

Steps to starting a small business

Steps to starting a small business

If you are interested in setting up your own business, then there are a few important steps to follow in the process. Because the business world is highly competitive, it is more More »

Keeping your social media fans engaged – how to attract new followers

Keeping your social media fans engaged – how to attract new followers

Considering that social media marketing is more popular than ever and can have a very important influence on the success of a company, managers will need to always be careful with their More »

 

Property management software helps you make more money

Property management means the administration of residential, commercial and/or industrial real estate. Property management broadly involves managing the possessions that are owned by another party and you as a property manager have to preserve the value of the real estate while at the same time generating income. With the help of a property management application, you can run your properties in an efficient manner, not to mention that you can save time, money and headache. Instead of spending a lot of time on tracking maintenance issues and getting paid, you can put a little order in tracking orders and electronic payments. The best property management software can offer you these features and many more.

Reduces costs

A software is not at all expensive and it can fit into your budget. Probably the biggest advantage of property management software (PMS) is the fact the reduction in costs. A premise-based PMS is not a huge capital expenditure due to the fact that you can acquire the management software quite easily. To be more precise, the PMS server is immediately installed, and you will be able to manage reservations and handle other needs. With regards to technical maintenance, this will be provided by your vendor. The pricing structure of the system is based on a subscription model, and it represents an attractive feature since you can treat the PMS as an operational expense aligned with the property’s utilization of the system, rather than as a large up-front investment.

Lowering to the total cost of ownership

Property management systems allow you to achieve significant savings relative to the traditional model. A proficient application will allow you to automate commercial management processes without having to make risky investments in hardware. Owing to the fact that all the updates are implemented by the vendor, the servers automatically become part of their service and instantly benefit you.  You will be able to handle tasks such as budgeting expenses, collecting rent and maintaining the real estate. What happens is that the system adapts to your needs rather than you having to adapt to the needs of the system.

Putting your account worries to rest

Whether you have a 500 room hotel or a ten room hotel, you will not be able to manage the operations without the help of a fully integrated system. First of all, a computerized system will help you streamline the accounting process. The PMS is so versatile that it can easily connect to your bank and PayPal in order to import statements. Accounting work such as credit card, cash, cheques, discounts, corporate accounts and many others can be reconciled with the bank statements. Thanks to PMS, bookkeeping is fairly simple since you can track the due date according to payment terms and keep the cost up payable for commission in the wake of deductions.

The bottom line is that PMS is the right choice for any kind of real estate. You will have fewer costly and time consuming legal and financial headaches.  Additionally, the rent collection process will be tighter. However, the results can only be expected if you choose a trustworthy system.