Posted by bobnone | Posted in Home Buying & Real Estate | Posted on 28-05-2010
Real Estate Investment Managers ~~ Home & Real Estate Matters ~~
Managers and owners need to pay careful attention to selecting the right property management system. Reliability, proven capability, data protection, integrated management, integrated billing, integrated credit and background check, and integrated services are critical. As a manager, we need to know that we aren’t trying out new technology and that our system is designed to maximize revenue and minimize cost. Finally, a great management system should facilitate great customer service.
How does a manager prove to that they have the right system?
First, there are a few questions you should be asking. These include:
- How long has your system been in use with property managers?
- How many managers use the system?
- How many properties and units are under management?
- What is the cost per unit and how does that cost scale for 10 units, 20 units, 100 units and so on?
- What financial statements will the system produce?
- Will the system integrate with quickbooks or the system you use?
- What other services and modules come with the system?
- Can you process credit cards, ach payments, auto debit payments, electronic checks, etc?
- Is there integration for criminal and credit background checking?
- Is there integration and automation for online advertising?
- What features are offered for property structure and type, additional fees, one time charges, recurring chargest, payment due date notification, overdue payment notification and so on.
- What features are provided for maintenance management? How does the system manage work orders? How is work order scheduling handled?
- What about vendor management?
- Are you able to scan and attach records for units, for buildings, for residents, for vendors, etc.
- How are capital improvements tracked and recorded?
- What about owner records and management of capital accounts?
- Will the system produce 1099s and other tax support documents?
- Can you charge by the tenant rather than by the unit?
- Are you able to support process related tracking of effort?
- Can you upload photos, logos, and other information.
- What documents, letters, statements, invoices, bills, etc. can the system produce? What management of these exists.
- Is there offsite backup integrated? What is the disaster recovery capability? What file and record recovery exists? Is the system web based, pc based, server based, etc.
- What training is offered? What is free? What is offered via classes? Is there private training available? What documentation exists?
- Do you pay extra for upgrades?
Of course there are many other items, but this list will get you off to a good start choosing and integrating your management system.
Blake Ratcliff (US Naval Academy Graduate & Marine Officer, Serial startup entrepreneur, COO/CEO, multifamily / residential investment founder, and property manager).
Blake’s crafted 100+ business plans, prepared and delivered 1000+ investor presentations, and is an expert financial modeler. A deeply experienced real estate business person and startup business expert, Blake hones your Business plans, reports, and presentations.
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