Pick Your Flavor of Property Management Software
By Scott H. Cytron, ABC
The evolution of hardware and software over the last 20 years has significantly impacted property managers, giving them access to effective, efficient applications that were previously only within the reach of larger managers due to the large investment needed in infrastructure and technical staffing.
Like trying on shoes at the store, one size does not fit all when it comes to property management; different classes of property have different requirements. For example, multi-family unit property managers face a daunting task to keep up with a large volume of leases, typically six to 12 months, compared to commercial leases with terms generally starting at one year. Multi-family property managers count on software to limit the inefficiency of their rent rolls, helping to stagger leases and project occupancy. Tenant accounting is very important, and many managers use a sub-revenue management model to maximize profitability. A growing trend for residential multifamily property managers is to rely on Web-based ASP software, relieving them of the software and hardware ownership burden while providing round the clock services to their tenants.
Commercial and retail mangers also deal with the increased complexities related to escalations, common area maintenance, CPI increases, percentage rents and job costs. As with most categories of software, many titles are available from sources large and small, and from PC to mainframe to Web-based. Some handle specific functions, while others are all-encompassing and integrated. Here are details of just a few packages. Accompanying this story is a full listing of 42 packages gleaned from research conducted over the Internet.
AVM Technologies
AVM has provided software solutions to the real estate industry for more than three decades, serving over 5,000 companies with fully integrated property and asset applications. Its software is Windows-based and operates on a range of different client/server platforms, from single-user to large-scale SQL systems.
Realwise Professional and Realwise CS/3 feature AP, AR and G/L systems, handling multi-family rental property, commercial property, residential property, homeowner associations and mixed portfolios.
Users can define each rental unit’s characteristics. The system handles graduated rents, rent receipts, late notices, eviction and cash only conditions, percentage rents, and more.
Intuit Real Estate Solutions
Intuit has more than 4,500 clients on five continents and 41 countries using its Real Estate Solutions’ software. Four software solutions are offered – multifamily, office-retail-industrial, corporate, and a new one for rentals, property managers. A key advantage of the multifamily solution is the increased focus on resident services by automating time-consuming administrative processes, such as lease renewals and posting resident checks. The software empowers current and future residents with 24/7 access to a full suite of leasing and resident services, including shopping for apartments or paying rent online.
The MRI Commercial package integrates all commercial real estate operations. Software automatically calculates rent increases, as well as late charges, prorations and CPI increases. MRI Corporate is ideal for tenants with numerous offices, and retail and industrial leases. In addition, Quicken Rental Property Manager is a new software solution designed specifically for managing around 10 or fewer rental properties.
Just So Software
Available since 2000, The Property Manager has four editions with increasing levels of functionality: Personal, Standard, Corporate and Enterprise. Each version is built on top of Superbase, a mature, full-featured relational database product that interfaces neatly with SQL systems. Peer-to-peer architecture in client server environments provides performance and cost advantages, according to the company.
The Personal Edition provides basic property management capabilities for small landlords and those just starting out, with features like easy setup, tracking tenants, income, expenses, buildings, units and vendors. The Standard Edition is enhanced with cash flow management accounting, work orders, optional check writing, automated income/expense management and automatic rent collection. The Corporate edition further expands functionality with comprehensive accounting using double-entry bookkeeping, bank account management and extended reporting capability. At the Enterprise level, budgeting, purchase orders, depreciation/amortization and tenant screening are included.
TCG Technologies
TCG develops software that provides integrated Windows applications for property management and compliance monitoring. Headquartered in Northern Virginia, the company supports more than 5,000 installations nationwide, including the Caribbean.
i-CAM Conventional is the company’s Windows and Web-based application that automates and streamlines rent collection, banking, compliance, maintenance, traffic, waiting list and unit leasing activities. Reports are clear with detailed line-item accuracy that support higher level journal summary accounting reports. All modules allow users to e-mail reports, forms and notices.
Timeberline Office
Timeberline is one of the early pioneers in the real estate market, providing software since 1971. Now part of the Best Software family, Timberline is used by more than 20,000 customers worldwide. Timberline Office software offers the flexibility to track, calculate and assess all activity that impact the bottom line.
Property managers know that the “building” is the only thing tenants have in common. Timberline Office property management software is designed to be flexible with features in a variety of areas, including escalations, recoveries, advanced retail functionality, setting trigger dates and more. Leases of any complexity can be administered, as well as accounts receivable processing. Features include multiple leases per tenant, multiple units per lease and multiple tenants per lease. Future lease information can be entered now and activated at a later date. Move-ins and move-outs can be tracked. Final charges, credits and deposits can be reconciled and interest can be calculated on deposits, along with issuing tenant 1099-INTs.
Yardi Systems
Yardi Systems began developing software solutions for the real estate industry in 1984. Clients include multinational corporations with international portfolios, and small- or mid-sized property managers, while applications include a fully integrated G/L and optional modules for Construction, Maintenance, Budgeting and Forecasting, Affordable Housing and e-Banking.
The company has three product lines: Voyager, Enterprise and Genesis (no – you’re not in the middle of a new Star Trek movie). Voyager is a browser-based program. Enterprise is a fully integrated accounting and property management application containing a G/L. Parts of the G/L include accounts receivables, accounts payable, check writing and bank reconciliation with a comprehensive property and tenant database with custom report writing.
Genesis features include expense controls with MICR check encoding and payable controls, enabling the user to hold payments for specific invoices. Genesis also features automatic dual cash and accrual accounting, ad hoc reporting, letter writing, graphical attachments, annotation, and MICR checks and deposit tickets.
Pick Your Flavor
Packages and Web-based options of all types and sizes exist. It is important to determine your objectives and requirements before evaluating the alternatives. A bad choice is like a shoe that doesn’t quite fit correctly; it causes pain, impedes progress and is just too darn uncomfortable.
Property Management Software
Accruent, Inc./SLIM32 Strategic Lease
Advanced Data Management Systems, Inc./Visual Matrix
American Computer Software/MANAGEMENT Plus
AMSI - A Geac Company/AMSI Web-based Suite of Property Management Tools
AVM Technologies/Realwise
Consultants Ingenium inc./Condo Manager
Criterion Systems Development/Business Edge Software/Property Manager
element 5 AG/RentTracker
Emerald/
Execu/Tech Systems, Inc./HOTEL- The Power of One
Fraser Williams Commercial Systems/reSolutions
IDEAS Software & Training Inc./Property Clerk property
Intuit Real Estate Solutions/MRI Residential , MRI Commercial, CRE Manager
Just So Software/The Property Manager: Personal Edition, Standard Edition, Corporate Edition, Enterprise Edition
Landport Systems, Inc. /Landport
Logicbuilt Inc./Manage-IT
London Computer Systems, Inc./Rent Manager
Maxwell Systems Inc./Colonial Systems
PROMAS Landlord Software Center/Promas Landmaster Rental Version, Promas Landmaster Association Version
Property Automation Software Corporation/Tenant Pro
Property Boulevard/Property Boulevard
Property Solutions International, Inc./ResidentWorks, ResidentPortal, ResidentPay
PropertyBoss Solutions/PropertyBoss, PropertyBooksT
PropertyThree Inc./PropertyThree Management Software
Realm Business Solutions, Inc./CTI 8.0
Realty Software/Property Management Software
REMANAGE/Enterprise
RentMaster is a division of First Byte Solutions Ltd./RentMaster
RentRight, Inc./RentRight
RentTracker.com/RentTracker
SPECTRA/SPECTRA for Windows
TCG Technologies, LLC/i-CAM
TeXtra Inc./TeXtra
Timberline, a Best Software company/Property Management
Turtle Creek Software /Goldenseal
W G Software Company/Tenant File
Winning Edge Software, Inc./Property Manager EDGE
Yardi Systems/Voyager, Enterprise, Genesis
About Author:
Scott H. Cytron, ABC, is an accredited communications and public relations consultant working in the accounting, healthcare, high-tech and finance industries. Co-author of AICPA’s 2004 Top Technologies, he can be reached at scott@cytronandcompany.com or through his Web site, http://www.cytronandcompany.com .
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