- The full and proper screening or testing of an applicant’s credit, criminal history, rental history and ability to pay.
- Lease contracting or accepting rent using legal documents approved for the area in which the property is located.
- Mitigation and remediation regarding any maintenance issues, generally within a budget, with prior or conveyed consent via a Limited Power of Attorney legally agreed to by the property owner.
Selecting the proper Commercial Real Estate Property Management Company for the right type of income property is extremely important, and management companies like property types differ from one another. Remember, the company you choose today, will be responsible for the amount of return on your investment you see tomorrow, so choose wisely.
It is also as important to keep in mind to select a management company that can provide you with precise and legible Financial Statement. Most sophisticated management companies use one of the several commercial property management software programs available. Like management companies, the software they use should be geared towards your particular commercial property type, and supply you with the information you need to make sound decisions.
There are several commercial property management software programs on the market, and having a clear understanding as to what each provides, and how they would benefit you will go along way when selecting the proper company to manage your investment property.
One of the more popular commercial property management software programs on the market is Yardi whom provides software in the management of over eight million multi-family units and sixteen billion square feet of commercial space. One of Yardi platform is Voyager.
Yardi is considered the global leader in asset and property management software. , and has a proven track record spanning over 28 years. Yardi has been designing, and developing innovative management software such as Yardi Voyager™ which is described as a “fully-integrated, web-based, enterprise management system designed for property owners, managers, and investors in global real estate markets”. Yardi Voyager™ software is an extremely flexible and highly sophisticated platform that can be used in the management of many types of commercial properties including; office, retail, industrial, multifamily housing, affordable housing, senior housing, public housing, and military housing, making Yardi Voyager™ one of the preferred property management software platforms by commercial real estate professionals. In addition to providing an extremely flexible platform, Voyager allows you to view every aspect of your enterprise in real time through a transparent system. In addition, Yardi offers its susribers with 24/7 web access, and is available in multiple currencies, languages and accounting methods.
If there is one knock against Yardi, is that their software platform can be considered extremely difficult to use for novices, and will require users to participate in one of the many courses Yardi offers to properly use their commercial property software platform.
Another commercial property management software company that has been extremely innovative and represents the possible future in property management software is Appfolio. Since Appfolio’s inception in 2007, the company has brought several innovative advancements to commercial property management software with an easy to use platform.
AppFolio which is considered the next generation in property management software is a web-based property management software platform that allows multifamily property managers to be more effective in the management of income. Unlike Yardi, which is mostly considered a property management and accounting platform, Appfolio’s online property management software includes complete accounting and property management functionality along with the ability to email work-orders, owner statements and resident communications. In addition, Appfolio’s integrated marketing feature allows users to post vacancy ads to Craigslist, website and hundreds of sites on the Internet. Professional websites are also offered and included as part of your monthly fees.
As you can see there are great differences between Yardi & Appfolio property management software platforms , and subscribers need to do several things prior to choosing one over the other. There are a few things you can ask yourself when choosing the right property management software.
- Vendor – Does the vendor have the long-term vision and stability to support and improve the solution for years to come?
- Technology – Is the technology (operating system, development platform, database) on which the solution is based moving forward? Does it have any support behind it?
- Support – Does the software have local support from a reputable firm? Or do you have to call into a support center for technical support?
- Flexibility – Is the software flexible enough to allow for your specific business practices? Can it automate rote tasks?
- Integration – Is it truly an integrated solution for both property management and business management in one system? Can it handle other lines of business outside of property management?
As previously discussed, choosing the right property management software is as important as choosing the right property management company to handle the daily operation of your commercial real estate investment, and making the proper decision today, will benefit you tomorrow.