subject: Looking For Property Management Software? [print this page] Let us say you have a spare room and are looking for some additional income. You could keep track of the costs and income in a notebook. Or, you could try to use your current banking setup to handle funds. But whatever you do, you are doing management. So, there is an app for that. It is called property management software, and it can keep you sane and out of trouble.
One of the issues related to renting out a room or a house is keeping track of expenses. Having a dedicated bank account will help keep you honest. Knowing a bit about the hidden costs of renting is also worth investigating. There are pitfalls that you may not have considered.
Deciding who to rent to can be a problem. But at minimum you have to get an application that contains verifiable information. This is as important as the separate bank account. Want to rent to relatives? You are on your own for that decision. Just get the application filled out.
If you plan to include students and other less than a year renters, then turn-over can be huge issue. Students can be a blessing or a curse depending on what sort of student you find. Now the equal opportunity rules begin to come into play. Age, gender, race etc. Are all areas that have legal rights that you dare not mess with.
The sort of application you require will help you sort out probable renters. Do not fail to require an application, no matter how well you think you know your candidate. Be certain that the phone numbers, emails and references really exist. Make sure they are not just paper tigers waiting to bite you when the renters depart.
Tracking expenses and income is simpler for one room and gets crazier and crazier as the number of units increases. There are software packages that can keep your books and records in order. These can be state specific and have federal tax requires as well. Printable forms are commonly included.
Some packages are web based and accessible from any computer anywhere. If you travel a lot or use more than one computer, this option becomes really helpful. Just like on-line banking, on-line rental management software is there when and where you need it.
When it comes to property rental, organization is the key to your sanity. If you can manage with a notebook and hand held calculator, go for it. But should you seem more like the rest of society, a little property management software can go a very long way indeed.
