What is a Property Management System?
A property management system is a computerized system that facilitates the management of a variety of rental properties and/or commercial properties, through a piece of software. Most of the property management systems popular today are software-as-a-service (SaaS) models and feature web and cloud-based technology. Many are priced on a per property basis for a nominal fee per month. These computer systems have replaced the old-fashioned, tedious hand method that was hugely time consuming and had the potential of being open to significant amounts of human error.
Commercial property management systems allow local property managers to manage all the day-to-day operations of their properties; from automating communication with tenants, renters, cleaning/inspecting crews, owners, and other partners, to easily arranging and tracking property maintenance, to satisfaction surveys after a rental is completed. A commercial property management system is a key component of the business decision-making process. Historical data is stored and presented quickly and easily to allow review and analysis.
Property management systems can be used to automate the operations of a hotel, bed and breakfast, apartment complex, commercial office space, and vacation rental homes. These systems process reservations, check-ins, and check-outs, with many of the individual tasks automated. Automating the process eliminates the threat of double bookings, over bookings, and issues with timely payments.
A property management system can also help a property owner with the organization and storage of tenant-landlord agreements, rental contracts, maintenance contracts, and information needed for tax documentation.
Property management systems can be an effective tool for large management companies and individual property owners as a cost effective way to efficiently manage their holdings.
About the Author
John Amato is the founder of Bookerville LLC, and has been heavily involved in the vacation rental industry for over five years.
Bookerville Vacation Rental Software easily and inexpensively manages 1 to 1000’s of properties. Over $40 million dollars worth of rental bookings have been completed through Bookerville. The company offers a free 30-day trial of its vacation rental software. Have questions or want more information? Contact John Amato at Bookerville today.