Real Estate Bookkeeping

TOP 10 BENEFITS OF OUTSOURCING REAL ESTATE ACCOUNTING SERVICES

Posted on 04/11/2022

Outsource Real Estate Accounting is focusing on the major operations of your real estate business rather than on tiresome office duties that will directly affect the growth and development of your company. Because the real estate industry is so diverse, it’s important for you to continually monitor market developments and how they may affect your company’s assets.
The real estate sector now presents a very difficult operating environment. As real estate demand changes, margins are evaporating and the future is uncertain. In addition to providing clients with short- and long-term financial and time savings, comfort and security, outsourced cloud accounting safeguards and supports a company’s assets and business goals by hiring a real estate accountant.

Are there property accountants near me? An accountant who specializes in purchasing and selling real estate is known as a “property accountant.” Many real estate accountants handle a variety of tasks, and some even assist in managing or leasing properties.

The elements include adjustments to real estate regulations, the nation’s economic downturn, and the political climate, among others. As a result, you must always maintain your attention so that you don’t miss any opportunities to profit from the business.

You can maintain track of the real estate market by choosing to outsource your real estate accounting. You should hire outsourced real estate accounting services that can analyze your data and guide you toward better decisions.

How can I outsource my real estate accounting?

Back-office duties that don’t need you to make any actual decisions should be the last thing on your mind when you work in the real estate industry. Giving these duties priority will simply divert your attention from your essential responsibilities, which directly affect the expansion and development of your organization.

Because of how unstable the global real estate market is, this profession requires your constant full attention. Your core commodity, land, can change in price for any reason, including an economic downturn, an election, or even a terrorist strike.

Therefore, each missed opportunity to capitalize on business prospects might harm the development of your business.

When outsourcing your real estate accounting, remember to:

1. Consider your alternatives.
2. Submitting revised reports
3. Choose your services.
4. Review the agency’s software.
5. Verify data security protocols

So what advantages does outsourcing provide for property accounting in particular? Here are the top 10 advantages of using this solution:

  • Mitigating risk and enhanced performance to concentrate on your business

By entrusting a staff capable of providing specialized attention to particular risks rather than handling them internally, clients add an additional layer of safety. The client’s own personnel may focus on their core strengths by shifting the accounting tasks to an outsourced team. When a business optimizes and automates as many of the daily, weekly, or monthly processes as feasible, operations may be made more efficient.

  • Standard Team of Experts

The largest issue in real estate is finding knowledgeable and experienced people, which is essential to success and development. It’s crucial to identify a capable group willing to support and advance your objectives. Because they are aware that the team maintains current compliance problems, an outsourced cloud accounting team helps customers feel at peace with their accounting books and records.

A corporation may allocate anywhere between 40 and 80 percent of its overall income to employee remuneration. Lower operating expenses provided by outsourcing can result in considerable savings for our clients.

Payroll, payroll taxes, and full-time employee benefits may all be eliminated by outsourcing. Regular duties are carried out by skilled, knowledgeable staff while upholding the highest standards of accuracy and customer service. This allows your staff to concentrate on the business and lessens the negative effects of any internal accounting department turnover.

  • Savings on several fronts

This covers payroll and benefits, training, turnover, and other human resource-related costs, as well as audit and tax season costs, assuming you don’t require full-time employees. Numerous accounting and bookkeeping tasks take time. By outsourcing such duties to professionals, internal workers can concentrate on providing essential services and carrying out their goals.

  • Save money

Of course, outsourcing will enable you to reduce the amount of money your company must spend on internal accounting employees. Accounting outsourcing services are easily accessed by paying the service provider a set sum all at once when the task is finished. This will save you money on:

  1. Hiring and educating internal personnel.
  2. Frequent updating of accounting technology.
  3. Paying for benefits like wages, insurance, paid time off, and payroll taxes.
  4. Installing infrastructures such as computers, tables, and chairs.
  • More aid for projects with a specialty

Customers get individualized access to subject-matter specialists and resources that are not otherwise available internally. Clients may take benefit from having access to our knowledge and abilities, giving them a stronger competitive edge. The Outsourced Cloud Accounting team may handle specialized tasks and projects, such as software conversions, TC-201 filings, and RPIE filings. The personnel of a client may feel overburdened by these specific activities, which might impede development.

  • Tax consulting that is knowledgeable

Few businesses have the necessary tools to manage their own taxes. It might not be sufficient to see a tax preparation professional once a year. In contrast, outsourcing is a long-term collaboration that uses an in-depth knowledge of your finances to provide qualified tax guidance as needed.

  • Professional accountants and bookkeepers

A professional with more experience could be available to you through outsourcing at a reasonable cost.

Companies that provide outsourced bookkeeping and accounting services must continually raise their bar in terms of education and experience if they want to maintain market dominance.

Imagine having 50 employees share one office. They can readily communicate new accounting techniques, approaches, and technologies. Additionally, excellent accounting firms have continuous participation and more broad access to training and courses.

Additionally, hiring an accounting firm as your outsourcing partner gives you access to their staff of accountants. For instance, Velan Services offers a team of accountants to the firm for a set fee. Not just one person to handle a variety of jobs.

  • The use of technology

You can get access to technology through outsourcing; otherwise, it would be quite expensive. You don’t have to buy and utilize professional accounting software in order to profit from it.

Technology also greatly simplifies the entire outsourcing process. The outsourced firms are able to provide real-time changes on transactions and immediately take them into consideration. They can expeditiously simplify processes thanks to these cloud-based services.

These businesses can rely on technology for data protection.

  • Client Contentment

Client satisfaction can also be increased by entrusting your accounting to our reputable accounting firm. Your cash flows and internal procedures will be streamlined if you have a team of experts to handle your accounts. Additionally, this will free up resources that you can use to develop and enhance your customer relationships.

  • Modern automation techniques

To save time, the majority of organizations employ accounting automation software. In addition to saving time, it also lowers the danger. Accounting automation reduces human errors. Second, real-time reports are sent to accountants via automation software.

They aid in identifying possible issues and fixing them quickly. Additionally, it will lessen the likelihood of internal fraud. The majority of accounting service providers have extensive experience in using automation tools like Quickbooks, Sage, Appfolio, Xero, Microsoft Dynamics, SAP, Buildium, and others.

You are squandering time and money if your accountants are still exclusively using Excel files.

When to Consider Hiring a Professional for Your Bookkeeping and Accounting:

Our experience with various businesses has shown that outsourcing bookkeeping and accounting often works best when:

  • A small company requires someone with more abilities than the office manager or receptionist can offer, not a full-time bookkeeper.
  • Any small business cannot afford to hire a full-time worker with the necessary skills.
  • A developing business is constantly seeking ways to scale its bookkeeping and accounting operations.

Temporary services are required, for example, if extra assistance is needed with end-of-year reports, a full-time employee is taking a vacation or maternity leave, etc.
While approving bills, making payments, reviewing timesheets, etc., someone often the executive director will still need to be involved in the process even if you hire a professional and qualified person.

Is this the right moment for your business to begin outsourcing?

Are you curious to know how choosing an outsourcing accounting service may help your business? Any demands you may have regarding the implementation of outsourced accounting services may be met by the team of outsourced accounting experts at Velan Services.

  • We are familiar with the nonprofit accounting environment.
  • We are aware of the difficulties faced by nonprofit organizations.
  • For businesses like yours, we create and implement specialized programs.
  • We are constantly ready to address concerns, respond to inquiries, and guide you and your personnel through challenging financial and accounting situations.
  • Our goal is to become an essential member of your team and your valued counsel.

Topics: Real Estate Bookkeeping


Bookkeeping Services For Real Estate | Agents | Investors

Posted on 12/10/2022

Bookkeeping Services For Real Estate & Property Management Firms:

The money you bring into your bookkeeping services for the real estate business is highly significant. You have to get money from several sources, such as buyers, sellers, investors, and more. Not just that, there are daily transactions with the sellers, people you buy property from, and other entities.

You must be careful how you manage your funds and where the money goes. Not tracking how your business operates its funds can be confusing, especially when trying to keep yourself from losing control of your wealth. A common question that surfaces are how to do bookkeeping for real estate. Well, here is where you can find the fit for you.

Accounting helps you keep control of your finances as it records all the financial transactions that go through your business. It would be best if you saw that you have a plan for everything you want to complete and know what you will do. Our team at Velan will help you support your financial needs by providing the real estate bookkeeping services you need.

Tables of Content:

  1. Why Do you Need Accounting for Your Real estate Business?
  2. What is Property Management Bookkeeping?
  3. More About Bookkeeping for Real Estate Investors
  4. Bookkeeping for Real Estate Agents: Preparation for Tax Purposes
  5. Few FAQs to Help You!
  6. Benefits of Virtual Bookkeepers for Real Estate
  7. Why Choose Velan For Remote Bookkeeping Services For Real Estate

Why Do you Need Accounting for Your Real estate Business?

Real estate accounting is a practice where a person enters financial data about a business. The accountant enters the data into an economic program to track what the company does and how it earns and spends its money. Accounting which can also be termed real estate bookkeeping is the record of all financial transactions carried out by a business. Totals can include anything from sales and payments to purchases. Commissions and other things can also be recorded. The accountant can record everything in financial terms.

Get Reports Saved by Date, Property, Client, and Other Important factors.

The accountant can work with any number of input fields. It involves ensuring that there are records of all financial transactions. This includes paper or digital documents. There should be such records for everything in a ledger. Bookkeeping for realtors helps keep track of what the business is trying to acquire, and support is critical and can help you formulate strategies for future growth. You can get enough detail about everything that works to see that you are in control of everything you want to manage.

What is Property Management Bookkeeping?

Your finances are complex, and you may find it challenging to maintain them independently. Bookkeeping services for real estate businesses can help you see your finances, no matter where you get those numbers. You have enough details, so it’s always worth having a plan who can cut through all these things and give you the help you require.

More About Bookkeeping for Real Estate Investors:

Your real estate accounting department can look into many forms of data. You can ask an accounting team to help you collect data on:

  • Goods at cost price
  • Commissions and other sources of income
  • Expenses for marketing, maintaining the property, paying employee salaries, and anything else you owe
  • Payroll functions, including checking how many people could earn and at what rates.
  • Management fees
  • Taxes, including fines or other penalties you may incur
  • Accounting real estate

You may have other types of income, expenses, or things you need to manage. To use QuickBooks for real estate agent bookkeeping to manage your finances and your property accounting processes.

Bookkeeping for Real Estate Agents: Preparation for Tax Purposes

Another part of offshore real estate bookkeeping is how it works for tax purposes. You need to keep track of your income and other financial issues to make sure you can manage your taxes. You need to provide accurate information about your expenses, income streams, and everything that goes in and out of your business.

Failure to provide accurate financial information to an accountant for tax purposes will result in an inaccurate report. You may get caught up paying more tax than necessary or not getting all the taxes you want back. Getting subjected to tax penalties is a common norm if you don’t record your information well enough. Have professional real estate property bookkeeping services on hand to help you with your taxes

Are you ready to start?

What Makes bookkeeping for a real estate company the answer to all your accounting questions? Professional Real Estate Bookkeeping Services can help you keep track of your finances and help you understand your finances. The need for accurate results to ensure you have more control over your finances.

Few FAQs to Help You!

1. Accounting Helps You Evaluate The Performance Of Your Business.

With the help of outsourced real estate bookkeeping services, you can use your accounting to see how well your business is doing. You can get insight into how your business is performing based on your revenue and how you use those funds.

2. You Can See How Well You Are Sticking To Your Tasks.

Do you use your funds for the projects you want to carry out? Are you spending more money on certain items than necessary? Maybe your payroll is out of control because employees are working overtime to work on projects. Accounting by a real estate bookkeeping firm helps you check how well you manage your tasks and lets you know if you are doing things right or need to make changes.

3. By Bookkeeping For Real Estate Brokers, You Are Preparing For Tax Season.

Tax season can go smoothly if you hire the right people to support your job. Your numbers are easy to use if you have a chart of accounts. See how much you spend and find a work plan you can go with.

4. Track Your Cash Flow To See If You Have The Best Bookkeeping For Real Estate Brokers And The Right Plan.

You must ensure a proper cash flow where your income exceeds your expenses. Charts of accounts help you organize your finances and see how well you spend your money.

Benefits of Virtual Bookkeepers for Real Estate:

In addition to knowing where your business is and helping you plan for the future; good bookkeeping has other benefits.

Measure individual performance.

Good accounting can clearly show the performance of individual team members. If your goal is to create a real estate utopia where every team member has their heart’s desire, you will reward great successes—the first step to a rewarding performance by localizing it.
Measuring the performance of your promotional activities

As an investor, you not only want to see the big picture of how you are doing, but you also want to know how each property performs. Good accounting services by Real estate bookkeepers for real estate investors will provide these answers. Measure the ROI of the marketing project, along with practical accounting, can help you determine which marketing tactics produce the best return on investment.

Be prepared for your Taxes.

If you haven’t kept up with your accounting, chances are you won’t have all your paperwork to hand as your tax deadline approaches. Instead, you spend the last few weeks playing catch-up as your core business suffers. If, on the other hand, when your real estate accounting system is in order, you don’t have to rush to look for the correct documents only when the tax return expires. Instead, you are already prepared. Organized books will speed up the overall process of the business, and a real estate bookkeeper can help you keep up with the fast-paced world.

Improve cash flow and payments.

The accounting department informs you of your progress so you know immediately if a tenant has missed a payment. With a real estate bookkeeping chart of accounts, stay informed about your accounts.

Maximize opportunities.

Finally, you can maximize your savings and earning opportunities. Flawless bookkeeping services for real estate can help you identify opportunities to maximize revenue and reduce costs.

Find real estate accounting services.

You probably imagine you have to pay a lot to get all these benefits, but you don’t want to spend a fortune on a real estate bookkeeper near me. After all, you want to be sure that you can reward the producers on your team well while still having money to invest in real estate. And you’re in the business of making money.

Why Choose Velan For Remote Bookkeeping Services For Real Estate?

General Accounting

  • Journal entry processing
  •  Balance sheet reconciliation
  • Fiscal Period & year-end GL closing
  • Consolidations/ eliminations
  • Budgeting
  • AP and AR

Accounts Payable

  • Billing – Tenant & others
  • Invoicing – Customer
  • Credit & collections
  • Tenant inquiries
  • Fiscal Period & year-end closing
  • Financial Reporting – gauge performance

Avail of these and a plethora of real estate bookkeeping software services to maximize profits and track your growth!

Topics: Real Estate Bookkeeping


Here Are The Reasons You Need An Outsourced Real Estate Bookkeeper

Posted on 23/09/2022

Outsourced Real Estate Bookkeeper: Running a real estate business is no small task, even if it is a small business. You have to deal with multiple clients demanding your full attention on top of regulation compliance, market volatility, internal operations, and a multitude of other responsibilities. One of those responsibilities that can add significantly to the difficulty is the management of financial transactions.

Pinning down exact numbers for multiple property transactions in a dynamic and highly-regulated environment while seeking to profit and save on taxes requires the deft touch of a capable professional. Such an expert can be found in an offshore real estate bookkeeper service agency. They perform a multitude of financial tasks for your business to keep it in line with regulations while assisting you with financial responsibilities beyond mere bookkeeping.

Tables of content:

  1. The Differences Between A CPA And A Bookkeeper

  2. The Benefits OF Hiring An Offshore Real Estate Bookkeeper

If your real estate business needs an outsourced real estate bookkeeper but are unsure about the benefits they bring to the table, and how they differ from a CPA, then this article is for you. Continue reading to learn more about how they can increase your ROI and brand value in the market.

The Differences Between A CPA And A Bookkeeper:

You may be wondering about the need for a Certified Public Accountant (CPA) with a bookkeeper already present. The reason is that while their job profiles may overlap in some areas, the two roles are vastly different.

A CPA can be considered a superior role compared to a bookkeeper as they carry out more responsibilities than the latter. An outsourced real estate bookkeeper, for instance, cannot perform the following duties that a CPA can:

  • Prepare audited financial statements for group investors
  • Represent an investor at an Internal Revenue Service (IRS) audit
  • Sign tax return and audited financial statement
  • Can provide financial advice in matters beyond the scope of a bookkeeper

While CPAs perform multiple functions, they come at a premium. You should decide if you need to hire one based on your requirements. Most firms providing real estate bookkeepers also have CPAs in-house for hire. Unless you have large tax filings and group investment management needs, a bookkeeper is who you should hire.

 

The Benefits OF Hiring An Offshore Real Estate Bookkeeper:

The real estate business by its very nature involves the movement of large sums of money and client confidentiality clauses. Thus, it may be instinctual as a real estate business owner for you to go with an in-house hire for your bookkeeping needs. And this is not without its merits either, since it means you get to have more control over those matters and the person.

However, the benefits offered by in-house bookkeeping for real estate are dwarfed by the disadvantages they bring along with them.

  • The hiring process can prove expensive and delay your work.
  • The bookkeeper may not be up to the job, requiring firing and re-hiring, all of which add to the time and other losses.
  • You need to invest in their equipment and office space
  • Quality bookkeepers come with high salary demands that can eat into your budget
  • It’s nearly impossible to get the required number of bookkeepers during high demand, and your present hires may not be able to keep up with the demand. This leads to delays and subsequent losses.

The better option is to go with outsourcing, especially offshore, as it offers multiple benefits. They can counter the downsides of in-house hiring while meeting all your requirements.

  • You Save On Expenses

The financial aspect of a real estate business is extensive, involving rigorous monitoring of multiple income and expenditure sources. The sums of money to monitor is also large, meaning a lot of work is needed to ensure the accuracy of the highest order. Such high-quality work is only possible by an experienced professional who comes at a high price.

With an outsourced real estate bookkeeper, however, you needn’t worry about losing much of your budget. The outsourcing agency brings cost reductions via the economy of scale. They will have many professionals working for them and numerous clients too which distributes the cost and brings down the price for you.

The services also tend to be offered by clubbing them into packages, each containing a different number. Some of these can be customized to your specific requirements too. Such categorizations also help in bringing down the costs. They also perform the job remotely in most cases, saving you the need to spend on office space and equipment.

By far one of the most important measures that help reduce bookkeeping costs for your business is the presence of the outsourcing business in a different country. If you get a bookkeeper from a developing country, you get to enjoy the savings brought about by currency exchange values while not compromising the quality of work. They will also be familiar with the local market regulations and idiosyncrasies, helping to prevent losses from failing to go along with them.

Thus, the cost savings gained is one of the top reasons businesses go with an offshore real estate bookkeeper for their accounting needs.

  •  You Save Time

The speed and accuracy of your financial management directly impact your ability to list properties on the market in time. Your bookkeeper should be able to finalize the necessary calculations in time for you to make critical business decisions at the most opportune periods. DIY bookkeeping and in-house hiring can both hamper these prospects as they introduce delays.

Get yourself an external bookkeeper from a reputed agency and you can forget about such delays. With a combination of their experience, expertise, numbers, the use of the latest tools, and other factors, the outsourced real estate bookkeeper delivers flawless accounting in record time. This turnaround time helps you maintain low time-to-market figures, helping you attract customers before your competition.

  • You Ensure Compliance

The real estate industry is filled with regulations, covering every aspect, from property conditions to the realtor’s taxation. You cannot afford to fail any of them if you don’t want brand value and monetary losses. But keeping up with them is also a challenge, especially if your operations are large, and involve properties across borders. It, thus, falls on the bookkeeper to ensure that all financial regulations are adhered to constantly.

Outsource bookkeeping for real estate and you will ensure that your books are in line with all applicable regulations. This is because the bookkeepers constantly update themselves about prevailing taxation and other laws governing their practice. Their years of experience mean that they can identify compliance issues in no time and introduce appropriate solutions for them, saving your business from getting into trouble with concerned authorities.

  • You Prevent Financial Mismanagement/Frauds

Doing your bookkeeping yourself could lead to scammers taking advantage of your inability to scrutinize your finances constantly. You may not have the experience to spot discrepancies before their impact. In rare cases, an in-house bookkeeper may work against your interests and participate in fraudulent activity. The blow you receive when their plans come to fruition can devastate your business for good and harm your customers.

Read More: Top Real Estate & Property Management Software 2022

Using an offshore real estate bookkeeper, you introduce the necessary competence to detect such fraudulent activity and preempt the mismanagement of your finances. The distance between your business and the remote bookkeeper means that there is no chance of the bookkeeper getting involved with defrauding your agency. Thus, you ensure the safety of your business transactions and keep your customers’ money safe.

  • You Get The True Picture Of Your Finances

With big numbers per transaction, and many such transactions occurring regularly, it’s easy to lose sight of the overall state of your business’s finances. This is especially true if you’re doing your bookkeeping and are not experienced. You can lose sight of the business’s financial picture as you tend to your other responsibilities, and this is never a good development.

With an outsourced real estate bookkeeper helping you, the picture looks different. They can consolidate the entirety of your financial status in a tidy and comprehensible report that provides a clear picture of the same. You also don’t have to deal with unwanted quantities of paperwork for the same. It helps you avoid mistakes like the overpayment of taxes and aids in the planning of your business’s future direction.

  • You Gain More Time

The lack of financial responsibilities on your shoulder, or even that of managing a team of in-house bookkeepers, means you get more time to concentrate on the core functions of your business. You and your employees gain a stress-free environment that’s conducive to increased productivity and high employee retention rates. The accuracy guaranteed by outsourcing bookkeeping for real estate means you free yourself from related worries too. You can strategize and organize your business better as a result.

Conclusion:

A realtor’s life is one of tense anticipation while waiting for a deal to lucratively materialize, and multitasking to manage various aspects of the business in the meantime. You don’t need the stresses that come with bookkeeping to add to those. Hire an offshore real estate bookkeeper and you need not concern yourself with stressful real estate financial management problems. You can look forward to an efficiently run business and error-free accounting that gives high ROI and helps build your brand’s reputation in the market.

Topics: Real Estate Bookkeeping


The Top Real Estate & Property Management Software You Should Know About In 2022

Posted on 22/07/2022

The digital age has revolutionized every aspect of daily life, including how people go about conducting real estate business. Top Real Estate & Property Management Software with an exhaustive set of features has replaced traditional property management activities, saving all parties involved time and money. Property management bookkeeping software also brings increased transparency and trust to transactions with the added convenience of having all necessary information in one place. It is not surprising that the property management software market stood at USD 3.04 Billion in 2021 and is anticipated to register a CAGR of 5.6% by 2030.

Tables of Contents:

A market with such high growth potential is bound to attract multiple industry players to seek their share. And that is the case, making it a tough decision to choose the right one for customers. The numerous products come with lots of features, requiring you to thoroughly scrutinize them for their capability to fulfill your needs before purchase. Today’s advanced software can automate many functions of real estate and property management like

    • Important Property Document Management
    • Accounting and Other Financial Operations Management
    • Tenant/lessor Management
    •  Rental Applications Screening
    •  Property Maintenance
    •  Inventory Tracking
    •  Marketing and Advertising Properties For Sale/Rent
    •  Facilitating Various Modes of Communication Between Concerned Parties

  •  Ticketing Fault Reports

Some other factors to consider before opting for a real estate management system are its pricing structure, underlying technology (such as cloud capability), how easily you can navigate its UI, and how well it can integrate other applications into it (like with project management software), geographical limitations (whether it covers local market only or international ones too), quality of customer support, and its mobile and web app user experience.

Here’s a look into the many popular property management systems of 2022, including each one’s pros and cons. Associated finance management software is present as well.

Buildium:

This is perhaps the first name anyone in the property management software market hears. Such is Buildium’s market positioning and value, earning the Best Commercial Property Management Software title.

Buildium is a cloud-based platform that provides several functions related to property management, real estate business operations, property and personal accounting, and leasing tools. Its easily navigable user interface enables you to access all vital functions with a few simple clicks/taps, whether on its mobile app or web portal.

The functions include property deals documentation approval, management of different communication modes between concerned parties, accounting, maintenance management, vendor and third-party services management, multi-property type portfolio management, related data analytics and reporting, community association management, etc.

Pros:

  •  Brings all real estate/property management functions onto a single platform. The list of options here is exhaustive.
  • 24×7 customer support
  •  Free trial for 14 days
  • Tailored to support Small and Medium-sized businesses
  • Anywhere availability due to cloud-based structure
  • Supports Windows, Mac/iOS, and Android OS and integration of many applications
  • Easy pricing structure with each plan covering Accounting, Maintenance, Tasks, Violations, Resident & Board Member Communications, and Online Portals.

Cons:

  • Expensive for individual users as it is for commercial users.
  • The Basic Plan only covers ticket support and not even live phone calls.

Appfolio:

Another popular real estate management system, Appfolio describes itself as a real-time property management solution. The platform seeks to streamline the usage of cloud tools for property managers with access to business metrics, multi-party communication via various channels, property maintenance tracking, and aiding vacant property advertising on the internet. Its rental support features include screening potential renters, processing rental applications, online rent collection, mobile inspections, the ability for renters to request maintenance requests, and a dedicated portal for owners to access reports and other statements.

Pros:

  • Reduces administration time by including all properties of various types on a single platform.
  •  Multiple communication channels for all stakeholders involved.
  •  AI support for automating tasks completely or partially
  • Strong emphasis on business metrics; is data-driven.
  • Owner’s portal for easier rental management
  • Real-time monitoring of properties and quick updates
  • Supports easy advertisement of properties in the market

Cons:

  • The focus is solely on property owners and managers, with a minimum property unit number being 50 for its basic Core plan.
  •  Is expensive as every property unit carries additional investment along with a monthly charge for each of the two plans-Core and Plus.

Hosthub:

Formerly Syncbnb, Hosthub was created to support owners and property managers dealing with short-term vacation rentals. This unique rental property management software isn’t a full-fledged one like the others on this list. Instead, it helps synchronize your listing calendar present across various booking sites. It updates your calendar in real-time and comes with a guarantee of avoiding double bookings. Hosthub wants you to use it as an add-on to your existing software to reduce manual labor, double bookings, and other issues for your many properties.

Pros:

  • Simple, lightweight, and easy to use UI across mobile and web
  • Allows you to build your booking website with a fully integrated booking engine.
  • Supports over 200 channels
  • Savings increase for every added property if you go with its annual plan.
  • Has a 14-day free trial
  • Is a cloud-based property management software

Cons:

  • Does not offer full-fledged property management features
  • The need to use other platforms for the missing features can increase your overall expenses.

Yardi:

Yardi Voyager is the epitome of an exhaustive and comprehensive cloud-based property management software. It goes above and beyond that by stocking features in its service, with its USP being a long list of affiliate and subsidiary companies. You can manage all property types across locations. It has all the usual bells and whistles you can expect from such a service provider, including leasing management, realty operations management, workflow automation with AI support, data analytics and reporting, etc.

Its other notable features include centralized data access through its web-based dashboard, real estate accounting, compliance management, resident documentation and screening, and more. There’s also customization and third-party app integration. With its affiliates, it provides storage services (StorageCafe), an eCommerce site to shop for home and office supplies (Yardi Marketplace), property news (Multi-Housing News), etc.

Pros:

  • End-to-End real estate and property management across portfolios
  • Individual affiliates facilitate Ala Carte-style usage of required services without going through the primary service.
  • Plenty of documentation templates to choose from for all property usage situations.
  • Works well for small, medium, and large property management agents.
  • Secure accounting software for property investors and realtors, with PayScan automated invoice scanning and payable accounts workflow personalization.
  • Easy integration with multiple third-party applications and data transfer.

Cons:

  • Unintuitive and laggy user interface due to its web-only access. No mobile app.
  • Can be expensive, especially if you add affiliate services.
  • UI requires a steep learning curve to manage successfully.
  • Poor, unresponsive customer support.

Re-Leased:

Re-Leased is a residential and commercial property management software that is focused solely on leasing. It is a cloud-based, AI-driven software platform that covers all kinds of commercial properties like industrial, office, retail, and mixed assets. It provides a dashboard that works as a central hub for many related functions like property maintenance, task delegation to team members, collaboration, tenant communication and management, issue resolution, etc. This platform’s USP is its ability to integrate Google Calendar, Outlook, Microsoft 36, and other office applications. It is also known for the easy integration of Xero and Quickbooks bookkeeping software for realtors.

Pros:

  • Suitability for a range of property portfolios in the commercial space, including rental-residential.
  • Excellent third-party application integration, especially for real estate bookkeeping.
  • Ability to add any number of properties by paying per tenancy
  • Available on computers and mobile devices via web and app.
  • Stores data using enterprise-level security.

Cons:

  • Pricing can only be known by contacting the company.
  • Focus on the commercial side of real estate.

Honorable Mentions

MRI

Established in 1969 as Qube Global Software, MRI has an illustrious history of delivering comprehensive property management software support to enterprises. It boasts over 10,000 clients worldwide and works for commercial, residential, mixed-use, and student accommodation assets. Its vast feature set includes billing and invoicing, lease and rent-related function management, tax management, landlord and tenant database, rent tracking and transfer, insurance management, property maintenance and expense tracking, late fee calculation, etc. The downside is that you must contact the company to know the pricing.

Condo Control Central

This real estate management system is special because of its astute attention to detail. It offers the usual exhaustive list of property management functions as features like others in a dedicated management panel that you can customize and automate. But along with that, you get to log deliveries to your properties, manage resident parking permits, access incident reports, important records, and entry requests with heightened security features embedded into it. You can even send push notifications about your choice of events to your properties’ management staff, external service providers, clients, etc.

In Conclusion

Whether the property market is going up or down, you need to have a good property management system to keep your real estate and property management functions in order. You can decide on the best one for your needs by considering their features and benefits along with their drawbacks to gain a comprehensive picture of their suitability. While it may take a while to master using some of these, it will pay off in the long run with efficient and transparent property management, yielding high ROIs for many years

Let a professional real estate bookkeeper handle your books.

Topics: Real Estate Bookkeeping