An Overview of Property Management Software Functionality

Property Management Software is designed to manage the risks and responsibilities of maintaining a real estate portfolio, allowing businesses to minimize occupancy costs and improve operational efficiency. A comprehensive Property Management Software system will typically offer a range of features to streamline the property management process, including:

Property Database
This is a centralised repository for managing property information, e.g. leases, tenancies and ownership. Property management software typically allows for the creation of automated
alerts to ensure that key events, such as lease expiries, break clauses and rent payments
are not missed. Property management software is often customizable and configurable to
reflect different real estate ownership structures, for ease of management and reporting.

Reporting
Property management software should offer flexible reporting which allows system users to
create tailored views of a property portfolio to suit unique business requirements, in order to streamline day-to-day property management activities. This means that high level property
information can be viewed, configured and maintained within the property management
software.

Diary Management
Property management software functionality typically offers the capability to enter diary
entries against lease or rent agreements. This enables automated notifications to appear in
the property management software system when a lease expiry or rent review approaches.

Document Management
It is essential that the property management software provides the ability to attach electronic and scanned documents to the different entities within the system. This ensures that theproperty management software becomes a comprehensive repository for all property
information.

International Capability
For multi-national businesses, property management software should be able to support multiple time zones, in order deliver effective property management across geographic borders. The property management software system should also support customization into different languages, to allow organisations to operate the system in the business language(s) of their choice.

Integration with Facilities and Space Management Software
By integrating property management software with Facilities, Space and Bookings management software applications, businesses are able to leverage a complete technology solution for the effective management of the built environment.