The Top Cloud Property Management Software Systems
Many startups and established real estate companies often make the mistake of underestimating the power of numbers. As a result, many businesses continue to operate without knowing the real value of their operations. However, for any real estate agent, accounting is an essential part of a successful real estate business.
Using cloud based software has several advantages over off the shelf packages. Automatic updates, pay as you use mode and it should be cheaper as you have less requirements for in-house software admin personnel. Savings can also be made on insurance my comparing options available. Currently, if you own more than one property, check out multi property landlord insurance or if you are in the buy to let market check out specific buy to let insurance deals.
Instead of investing tons of capital in accounting firms, real estate companies can choose to use management software. The top cloud property management software systems that brokerages can benefit from are listed below.
Realtyzam is cloud-based real estate accounting software that is typically used to manage revenue and track expenses, providing insight into the financial health of a business. It allows real estate agents to track their income while keeping an eye on marketing and listing fees, commissions as well as brokerage fees.
It is also very handy for generating reconciliation reports and filing income tax returns at the end of a fiscal year. Realtors also use it to track conversion rates on a monthly or annual basis as well as to get productive insight into leads during a given time period.
Realtyzam is available on desktop and mobile platforms, and offers a fixed monthly subscription for Android and iOS users.
2. Back Office for QuickBooks
Back Office is a QuickBooks solution specially developed for real estate professionals. It also provides a strong real estate accounting software which allows broadening its scope. Back Office allows users to track sales, referrals, and commissions, helping businesses manage their cash flow. It also allows users to manage sellers, buyers, and escrow accounts, which helps create a lean management process.
Back Office also has very good integration with QuickBooks, which is one of the best accounting software on the market for real estate agents.
Xero is another cloud-based real estate accounting software that allows you to manage your business accounts remotely. This application allows users to easily track invoices as well as input and output taxes from a PC or mobile application. It also integrates with your bank accounts, so you can pool your expenses. Xero also comes with a payroll processing function so that it can automate the monthly payroll process.
Cloud-based accounting applications such as Xero allow users to synchronize data with accountants, keeping businesses running at peak performance. Xero is particularly useful for portfolio management as most of its functions are automated and can be easily managed remotely.
Also, like Back Office, Xero can be integrated with QuickBooks, which allows you to sync data between Xero and QuickBooks.
4. Sage 300 Construction and Real Estate
Sage 300 is a construction and property management software solution that brings together different aspects of property management on a single platform. Sage 300 Construction and Real Estate integrates Sage's experience in accounting software, providing users with unmatched accounting functionality.
Realtors can use Sage 300 to manage accounts payable, accounts receivable, general ledger accounts, as well as payroll processing.
Although Sage 300 can store large amounts of data, it is not the easiest application to use as users often have to click many buttons in order to perform the simplest functions. Among other things, Sage 300 is very rarely updated, which makes the user experience a bit archaic.
Some tips for getting the right property accounting tool
Real estate management software can never replace the work of a real accountant. However, you should always seek to supplement the work of your accountant by using such software in order to keep your real estate business running smoothly.
That said, for real estate agencies, the choice of accounting software will depend a lot on the number of employees who will be using it. Many cloud-based solutions will charge you based on the number of users on the system, therefore, it is better to limit the number of users in order to save money.
You should also take into account the level of expertise of potential users. Complex software will require a longer grip within the company for your staff to use, so be careful when implementing such software.
While no one can predict the exact time it will take to sell a property, the above are tips to speed up the process. The ultimate goal would obviously be to find a buyer who appreciates your home at its fair value, while respecting the asking price.
Did you know that it was possible to have two real estate brokers? That is another tip that can help you ensure you get the best value for your property. And in the shortest possible time!