Creating A NEW Property Management Software

[Daniel Kulik]

Hey everyone,

I'm developing an automated property management software specifically designed for small to medium-sized landlords. The platform aims to streamline day-to-day operations, ensure compliance with local laws and regulations, and provide real-time reporting and analytics. Key features include:

• - Automated rent collection, late fee processing, and lease renewal reminders
• - Marketing your units across multiple sites (zillow, apartments.com, etc.)
• - Integrated compliance module for local ordinances and regulations
• - Customizable reporting and analytics dashboards
• - User-friendly interface for landlords and tenants

My goal is to empower landlords with efficient, cost-effective tools to manage their properties, minimize risks by being updated with all the regulations in their markets, and maximize returns. I'd love to hear from experienced real estate professionals:

• - What pain points do you face in property management?
• - What features would you find most valuable in this software?
• - Any suggestions or concerns about this concept?

Your input will help shape a solution that truly meets the needs of our community.

[Simon W.]

Hi @Daniel Kulik

Accounting is a major piece. If you put a corporate accounting to eliminate standalone accounting such as QB and Xero. It will definitely be helpful.

There are plenty of stuff that other major platform needs improvement on so if you can tackle those, it would be a game changer.

[Daniel Kulik]

Thanks for the response @Simon W., I definitely agree with the accounting piece, what are you thought on the legalities side of this.

Would it be helpful to you as a landlord have have not only the day to day automated but also have guidelines and quick access to local regulations (where there is constant change) in your assets markets to help you stay compliant and avoid potential lawsuits/fines?

[Max Emory]

@Daniel Kulik, I agree with @Simon W.. A lot of our bookkeeping Clients currently have a PM software to manage their properties and we use QBO to act as their master accounting software to merge all property-specific transactions with general business transactions.

If all of this could be in 1 central software, that would be great.

[Simon W.]

Quote from @Daniel Kulik:

Thanks for the response @Simon W., I definitely agree with the accounting piece, what are you thought on the legalities side of this.

Would it be helpful to you as a landlord have have not only the day to day automated but also have guidelines and quick access to local regulations (where there is constant change) in your assets markets to help you stay compliant and avoid potential lawsuits/fines?

 I am looking at it as a CFO perspective and not as a landlord. 

Reality is that not that many landlords will be the end users. It is usually the people who the landlords delegate them to.

Legal aspect is a good feature, but no one will rely solely on that. They will end up asking an attorney for actual advice.

[Mike Bourgeois]

@Daniel Kulik a robust work order / repair management module would be great. Something that easily integrates to the Accounting module so that $ amounts from repairs are easily and automatically reflected in the Accounting functionality / reports. Also, ideally, something that allows the landlord to upload receipts and have OCR technology capture and input the data where it needs to be in the system automatically.

[Daniel Kulik]

Thank you @Mike Bourgeois for the input, i will have the ability to upload using OCR 

[Chris Seveney]

Quote from @Daniel Kulik:

Hey everyone,

I'm developing an automated property management software specifically designed for small to medium-sized landlords. The platform aims to streamline day-to-day operations, ensure compliance with local laws and regulations, and provide real-time reporting and analytics. Key features include:

• - Automated rent collection, late fee processing, and lease renewal reminders
• - Marketing your units across multiple sites (zillow, apartments.com, etc.)
• - Integrated compliance module for local ordinances and regulations
• - Customizable reporting and analytics dashboards
• - User-friendly interface for landlords and tenants

My goal is to empower landlords with efficient, cost-effective tools to manage their properties, minimize risks by being updated with all the regulations in their markets, and maximize returns. I'd love to hear from experienced real estate professionals:

• - What pain points do you face in property management?
• - What features would you find most valuable in this software?
• - Any suggestions or concerns about this concept?

Your input will help shape a solution that truly meets the needs of our community.

 One thing you might want to consider is partnering with microsoft and adding a third party app to their office 365 suite of products as they have an accounting arm and many other applications already in play that you could add on just for property management and it would work on their system to integrate everything. Just food for thought.