Spotlight on Propertyware and It’s New Expert Nicole
Find out how YOU can master Propertyware! Meet our new expert on the team for Propertyware, Nicole McWhirter.
APM Help now serves the Property Management Community by providing Daily Bank Reconciliations, Consulting and Full-Service Bookkeeping for Propertyware. But we first need to introduce you to the newest expert on the APM Help team, Nicole McWhirter. Nicole worked previously at Propertyware and had 4 ½ years as a client representative. This is one talented lady as she was responsible for creating all the training guides and other training such as webinars, videos, etc. If you have been with Propertyware for a while, you may have met Nicole at one of the various Propertyware roadshows to different states.
How Does Propertyware Compare?
I asked Nicole if she has used any other property management software programs to compare to Propertyware? She stated that she had previously been a Property manager and used Rent Manager, Yardi, and Onesite. The company then transitioned to Propertyware and she’d used it for 4 years before actually being hired by Propertyware. Now I was ready to pick her brain about Propertyware.
What are some typical pain points that property managers have with accounting in Propertyware?
When I want to dive in, I always start with pain points! Nicole listed the following pain points that she typically hears about being specific to Propertyware:
- Return payments that need to be fixed
- Prepayments not set up correctly
- Security deposit refunds
- Back end settings that have to be set up correctly
- COA accounts not always set up correctly as liability, expenses income, etc.
So What About the Three-way Reconciliation?
I had to ask, how does a three-way reconciliation work in Propertyware? This was an easy answer for Nicole, she simply stated that Propertyware, “doesn’t do a three-way reconciliation. It does a two-way reconciliation.” But what about those that have state compliance issues, I asked? Her response was, “To be in compliance, Propertyware has about 6 or 7 reports needed to be pulled to meet compliance requirements.” Reports such as:
- Portfolio balances
- Escrow funds
I learned that the important thing to understand about Propertyware is that it is portfolio driven. The Owner is the portfolio. Under that are the buildings the owner owns and that can continue to break down to units, all of which rolls up to the portfolio.
Nicole loves that Propertyware is so customizable. She explains that there are these great custom fields and the customization tailors itself to the fact that, “not all property managers operate the same way.”, This means that the custom fields allow for reporting unique to that Property Manager. Other customization consists of:
- Custom lease status
- Custom prospect status
- Custom views – click into Propertyware and it can have all buildings, etc combined in one.
- Scheduled Reports that can be scheduled to be sent out daily, monthly or weekly.
- And lots more!
Propertyware offers 13 different owner statements with as basic or as detailed as the user requires. “Clients either love this or hate it. Once they figure it out they are very satisfied.”