Property Management

A property management system is a key component of corporate oversight mechanism, helping top leadership oversee the operating activities of residential and commercial establishments. Property managers also use these systems to coordinate business relationships with tenants and vendors. Some features include various modules, depending on the industry and corporate operating requirements. It notes that the system often features rate management modules, front desk applications, and back office interfaces.

The property management system must support the following common requirements for all property Management functions:

  • Create a skeletal property record or other mechanism for capturing information on property in-trans it from the providing entity (e.g., vendor, loaner, grantor, etc.).
  • Provide edits (controls) to prevent duplication and reduce the likelihood of creating erroneous property documents/records to ensure the integrity of data recorded in the system.
  • Permit only authorized users to enter, modify, or otherwise alter property records.
  • Provide an audit trail for entries to a property record, including the identification of the individual(s) entering or approving the information and/or data.
  • Identify the type of transaction affecting the property item, e.g., initial acquisition, change in location etc..
  • Enable the transfer of responsibility for property from one authorized user to another authorized user.
  • Produce reports in accordance with user defined criteria. Such reports may.
  • Provide property information to allow appropriate users to conduct an inventory of current holdings or any subset of those holdings at any time.
  • Allow a user to access both summary data and more detailed data.
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