Property Matrix Review

Enterprise-Class Accounting Solution

The enterprise-class accounting solution offered by Property Matrix is what makes it a powerful property management software. This accounting solution is designed to manage complex accounting processes, eliminating the need for workarounds and third-party accounting tools. Regardless of the number of units property managers and staff are handling, the solution ensures that they are able to perform the toughest accounting tasks.

Organize And Track Transactions Using Line Items

The accounting solution has a line item feature which permits users to organize all their transactions in such a way that they can be broken down into specific line items. Thus, it enables them to drill down into the details of every invoice, bill, management fee, and other transactions. The line items can be categorized and any information they contain can be edited. For instance, line items can be associated with different accounts, sites, sets of books, or companies. So, if a tenant sends a rent payment, the software automatically applies it to different income accounts. When a vendor provides only a single bill for the services it delivered to multiple buildings; through line items, users will be able to apply the bill to the correct buildings. Because of this, their tasks are streamlined, productivity is increased, and finances are tracked easily.

Manage Sets Of Books

Property Matrix’s accounting solution permits property managers to prepare and handle different sets of books for owners and companies. As they create sets of books, each company or owner will have a separate balance in their chart of accounts. Individual reports can also be generated for every sets of books or multiple sets of books can be combined into one report.

Recurring Transactions

With Property Matrix, preparing invoices and bills, and collecting payments for recurring transactions is a breeze. Users can create recurring invoices and bills for their vendors and tenants, and make the needed adjustments at any time. For example, if there is a rent increase, they will be able to quickly adjust the current invoice and apply the changes to future invoices. In addition, payment reminders can be created and scheduled as they prepare recurring invoices and bills. Scheduling payment reminders is very useful especially when they need to add extra charges to their bills or invoices at certain periods of time.

Set Triggers And Automate Actions

As part of its customization features, Property Matrix provides a very interesting feature that automates property management tasks. It has a built-in Trigger-Condition-Action system that allows users to create conditions so that specific actions will automatically happen when such conditions are met. Through this system; they can automatically receive emails when tenants pay their rents online, send late payment notifications to tenants if rents are past due, and generate maintenance tickets after tenants move out. Maintenance tickets can also be created automatically when the insurance policies of units are near expiration.

Collect And Track Information Efficiently Through Custom Fields

Collecting and tracking all important information related to tenants, prospective tenants, leases, units, and buildings is optimized by another customization feature available in Property Matrix. This feature is the capability to set different types of custom fields. Custom fields are used to specify what pieces of information should be entered or included in notes, forms, or reports. In addition, any information entered or selected in the custom fields can trigger automated actions. If users want to track conversations and notes from their staff, these custom fields will help them do that easily; allowing them to determine which staff wrote the notes, what notes were written, and when they were written.

Comprehensive Document Management

Property Matrix is equipped with a comprehensive document management system which enables users to generate, organize, and send all the documents that owners, tenants, and vendors need. For example, it gives them the capability to attach documents to email messages and send emails directly within the software. To make it easy to search for documents, they can also tag documents as they upload them into the software. They can even preview the documents in various formats.

Create Custom Forms

The property management software’s document management system permits the creation of a variety of forms which can be customized. These forms include notices, leases, contracts, legal documents, and more. Users will be able to generate forms from scratch through the aid of its built-in editor, customize their designs, and apply the formatting that matches the brand of their company.

Fill In Data Automatically

In addition, users also have the option to use their existing documents and customize them as they create forms. They can scan PDF documents, upload them, and drag and drop data fields onto them. Once the data fields are placed, the software automatically inserts information into the data fields while the forms are being sent; filling the forms with data or information from their units, buildings, or from the custom fields they set up.

Collect Electronic Signatures

The document management system features a flexible document signing capability. With such capability; owners, tenants, and vendors will be able to electronically sign documents right straight from Property Matrix. Also, by setting up conditions and automated actions, users can automatically send the documents that owners, tenants, and vendors need to sign. After the documents have been signed, they will also be notified using the same task automation feature. The signed documents are stored in the profiles of those who signed them as well as in the Communications Hub, making it easy to access and retrieve the documents.

Organize All Communications In One Place

Property Matrix has an online portal called Communications Hub. This portal keeps a record of all conversations made with tenants, applicants, vendors, and owners. Moreover, it stores all important documents and attachments which include lease agreements, letters, invoices, and reports. This is a powerful feature because users are no longer restricted to keeping messages and conversations in their inbox and having a hard time looking for them. Likewise, it enables them to be always updated on the latest conversations.

Professionally Designed Building Websites

Summing it up, Property Matrix provides users with the ability to showcase their properties, buildings, and units; and capture prospective tenants using websites. Here, each building is provided with a website that is professionally designed. As they post their available units, they will be able to add details and contents such as amenities, photos, features, and other specific descriptions. They can also include important building information like address, maps, and instructions that guide prospective tenants so they can go where the building or unit is located. If they want to update building or unit information, or edit photos; they can do that anytime they want. From the website, online applications can be processed and application fees from prospective tenants can be collected as well.