The huge advances in information technology today can be brought to any office managing 10 to 10,000 rental units. Reasonably priced software is now available that automates all the routine office paperwork and record-keeping tasks. By Richard Levy

Many remember the time when fax machines were introduced. Some thought 'Who needs them?' When the internet and e-mail became available a decade ago some thought, 'Who needs these?' Businesses, in the 21st century, can not be run very efficiently without this technology. Most management offices still use versions of manual ledger books, which are not even 20th century, but the 19th century. Some have used spreadsheets to automate some functions, but there is no integration. New Ontario designed management software is revolutionizing the efficiency of the management office, allowing it to do double the work in a quarter of the time. Let us see how this is done.

The system naturally integrates unit information, tenant applications, leases, tenant information, parking, stores pictures of the unit at move-in, keeps track of rents paid, accounts owing, and calculates and prints the bank deposit. All N1s and N4s are produced for all applicable units with one mouse click, all forms are computer signed by the manager, and ready to deliver. There is no filing of management copies, as they are stored in the tenant file for any future reference or later printing. The rents paid are integrated into the income part of the accounting module with the ease of single entry. All types of reports are available. For example, the mortgage companies request annually a detailed building report of the units, number of bedrooms, rent, parking, LMR credit, move-in date, and rent increase month, to name a few. Rent receipts for individual tenants or the whole building for any given time period are printed with one click.

One sample problem with manual methods is illustrated here. One needs to prepare the accurate calculation of LMR interest for long term record keeping, and also to have it available for possible tribunal purposes. Several years later, a tenant makes a tribunal complaint of improper LMR interest credit. How much time will it take to reproduce years of calculations for the tribunal? What if the ledger book is damaged, or lost in a fire? The automated system will print an automated letter yearly detailing the calculations of the LMR interest. These letters are stored in the tenant file, and some landlords give them to the tenant yearly to avoid disputes. They present a clear trail to the tribunal if necessary. Also, rent receipts for individual tenants or the whole building for any given time period are printed with one click.

All systems today should be internet based and allow unlimited users at no extra cost. The owner/manager has access to all information from home, cottage, or any place in the world. The system should have a security that allows certain users access to certain functions, but not to others, as determined by the systems administrator.

We will next discuss system selection criteria. It is of utmost importance that any system must allow you to do business the way you want it to. Look at the functions performed - the power plus the ease of use. It also must be menu driven. The system should never make you do any task less efficiently. Protected easy backup is essential. Your whole business depends on this; off-site encrypted (totally secure) fully automatic daily backup is recommended. It should be very reasonably priced and completely automated. Most just use CD backup, but this is vulnerable to loss by vandalism, fire, CD defect, or human error. Look very carefully that the system is dedicated for the unique Ontario regulatory system. For example, the N4s are to only reflect rent charges. Other charges such as NSF charges, tribunal charges, damage charges, though owing to the landlord, if included on the N4, will result in rejection by the tribunal. Check that the production of the N4 properly handles those long and complicated tenant account histories; do not assume that it does. The same goes for the 2% prompt payment rent reduction.

The bottom line is for the automated office to empower the manager/owner on or off-site. The system produces professional tenant interfaces, saves major time on routine tasks, improves the accuracy and accessibility of record keeping and reporting, allows for the full security of all records, and allows the ability to access information and/or work off-site. New management software that puts your company in the lead of information technology of a powerful yet easy to use program, is now available that includes all features discussed above. Our RENT MAGIC system is designed for Canada, and specifically, Ontario multi residential rental units. In terms of cost, our RENT MAGIC system, starts at less than $500 for small users, and may be a few thousand dollars for a portfolio of two thousand units. Special user specified customizations are available for the larger organization. All training is included, and one year support and updates are included.

If you plan now, you can be relaxing at the cottage or taking in a golf game sooner than you thought possible.

Richard Levy is the VP Marketing & Sales of Rent Magic Software, a Toronto-based software company that develops cost-effective property management solutions that are powerful, yet easy to use. Their website is http://www.rentmagic.ca.