Real Estate Management System
Real Estate Management System
Multivision – Integrated Accounting, Real Estate and Management System. This System is particularly friendly and easy to operate. This system is developed to fulfil the requirements of a standard real estate company dealing with multiple landlords, buildings, villas, etc in different countries and locations. The system will store the data for all Landlords’. It also process all financial transactions related to properties of Landlord. The system is designed in such a way that in future it is possible to detach any landlord from the existing system and is possible to transfer the system along with the data to respective landlord.
Landlords will be having multiple development units and further Property Units (Flats). The system will do management of properties and rent out the property units to Tenants. Tenancy contract will be carried out between Landlord and Tenant and system administrator will look after for regular rent recovery from tenants and keeping the accounts information for Landlords. Also they will be responsible for normal maintenance and repair work for Property Units. The system will inform the contractors who will carry out all these activities and the system will make payments to Contractors on behalf of Landlords.
Tenancy contract is an agreement signed between Landlord and Tenant for the possession of property for the stipulated period. Generally contract is made for one year and it may start from any day of the month. Tenant may have to pay deposit amount, which will be returned, at the end of the contract. Annual charges are to be paid in equated monthly instalments. The instalment can be paid by way of Cash or Post Dated Cheques. There may be additional charges like Utility charges and service charges. Contract can be renewed after one year but in that case new contract no will be generated. Depending upon conditions of the contract either it may break with full charges or appropriate charges. Once the Contract is registered due payment data needs to be generated. If Tenant gives post-dated cheques those will be registered into the system and whenever due they will be presented to the bank for realisation and PDC confirmation will be made.
Property master and Tenants master will be created prior to the contract. At the time of tenancy contract the details from both the tables will be called, which will show the recommended rent, deposit amount, utility amount and other charges together with the other details for property and the tenant, which is entered during the property and tenants master creation. In the contract we will enter the actual rent and charges.
Once the actual rent is entered in the contract system should calculate the rent applicable for the current accounting year and the balance to be posted as deferred income, which is income received in advance for the next accounting year. Please note that as discussed the posting for the current income and the deferred income will be on monthly basis. The same principal apply for any income collected along with the rents like utility, A/C and any other service charges. This can be customised as per the actual requirement of customer.
The advanced technical feature of Multivision real estate system is;
- Can integrate with SMS (Short message service), Fax, Email to all tenant on due of cheque, renewal of contract etc. (Additional interface required is to be provided by the customer)
- Search Engine (user can search for developments on rent basis, location, rooms).
- Easy integration to financial Accounting.