Yardi is a very familiar name among property managers. This time they have come out with a new, versatile and cost-effective property management and accounting software, Genesis 2, for small to mid-sized portfolios. Genesis2 supports many property types – residential, commercial, affordable property, condos and HOAs (home owner’s association), self-storage, offices, retail – typically anything less than 1000 units or under 1 million square feet. This real estate SaaS has streamlined property management with accounting with its functionality and productivity, and helps you cut down overhead IT costs easy maintenance. It has a powerful GL, AR, AP, leasing and maintenance module.
Here are its characterizing features.
- The AP work flows are automated and streamlined to bring this paper-intensive and manual task online instead. The vendor name, invoice date etc. are auto-populated, so even secretarial or site staff can code invoices and the accounting team just have to review it.
- The custom dashboard presents operational and leasing information visually. The solid reporting capabilities help create reports to closely monitor financials and operations. Apart from standard reports (like balance sheets, GL, trial balance, income statement and cash flow statements) it lets you create some unique reports (like property comparison, delinquency reports, vacancy and occupancy reports and aging reports).
- It turns the laborious payment receipt generation into an easy process with tools to track cash and accrual payables. The payments can be made electronically as the system has the ability to put invoices and vendor accounts on hold, or stop payments to vendors with expired insurances.
- Instead of having to dig up files and manually share them with the owners, the information can be shared facilely through a special online portal that is secure.
- It very efficiently manages work order allocations and material tracking for ongoing maintenance requests. It helps save time and money with the option of initiating or cancelling orders quickly, assigning tasks to vendors, and tracking the progress of the work.
- Reconciliation of billed charges against projected CAM charges has been made a semi-automated feature. So CAM charges can be calculated on three different bases. utility rebilling to residents becomes easy and standardized, and Reports generated can be easily shared with tenants through the software.
- There are add-ons to further enhance the usability of this software. RENTCafe creates a website integrated with your database. ResidentShield is for an economical insurance plan for property and liability coverage. Yardi payment processing processes electronic payments, AP and AR on the same platform. And Yardi Resident Screening screens residents and offers comprehensive reports so property managers can make informed, low-risk decisions.
Despite its versatility, there have been a few drawbacks called out. The usage of the software is a little less intuitive and requires some practice to get a hang of. And while the licence cost is reasonable, specific modules and add-ons (which have the advanced features) are expensive.
However, overall this versatile software helps optimize accounting and management functions for all parties involved – owners, current and potential managers, and tenants.