![]() ![]() This neutrality is helpful when a thirdparty management company wants to share financial statements or marketing plans with owners. Those using any of Domin-8's diverse software offerings, such as RentRight, Tenant Pro, and Spectra, can use i-Doc, but so can those using Yardi or RealPage. i-Doc application-neutralĭomin-8's document management system, i-Doc, is application-neutral. ![]() With barcode scanning, users assign barcodes to a certain resident or service provider and can then bulk-scan large amounts of paperwork into their system (as opposed to one piece of paper at a time) that paperwork is then automatically filed into the property management software. In the past, this was a two-step process: first scanning, then manually assigning the electronic document to a certain file. In March, it added barcode scanning functionality to its document management system, allowing property managers to bulk-scan documents assigned to a specific tenant, which are automatically filed when scanned. RealPage introduced a document management system in mid-2007 and has made some big upgrades this year. If a tenant application is incomplete, the system will stop it from proceeding until all of the correct documentation is in place. ![]() Since RealPage's document management system is integrated with its OneSite Leasing & Rents Affordable program, it has workflow management capabilities. The biggest culprits-such as undated certifications and missing income award letters-can be easily corrected with a document management application. Department of Agriculture's Rural Housing Service (RHS) were inaccurate, sometimes resulting in underpayments to owners, primarily “due to incomplete paperwork,” according to a study of 2007 rental assistance payments conducted by RHS. More than 8 percent of rental subsidy payments from the U.S. OneSite capabilitiesĭocument management applications also help ensure timely subsidy payments, especially for rural developments. And some, like Domin-8, offer document management solutions that are application-neutral, working with many software platforms. Most of the major property management software companies, like RealPage and Intuit, offer some form of document management within their software suite. Instead of an on-site review that takes days, auditors can do their due diligence online, before visiting the property. Document-management applications allow the user to define the date a document is to be deleted after a compliance period.Īdditionally, document management can cut down on the time and cost of the annual audits conducted by state or federal housing agencies. HUD has specific document-retention requirements for income-certification documents, many low-income housing tax credit documents need to be retained for a 15-year compliance period, and privacy laws govern how long personal information, such as credit and criminal checks, can be retained. With document management software, whatever resides in your system is the final document.ĭocument management applications also can help with document retention policies. Every major document management application has a scanner function, which allows users to scan documents and convert them into electronic files like PDFs. And at many companies, the same document is often copied multiple times, sometimes stored in different filing cabinets, leading to confusion over which is the original. The technology's adoption will be helped by the fact that more information is coming to property management companies in electronic format, such as credit card checks, background checks, and other screening services, as well as electronic statements from banks.īut at least half of the accompanying lease documentation is still in paper format. But now, some are beginning to scan all of those documents and organize them in a virtual filing cabinet. In the past, many companies struggled to find space for various Department of Housing and Urban Development (HUD) forms, income-certification documents, rental applications, and leases, to name a few. While the promise of a truly paperless office is still many years away, affordable housing companies are getting one step closer through document management applications.ĭocument management software stores, tracks, and retrieves electronic documents and scans of paper documents, centralizing the many files that property management companies traditionally stuff into filing cabinets. ![]()
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