When exploring rental properties, two primary categories emerge: commercial and residential. Commercial properties serve businesses, encompassing shops, warehouses, and offices, while residential properties cater to living spaces.
When delving into property management software, it becomes apparent that each property type demands distinct functionalities.
In many aspects, residential and commercial properties share similarities. Both involve tenancy or lease agreements, property maintenance, and financial transactions. However, nuances necessitate tailored software solutions.
- Commercial property rents typically incur GST in New Zealand or Australia, unlike residential properties. RentHQ addresses this by enabling tax exemption for residential rents.
- While commercial tenants often cover outgoings or OPEX (Operating Expenses), residential property expenses are typically borne by the landlord. This could includes council rates or a shared security system or insurance. RentHQ's Extra Charges feature allows for the allocation of such expenses to tenants.
- Commercial properties often distribute expenses among multiple tenants. For instance, in a shopping complex, council rates may be divided based on square meterage. RentHQ facilitates this through customizable Extra Charge Allocations for each tenant, ensuring equitable expense distribution.
Most property management software caters to either commercial or residential properties. However RentHQ allows you to satisfy all requirements by allowing a mixture of both commercial and residential properties in a single software product.