Grow your Portfolio with the Best Property Management Software

Managing rental properties can be a complex and time-consuming task. Keeping track of payments, maintenance requests, and other operational tasks can be overwhelming, and may lead to procrastination and potential errors at times. Property management software automates routine tasks, freeing up valuable time for landlords and property managers to focus on strategic initiatives and how to improve tenant satisfaction. With several options available in the market, selecting the right property management software can go a long way toward improving the efficiency and effectiveness of property management.

This blog discusses the features and benefits of top property management software and how to choose one.

What is Property Management Software?

Property management software is a specialized tool designed to address the needs of property managers. Unlike generic CRM systems or spreadsheets, property management software is tailored to handle lease management, maintenance coordination, and financial oversight tasks. It typically includes maintenance management, reporting, communication management, and document storage features.

Features of Property Management Software

Here is a list of must-have features when considering property management software:

1. Accounting and bookkeeping
2. Rental payment management
3. Workflow automation
4. Maintenance and inspection management
5. Real-time property and management reports
6. Data security and encryption
7. Lease management
8. Document management
9. Compliance management
10. Reliable vendor support

Benefits of Property Management Software

Property management software offers a comprehensive suite of tools designed to enhance every aspect of property management. Let’s explore the key benefits of property management software:

1. Maintenance Management & Tracking

Regular maintenance keeps your properties in good condition and prevents costly problems. It also shows tenants that you care about their well-being and are committed to providing a comfortable and safe living environment. 

Maintenance management software can help you streamline maintenance tasks and keep your properties in top shape. This software allows you to schedule maintenance work orders, track progress, and keep track of all maintenance-related documents in one place. Additionally, they can help you communicate with tenants about maintenance issues and keep them informed of the progress of repairs.

2. Tenant Applications & Screenings

An ideal tenant can transform property management into a smooth and rewarding experience. However, it’s important to be prepared for any potential challenges. Property management software (PMS) offers practical tenant screening capabilities to ensure you attract and retain high-quality renters.

This software allows you to filter out less-qualified candidates using tools like reference verification, background checks, and renter histories. These tools provide valuable insights into a candidate’s reliability and ability to pay rent on time. Credit checks provide an additional screening layer, helping you make informed decisions about your tenant selections.

3. Online Payments

Simplifying rent payments for tenants can significantly reduce late payments. Online payment processing offers a convenient solution for tenants to make payments from the comfort of their homes.

Many PMS solutions include:

• Rent tracking capabilities
• Providing real-time insights into payment statuses
• Late payments
• Automatic late-fee calculations

Online tenant portals serve as valuable tools for landlords, offering tenants 24/7 access to crucial information, including communication histories, rental receipts, and maintenance requests. 

4. Contact Management

Property management requires a network of contacts, but managing a long list can be chaotic. PMS simplifies contact organization, saving time in searching for information.

For seamless communication, you can group contacts by category, such as tenants, maintenance workers, or vendors. Tenant databases simplify tenant communication, while vendor databases facilitate rapid service acquisition. 

5. Advertising & Marketing

To maximize occupancy, effectively promote vacancies by implementing an advertising and marketing strategy. Leverage website management tools to present rental details clearly and integrate social media to expand your reach. A well-designed website helps showcase current and upcoming vacancies, offering convenient features like online booking. Also, incorporate a customer review section to highlight positive tenant experiences and build trust with potential renters. 

6. Financial Management 

Successful business owners, including property managers, must tightly control finances. The best PMS optimizes income and minimizes expenses. These solutions have tools for managing expenses, which give a clear picture of finances and help use the budget at an optimal level. Through this software, you can handle taxes by programming it to follow local laws and connecting with banks to easily check the account balance.

How Mobile Apps Are Transforming Property Management in Real Estate?

Mobile apps have redefined property management in the real estate industry, streamlining processes and enhancing interactions among property managers, landlords, tenants, and real estate professionals. Here are some key ways these apps are transforming property management:

1. Efficient Communication

Mobile apps bridge the gap between property managers and tenants, enabling instant communication. Tenants can inquire about property details, submit maintenance requests, make rent payments, and manage lease renewals through a user-friendly messaging platform. This real-time responsiveness helps foster a positive tenant experience and increases satisfaction. 

2. Online Property Listings

Using mobile apps offers a convenient way to list and find properties. Property managers can display properties with detailed descriptions, photos, and virtual tours. Potential tenants can effortlessly search for properties based on their preferences and directly reach out to property managers through the app.

3. Streamlined Maintenance Requests

Tenants can use mobile apps to send maintenance requests. They can explain the problem, add photos or videos, and follow the progress of their requests. Property managers can easily handle and assign maintenance tasks, plan repairs, and keep tenants informed about the status of their requests.

4. Rent Collection and Financial Management

Rent collection and financial management become easier with mobile apps. Tenants can securely pay rent online through integrated payment gateways. Property managers can monitor rent payments, create financial reports, and send automated reminders, reducing manual workload and ensuring on-time payments.

5. Property Inspections

Property inspections are made easier with mobile apps offering digital checklists and forms. Property managers can use these apps to record property conditions, take photos, and make notes during move-in, move-out, or regular inspections. This digital documentation eases the inspection process, improving the efficiency of resolving disputes.

6. Real-Time Analytics and Reporting

Property managers benefit from mobile apps that provide instant analytics and reporting. These apps allow access to real-time data on occupancy rates, rental income, expenses, and property performance. This access facilitates informed decision-making, optimizes rental pricing, and enhances operational efficiency.

7. Remote Property Management

Property managers can use mobile apps to manage properties and tasks remotely. They can check and approve applications, sign leases electronically, conduct virtual property tours, and communicate with tenants or maintenance teams from any location. This flexibility saves time and helps property managers handle multiple properties effectively.

Property Management Software: A Round-Up of the Best Solutions

1. Rentec Direct

It’s an all-in-one solution for property owners with useful features for easier property management. It helps in managing leases through several accounting tools, such as. Here are a few pros and cons of using this software.

Pros:

• From tenant screening to receiving online payments, this software is beneficial for landlords and helps simplify the entire process.
• You can publish vacancies and listings online with pictures of the property on sites like Zillow.
• Allows thorough screening of prospective tenants before renting out your property to them.

Cons:

• It requires a setup fee to accept cash payments. 

Cost:

You can run this software free for the first two weeks. Rentec Pro costs $35/month while Rentec PM would set you back by $40 each month.

2. Planon Real Estate Management

It’s an integrated workplace management system (IWMS) that helps maintain a property’s technical, functional, and financial information.

Pros:

• It helps in organizing data that can be easily accessed and understood through its intuitive interfaces. You won’t have to depend on your spreadsheets anymore.
• The software helps identify cost-saving opportunities and potential improvements across all your properties. In short, it offers effective financial planning.  

Cons:

• Planon is more suited for large-scale businesses and may not be cost-effective for small real estate organizations.

Cost:

This software’s pricing is not available publicly. You can request a demo to check whether it is suitable for your needs.

3. Buildium

Buildium helps property managers combine and take complete control of their accounting and leasing operations in one place.

Pros:

• You can track rents and manage your other business costs through streamlined reports.
• Filing your 1099s is much more convenient through this software.
• You can inspect all your properties with your mobile.
• Its proprietary Open API offers analytical insights based on the property type, accounting data, and tenants.
• Most users find it easy to use.

Cons:

• Certain features, such as emailing can be challenging to understand for some users.
• Setting it up initially may be cumbersome.

Cost

It offers a 14-day free trial. You can visit their website to learn more about the price.

4.  Appfolio Property Manager

This cloud-based real estate management software is designed for residential, commercial, and student-housing property owners.

Pros:

•   It’s designed for property owners with a mixed portfolio.
•   It’s loaded with several features and you only have to pay for the ones you use.
•   You can manage maintenance requests faster.

Cons:

• Users who do not have a background in accounting may find it difficult to understand and operate the software.

Cost:

The pricing is different for the included categories. You would have to pay $1.25 monthly for one residential or student housing unit. In the case of a commercial property, the cost is $1.50 per unit. For community associations, it’s $0.80 per unit every month.

5. IBM TRIRIGA® Real Estate Manager

Developed by IBM, this lease management software works as an integrated workplace management system (IWMS).

Pros:

• Based on the current economic climate, the software can determine strategies for accounting practices and lease contracts.
• By reducing operational costs, this property management program helps in facility utilization.

Cons:

• Since the program is geared towards commercial or larger real estate portfolios, it might be expensive for single property owners.

Cost:

This software offers a 90-day trial upon registration.

Which Property Management Software to Use?

The choice of property management software depends on your specific requirements. Any of the mentioned software options can be a suitable option.

If you need more help in California, contact Beach Front Property Management right away!