You wake up one day and see dozens of messages, complaints and multiple requests from your tenants. As soon as you go through the first request, you get ten more at once, putting you under pressure. Responding to all tenant requests is difficult and practically impossible to accomplish.
Whether you are an independent landlord or a commercial property manager, managing your property is vital to surviving in the highly competitive modern-day market. Apart from this, it is equally important to automate your tasks and streamline your tasks.
However, doing all this by yourself is tough. This is where property management solutions come in. Messages, requests, or complaints, property management software allows you to streamline all these under a single bracket.
So, what is property management software? How do they work? This article will give you a brief overview of property management software, as well as give you a rundown of the top 10 property management software.
- Rent Manager
- Yardi Voyager
- MRI Software
- Spark Rental
- Condo Control
What Is A Property Management Software?
Property management software is an app-based software tool that comes with multiple functionalities that allow landlords and commercial property managers to streamline their day-to-day operations. Property managers can automate their back-office, financial, and administrative processes with property management software.
A typical property management software generally offers the following features
- Maintenance Tracking
- E-Leases And Lease Management
- Document Storage
- Online Tenant Portal
- Rent Payment Processing
- Tenant Checks (Screening)
- Property Marketing
- Online Payment Processing
Depending upon your needs and requirements, the property management software you select will offer you a wide range of services based on the size and type of your portfolio.
Given the various features present, property management software saves you precious time by significantly reducing your workload and streamlining existing workflows. Whether you’re managing thousands of units or you own only one property, property management software can make your life easier.
The primary benefits associated with property management software can add to the growth of your business as well as create new opportunities to grow. Here are some of the benefits
- Streamlines Accounting
- Automates Communication System
- Acts as a Growth Catalyst
Types of Property Management Software
As we mentioned earlier, whether you are managing multiple units or just a single property under your management, property management software can make life easier. Accordingly, this property management software is divided into two types as
Residential Property Management Software
Residential property generally refers to residential housing, student housing, and other affordable housing societies that are usually managed by independent landlords who manage not more than 5 properties at a time.
Accordingly, property management software for residential properties is generally free to use and provides a good degree of automation by providing the features you need. However, if you manage more than 100 properties, then you need something more powerful that allows you to automate your administrative tasks.
Residential Property management software is a basic solution that gives you all the must-have features followed by some advanced add-ons like AI Leasing and 24/7 customer support.
Commercial Property Manager Software
Unlike residential property management software, commercial property management software is more robust and is made primarily if you own properties such as retail stores, office spaces, industrial properties and more.
Commercial property management software gives you all the solutions followed by marketing and leasing features curated especially for your commercial needs. Commercial property management software provides all market features which are not found in any residential property management software. This includes features such as common area maintenance, corporate accounting, and so on.
How to Select Property Management Software
When researching property management software, make sure you take into account the size and type of portfolio you have. Furthermore, there are certain criteria you should also consider while evaluating property management software. To avoid common mistakes in evaluation, here are the factors to consider when selecting a property management software
When it comes to choose property management software,it is important to be aware of the features of the management software. But with dozens of features, it can be hard to keep track of which specific feature is present in which software.
The best way to do this is to create a feature track sheet that includes the features needed and then all the additional features you think might be nice to have. Doing so will help you narrow down the platforms based on relevance. Maintenance tracking, in-app messaging and online payment processing are just some of the features that will help you customize your business. Meanwhile, extra features usually mean you have to give up some essential features.
Most software management software comes with a free trial feature that allows you to evaluate the usefulness of the software for a set period of time. While choosing a property management software, the free trial will help us evaluate its usefulness and get a rundown of the various features and workflows and get an overall feel of the software.
From the user interface to the features, the free trial gives you a walkthrough of everything. If some management software doesn't have a free trial feature, you can always schedule a product demo.
Once you are done with the free trial or a product demo, it’s time to move ahead with one of the shortlisted software. Each property management software will have different prices depending on the sophistication of the product. While some software will charge you monthly fee, some prefer to charge their clients an annual fee for their services. Furthermore, the pricing also depends on whether you are a small business owner or a commercial property manager.
When it comes to using property management software, you know you will be using it constantly. However, this makes it prone to certain issues every now and there. This is where you need software with an exceptional customer support programme.
Rock-solid customer support can be crucial and a time-saver when it comes to troubleshooting. Also, if you are using a particular software for the first time, the customer support can help you solve many of your queries.
Here is how you can evaluate the level of customer support based on the following questions
- Does the software company have live chat, phone, and email support?
- Is there one-on-one onboarding support present?
- Does the company provide customer support services 24/7?
- Is customer support a part of all subscription plans?
10 Best Property Management Software
Imagine using a fax machine in a land of smartphones. The idea is so crazy that one can barely imagine it. Similar is the case with management solutions. The same is the case with management solutions. Each passing year brings a plethora of new software, while either ditching the existing ones or making significant updates.
Be that as it may, you should stay on top of this matter and get the best property management software for yourself. However, given the number of options at your disposal, choosing the right software can be difficult.
This is where we come, we have shortlisted the top 10 Best Property Management Software you should try in 2023
Rent Manager is one the largest e-payments processor in the real estate industry with over 3 million units on its payroll. It is an extremely convenient and extremely easy-to-use property management platform that gives you access to dozens of features such as
- Management Database
- Integrated Accounting
- Contact Management
- Work Order Capabilities
- Marketing Solutions
With access to these solutions, you can track, manage, and resolve your service issues while simultaneously keeping an eye on your accounts and finances in the form of detailed reports. Whether you are looking for tenants or buyers for a property, you can design a highly interactive design that integrates directly with Rent Manager.
In addition, the platform is completely mobile-friendly which means you can accept payments, organize and supervise inspections, enter work orders, take photos and more, and note all issues and complaints on the go.
Not only is Rent Manager for property managers themselves, but tenants also have access to real-time information and transaction records, sign their leases, pay rent, and perform other tenant activities from their app.
If you are a company with a wide portfolio, then Appfolio is the best for you. Whether you are managing a multifamily, single-family, condo, or student housing accommodation, Appfolio will for you. This comprehensive property management software is extremely easy to learn and equally easy to use. Furthermore, the developer team is constantly working on taking feedback, adding new features and improving the app.
With AppFolio, you get access to features such as
- Owner Portal
- Maintenance Request Management
- Marketing Tools
- Rental Application Management
- Lease Tracking
- Contact Information
- Billing and Invoicing
- Commercial lease templates
- Residential Lease Templates
- Lease Origination
Similar to Rent Manager, Appfolio has a mobile-friendly version, using which you can access all the important things on the go. This intuitively designed app is self-automated and has rich functionality that combines to provide you with a comprehensive user experience.
The Plans for Appfolio start at $250/month and there is also a free trial for you to get an overview and check whether it suits your needs. Lastly, the user-friendly interface of the platform is easy to navigate and highly intuitive
Unlike the previously mentioned software on our, Yardi Voyager is one of the few platforms that are perfect for both commercials as well as enterprise property management. Established in 1982, the company has received an A for its dedication to customer service when it comes to providing them with the best real estate software.
Furthermore, you can customise this software based on your business requirements. Accordingly, the website will suggest custom quotes to choose from. With Yardi Voyager, you get access to several features that are specific to different types of residential and commercial properties such as
- Affordable Housing
- Senior Living Facilities
- Military Housing
- Office Spaces
- Retail Offices
- Recreational Spaces
- Government Edifice
- Storage Facilities
- Student Housing
Depending on the type of portfolio you have, you bundle the specific products to build yourself software that will take care of everything right from marketing and leasing to accounting and reporting. Moreover, the software is mobile-friendly and is native to both Android and iOS.
Given the diverse set of features present in Yardi Voyager, it is the perfect fit if you are a large property management company
MRI property management software is designed exquisitely for commercial and large apartment buildings. What makes MRI software unique is that this property management software is generally owned collectively by a group of investors rather than a single landlord.
Since a group of investors requires a certain set of tools for analysis, this software is heavier compared to the rest as it comes loaded with numerous features that cannot be found in other property management software.
In addition to rental management, MRI software also has a few planning tools in its arsenal using which you can
- Manage And Plan Investments
- Track Investments
- Manage Spaces
- Devise A Strategic Plan
- Property Management And Accounting
- Lease Abstraction
- Facility Management
Unfortunately, there is no free trial on offer. However, the software application is native to both Android and iOS and offers a comprehensive view of property management, accounting, and other facilities required for your real estate business.
What makes this software unique is that this property management software is 100% free. If you're a manager with 75 or fewer units, all of the features available are free to use. It is completely cloud-based service and does not have desktop installation. You get access to all the basic accounting features like online rent payments and financial reports. In addition, you can streamline your work order, vendor payments, and other related tasks.
Although it is free, TenantCloud offers all the features one would expect from a paid application such as
- E-Payment Services
- Tenant Screening
- Late Fees Calculation
- Maintenance Requests
- Online Tenant Portal
TenantCloud has online training, support, and product demos to help customers know what they're getting. Additionally, the software has webinars on offer multiple how-to guides clearly designed followed by excellent 24/7 support for the customers.
If you are looking for full-featured software that does everything, then your search stops at Buildium. This multi-functional property management software has a vivid interface that allows you to perform several tasks with ease.
You can manage vacancies, attend to maintenance requests as well as organize your accounting. Moreover, you can set up rent reminders, generate detailed reports on demand, and create a complete bookkeeping within minutes.
Furthermore, the software allows you to choose a plan based on the size and type of property you own and manage. In addition to all the features present, Buildium has integrated with several third-party platforms such as Forte, HappyCo, Hotpads, Lovely, MSI, and so on.
To manage your rental income, SparkRental is another piece of property management software using which you can post rental listings on multiple websites with a simple click. Moreover, you can request and manage all your rental applications online.
Also, SparkRental allows you to download tenant notices followed by eviction notices for each state at no extra cost. Furthermore, with SparkRental, you can request an all tenant screening reports comprising credit, criminal, and prior eviction information.
This property management software has a new feature in the pipeline that will soon allow property managers to outsource their property maintenance calls for a small monthly charge.
From commercial to residential, Re-leased will take care of all your property management needs. This automated and intelligent property management software will ensure that you never miss important dates, action items, or any lease event.
With Re-Leased, you get a complete, timely and fully automated workflow on your dashboard that includes multi-layered reporting and an analytics report. Thanks to the software's powerful insights, you can map out your areas of growth, improvement, and potential revenue streams to boost your overall work efficiency.
Furthermore, the software offers a cloud-based application solution that allows you to access important information anytime, anywhere, and from both iOS and Android-powered devices.
If you are a landlord who manages single family homes, you can understand how overwhelming property management becomes after a while. This is where Propertyware will be your best friend which is built with the simplest interface.
Although it doesn't have dozens of features as compared to other software, it has just the right amount of software suites you need when managing the above properties. The software is easy to learn and easy to use.
Each plan present at Propertyware allows you to list vacant properties, screen new tenants, collect rental payments, schedule maintenance and receive your financial reports.
With Condo Control, you get software that is easy to use and is loaded with dozens of rich features that give you absolute control over your properties, both big and small. Established in 2008, Condo Control serves condominiums, co-ops, HOAs, and management companies, among other industries.
This diverse range of features goes from accounting integration, online payments, announcements, violation tracking, schedule maintenance requests, and more. It can also integrate with various software solutions so it can play well with your existing processes. All these features streamline your workflow both as property managers and residents.
Property management software is cloud solution landlords and property managers can implement to help benefit their business. This software will help add to your profits by streamlining your business workflow and reducing workload. If you are a commercial property manager, these property software can be a major time-saver for your business.
Most of these platforms are free to use while some charge you a monthly or yearly fee. However, make sure that you choose the software based on your needs and requirements, mainly the size and type of your portfolio. Also, to ensure that you get yourself the best software, make sure you consider software criteria such as usability features.
As a landlord or a property manager, this property management software can be of great help in streamlining your day to day operations.
What is property Manager software?
Property management software helps landlords and real estate professionals track leases, residents and maintenance tasks, as well as collect rent and manage finances.
What to look for in property management software?
Specific key rental management tools include professional-level accounting, online rent payment, tenant communications, asset control, inspections and maintenance.
What is property management CRM?
Property management CRM is specially designed software that helps property owners and managers to establish a successful relationship with current and prospective residents.
Which is the best property management software?
The following are the best property management software
- Rent Manager
- Yardi Voyager
- MRI Software
- Spark Rental
- Condo Control