We wrote this guide to help you determine what kind of system will best suit your organization.
Here’s what we’ll cover:
Multifamily and apartment management software programs are designed to make things easier for property managers by enabling them to track and store tenant information, collect rent and manage accounting needs.
Common modules in multifamily housing software include online rental payment and account access for tenants, expense and maintenance tracking and resident screening. Online reporting of financial and rent roll information is typically available as well.
Property managers should consider the following features when selecting multifamily or apartment property management software:
|Tenant portal||Enables renters to pay their rent, submit maintenance requests and review their leasing history online. This feature simplifies payment processing and saves time.|
|Automatic vacancy postings||Allow managers and owners to quickly and easily post available units to their website or on popular apartment listing sites like Craigslist, Apartments.com, Rentals.com or Google. This saves work and helps units get filled faster.|
|Integrated accounting||Helps you better manage every aspect of your company’s finances with integrated general ledger, accounts payable and receivable, expense tracking, balance sheets, income statements and payroll management functionality.|
We’ve compiled several case studies to illustrate how the features of apartment rental software solutions can help advance your business by making it easier than ever to manage apartment properties.
Automatic rent payments eliminate annual fees and free up man-hours. Using a tenant portal like the one found in the AppFolio Property Manager apartment software system, tenants can make payments online, in seconds. This frees property managers from entering receipts by hand, increasing efficiency and resulting in cost savings.
Take Real Estate Management Group, for example. With a mixed portfolio of 1,000 properties, the company must process a significant number of rent payments per month. Prior to using AppFolio Property Manager, they paid $2,800/year to manage rent payments via a separate online system.
With the integrated online rent payment module in AppFolio’s apartment manager software, there are no additional monthly costs. Payments are automatically entered, freeing up countless hours of labor. Real Estate Management Group tenants can get set up with online payments in just seconds, which has increased the percentage of those using them to 60 percent—a figure expected to jump to 85 percent by the end of the year. In sum, this has resulted in annual savings of $20,800/year (and growing).
|Before AppFolio||After AppFolio||Annual Savings|
|Online rent payments w/PayLease service||$2,800/year||$0||$2,800/year|
|Staff accounting time to support PayLease online rent payments||$18,000/year||$0||$18,000/year|
Total savings: $20,800/year (and growing). (Source: http://www.appfolio.com/case-studies/real-estate-management-group)
Integrated accounting helps cut thousands of dollars in unnecessary expenses. An integrated accounting module such as that found in Rent Manager’s apartment software enables property managers to easily enter, track and analyze financial data. Detailed reports can pinpoint where adjustments need to be made in order to cut costs—a vital tool given today’s sluggish economy.
An example of an Owner’s Statement within Rent Manager’s complete accounting system. (Source: http://www.rentmanager.com/)
After the real estate slump of 2008, Ballard Property Maintenance found it nearly impossible to meet the strict new banking requirements while using their previous accounting system. Looking to cut tens of thousands of dollars in expenses, they needed an integrated accounting application that could provide detailed analysis and comprehensive reports, including project costing and budgeting. The accounting system in Rent Manager’s multifamily property management software enabled Ballard to quickly trim expenses and provide banks with the detailed financial information required.
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