104 systems found
Finding software can be overwhelming. Software Advice has helped thousands of property managers choose the right property management software so they can track tenants and payments.
Property management software helps landlords and real estate professionals track leases, residents and maintenance tasks, as well as collect rent and manage finances to reduce costs and streamline operations.
Property management software applications can lead to several key benefits, including:
Whether you manage a single apartment complex or dozens of commercial facilities, property management software can provide the functionality needed to handle daily tasks, letting you focus on your business in other ways:
Property managers have different requirements based on their portfolio size and type. Modern software offers functionality to help any type:
Modern property management software helps handle virtually any day-to-day task, but depending on your specific needs, you may want to integrate with other systems:
When comparing property management software, it's important to understand the functionality included in each. The most common functions of these systems are listed in the table below:
|Accounting||Manage the general ledger, accounts payable and rent payments. Most systems assist with bank reconciliation and generating financial reports.|
|Tenant & lease tracking||Assists with the entire leasing process, including tenant screening, move-in and move-out management and rent and utility payment collections.|
|Budgeting & forecasting||Develop accurate operating budgets and reports and forecast future costs and values, as well as account for consumer price index (CPI) changes, inflation and market rates.|
|Building maintenance||Submit and track work orders, either from employees or renters, and assign tasks to maintenance workers.|
|Tenant portal||Allows tenants to pay rent and fees, submit maintenance requests and opens a communication channel between residents and staff.|
Accounting: Accounting features in property management systems work much like financial accounting in other systems: they help keep your numbers accurate and up-to-date, with a general ledger, forecasts and dashboards offering a holistic view of expenses and profits. Generated reports can be used to present to stakeholders and to identify trends or opportunities.
Accounting summary in Buildium
Tenant & lease tracking: This feature is the core of any property management system, as it helps organize and track all important information about your residents and their lease agreements. This may include: past due payments, crucial lease dates, contact information and more. Most systems also offer tenant screening tools as a part of tenant tracking.
A tenant profile in MRI Residential Management
Budgeting & forecasting: These features deliver value to property managers by centralizing all current financial information and historical lease details to produce accurate projections and forecast future costs. Reporting features can be used to generate customizable reports to easily share information with stakeholders.
Various types of reporting options in Rentec Direct
Building maintenance: Maintenance management functionality allows both residents and staff to submit, track and assign work orders for any type of request, from structural issues to pest problems, through an online portal. Many systems can automatically assign tasks to maintenance workers to ensure a quick response.
Hemlane's maintenance request dashboard
Tenant portal: As mentioned above, an online portal offers residents various ways to communicate with landlords or office staff, accessible at any time of the day. Tenants can update contact information, pay rent and other fees, submit maintenance requests, view lease documents and communicate with office staff.
A resident profile in the tenant portal from Propertyware
Property management software is often flexible enough to match your specific needs and scale with your business growth. However, there are some crucial applications for certain types or stages of property management:
|Small apartment complex or single-family homes||Tenant and lease tracking: For property managers with a smaller portfolio, keeping track of rent payments and lease documents can be centralized for quick retrieval of important information, such as which resident's rent is past due.|
|Multiple complexes, rentals or an HOA||Tenant portal: When you have several buildings or rentals to maintain, letting tenants contact you through an online portal helps you stay on top of emerging problems you may have missed otherwise.|
|Enterprise business buyer||Accounting and reporting: Corporate real estate professionals need more robust accounting and reporting tools to make strategic decisions to lower costs. Some may also consider facilities management software.|
Typically, property management software pricing is based on a few key factors:
Vendors most often charge per unit, per month—but be aware that many have minimum monthly costs no matter how large your portfolio. Other costs may include implementation, support fees or hardware expenses.
In addition, costs may differ for on-premise or cloud-based deployments; cloud-based software is generally a smaller investment up-front.
When we look at how much companies are prepared to spend on property management software per month, the numbers vary. We see a couple concentrations of buyers:
(Note that these prices do not include any potential up-front fees, such as installation and training.)
Property management software has a relatively simple pricing structure, but some solutions include costs that you may not have anticipated. In addition to the monthly fee per unit, consider these other common costs:
As mentioned above, property management software offers several benefits:
When seeking information about property management software, you should ask a few questions to make sure it's the right fit for your needs. These include:
What parts of the software do users most frequently report problems with?
While you should pay attention to what vendors are excited to share about their system, be sure to ask about common pain points for customers and which features typically take the most time to master.
What are the additional required costs for the software?
Aside from monthly subscription costs, you should get an idea about additional costs for other services or hardware—training and implementation are common up-front costs to consider.
Can you customize the system to meet my specific needs?
Most vendors are flexible enough to customize their software by adding new fields for tenant information or combining a specific set of features for you.
Marketing your vacancies and conveying quality in the photos and text you post can be a time-consuming challenge for property managers. Modern property management systems offer functionality to help with website and vacancy management, with features for branding, search engine optimization help, social media integration and full marketing campaign management.
Check out this example of how software helps you market properties and find tenants in the busy summer months.
A major feature of most modern property management solutions is tenant screening tools, which allow you to screen for credit, eviction and criminal records much more quickly than manual methods. Screen with accuracy to avoid bad tenants so you can spend more time showing off your amenities.
Property management software won't immediately solve your operational challenges, but it can significantly streamline your more tedious daily tasks.
As with any software investment, it's important to have a clear goal in mind for the system—maybe you need to automate rent collections or make it simpler for residents to make maintenance requests. A clear objective will help your company determine the exact functionality needed to reach it.
Sometimes it's difficult to get your management to sign off on a new investment like software. But there are a few key property management software benefits that could help you get buy-in from your team:
Here are some articles about property management software you should check out:
Here are some important recent events concerning the property management industry:
Note: The information contained in this article has been obtained from sources believed to be reliable. The applications selected are examples to show a feature in context, and are not intended as endorsements or recommendations.
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A Graphic of the Top-Rated Residential Property Management Products
FrontRunners uses real reviews from real software users to highlight the top software products for North American small businesses.
Our goal is to help small businesses to make more informed decisions about what software is right for them. That’s why we engineered FrontRunners.
To create this report, we evaluated over 125 Residential Property Management products. Only those with the top scores for Usability and User Recommended made the cut as FrontRunners.
Scores are based on reviews from real software users.
The Different Graphics Show Different Sizes of Vendors
Small and Enterprise refer to the size of the software vendor company—not necessarily the size of customers they serve.
We break vendors into two groups for two reasons: It’s a more equal comparison of products, and software buyers have told us it’s helpful.
To determine who’s Small and who’s Enterprise, we look at how many employees the vendors have. All products in FrontRunners, whether Enterprise or Small, are evaluated using the same process.
Each graphic shows the top 10-15 performers for each the Enterprise and Small vendor categories. You can switch views simply by clicking on the version you’d like to see (above the graphic). You can read more in the full FrontRunners methodology here.
Products Are Scored Based on User Reviews
The gist is that products are scored in two areas—Usability and User Recommended—based on actual user ratings.
To be considered at all, products must have at least 20 reviews published within the previous 18 months, and meet minimum user rating scores. They also have to offer a core set of functionality—for example, tenant and lease tracking capabilities that support residential property management.
From there, user reviews dictate the Usability and User Recommended scores. Usability is plotted on the x-axis and User Recommended on the y-axis.
You can download the full FrontRunners for Residential Property Management report here. It contains individual scorecards for each product on the FrontRunners quadrant.
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FrontRunners constitute the subjective opinions of individual end-user reviews, ratings, and data applied against a documented methodology; they neither represent the views of, nor constitute an endorsement by, Software Advice or its affiliates.