Property Management Quick Summary
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.
Benefits of Property Management Software
Property management software applications can lead to several key benefits, including:
Tenant and lease tracking. Helps managers perform two important functions: keep track of tenant details, such as rent payments or contact information, and lease dates. Lease tracking can also automate the leasing process from prospect to move-out.
Maintenance management. It's critical that property managers keep buildings and utilities in operating condition so tenants find value and comfort in their homes. With this application, residents can submit work orders and managers can assign work and track schedules so that important maintenance tasks are completed in a timely fashion.
Accounting. Assists with tracking rent payments, includes a general ledger and can generate reports to visualize the financial health of your properties.
Tenant portal. An online portal allows your tenants to pay rent, make maintenance requests and communicate with landlords at any time. This portal can also send alerts and notifications about upcoming rent dates or important messages from managers to residents.
Competitive Advantages of Using Property Management Software
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:
Grow your business. Automation gained from software allows property managers to spend more time marketing their properties and managing applicants to find the best residents or renters. Marketing tools give you the ability to quickly post vacancies to various sites, like Craigslist or Apartments.com, with just a few clicks.
Offer increased convenience. With an online tenant portal, residents can pay rent any time of day, which adds convenience for them and makes collecting rent easier for you. In addition, a portal opens a line of communication among tenants and office and maintenance staff, so everyone can be quickly notified about important announcements.
Gain financial oversight. Reporting and analytics tools help you gather your financial, tenant or marketing data to identify trends that could be harming your business or opportunities to make improvements.
Businesses Sizes Using Property Management Software
Property managers have different requirements based on their portfolio size and type. Modern software offers functionality to help any type:
Single and multi-family buyers. Perhaps the most common type of property management, these buyers enjoy a wide selection of systems that help manage apartments, condos or houses, including core functionality of accounting and tenant tracking along with portals and vacancy marketing.
Niche-segment buyers. While most property management systems feature the same core functions, many focus on certain property segments:
HOA management software offers additional features to track meeting minutes, bylaws and elections necessary to operate an association.
Affordable housing software includes functionality to manage funding programs, track compliance and generate audit reports.
Vacation rental property software focuses on online booking management and marketing features to give owners a wider reach for potential renters.
Enterprise level buyers. Those who manage several properties across a commercial enterprise can opt for a system that shows an overview of their entire portfolio.
Additional Software Property Managers May Need
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:
Marketing automation: Some property managers with large portfolios may need some extra help advertising their rentals. Marketing software can help you manage email, social media or text campaigns to reach a wide swath of potential tenants.
Maintenance management software: Residents deserve functional, clean properties, and managers may need more robust work order systems to tackle the volume of daily maintenance requests.
Property management accounting software: Helps landlords track rent payments, maintenance and inventory costs and create forecasts and budgets to gain an overview of financial health and maximize profits.
Rental property management software: Helps owners automate recurring tasks, such as collecting rent and generating financial reports, and handle maintenance requests remotely to manage a portfolio of properties.
Apartment management software: Includes core accounting and tenant and lease tracking functionality with additional online listing management tools, and a tenant portal to streamline rent collection.