Property management has developed into a large task that requires a significant amount of time, energy, and even money. We’ve all seen the real estate agent who rushes from meeting to appointment with little time to spare.
He is often seen sprinting from one place to the next, holding a takeout sandwich under his sweaty armpit as he attempts to eat while realizing he is late for his next appointment.
With his coffee in hand, this property management agent decides there must be another way to make property work for him — and there is. And the answer is… real estate management software. So, what is the crux of the matter with property management software?
With a market of $96.0 billion in the United States and a plethora of high-quality suppliers, it might be difficult for property managers to find the correct provider for their requirements. There are several kinds of property management software available today, and they are not all identical.
Even though a firm claims to offer good property management software, you must still do your own research and determine for yourself if it is the best match for you – after all, every resource management software makes that claim.
The purpose of this post is to provide you with an in-depth examination of all your options so that the next time you’re in the market for property management software or it’s time to renew your existing license, there will be no uncertainty about who will get your business.
After reading this post, you will be able to determine which property management software is the finest.
What is the Best Property Management Software?
Let’s find out.
1. Propertyware
Propertyware is the industry’s most powerful, configurable, and open platform for performance-driven single family and multifamily property management organizations.
You choose which information to see, where to view it, and how to view it. You have complete control over the presentation of information and management functions, ensuring that you always have easy access to what’s essential to you.
Propertyware enables you to modify and generate your own customized reports via the use of their robust report engine, which may be utilized or distributed to present data in the manner you choose.
The homeowner portal is a secure and configurable web-based system that enables owners to access information about their homes, make payments, and submit online rental applications.
Unlike many other property management software systems, Propertyware expands infinitely with your company and is capable of managing hundreds of thousands of units.
Propertyware has merged with a number of third-party suppliers to ease your company procedures such as payment processing, virtual tours, and customer relationship management systems. These third-party vendors effortlessly interact with Propertyware.
Key Feature:
- Propertyware is the only program that centralizes all of your real estate data in one convenient location. With a simple, straightforward interface, you can easily find and examine the necessary attributes.
- Additionally, you may oversee the duties of your complete staff from anywhere using their mobile app.
- Industry best-practice training, installation, and real-time product phone support are given by accessible and responsive in-house industry specialists.
- Utilize their cloud technologies to improve your time management abilities while lowering your expenditures. This service is available 24 hours a day and is instantly accessible from any location with an internet connection.
- With their mobile app for iOS and Android smartphones, you can manage your properties on the move, ensuring that you never miss a crucial deadline or tenant correspondence.
- With integration partners like as accounting software, financials, payments, mortgage services, and local government organizations, you may easily and securely simplify rental and payment operations.
Pricing:
The base plan costs $1 per unit per month, while the most popular Plus plan costs $1.50 per unit per month. The monthly premium begins at $2 per unit.
All of these options contain a range of critical features, such as customization and reporting, marketing, and unrestricted online training.
2. MRI Software
MRI Software is a collection of products that provides comprehensive and integrated solutions for commercial real estate owners, operators, and investors. This is a cloud-based software system that enables property managers to handle all facets of the tenant lifecycle, from lease administration to financial reporting, effectively.
It’s a strong instrument that guarantees compliance with federal law and simplifies operations from initial screening through renewal. Additionally, it enables you to analyze lease risk via a user-friendly dashboard interface.
By optimizing operations and increasing tenant retention with a comprehensive suite of integrated property management solutions, you can take advantage of this software’s attention to detail, which enables you to arrange data in the manner that is most convenient for you.
With MRI software, you can manage rents and income for all of your properties in one location, while also recruiting exceptional renters with an engaging and informative website. A home description, floor plans, virtual tours, and other amenities may all be included on such a website.
By doing evaluations in advance and having the opportunity to conduct the necessary checks to ensure the proper renter is brought in, you may screen prospective tenants based on a range of criteria. Credit reports, criminal background checks, and over 600 more pieces of information are available at the click of a mouse.
Increase lease signings by using tools that enable you to construct leasing agreements from configurable templates that include move-in and move-out forms, cover sheets, security deposit information pages, and applicant demographics forms.
Additionally, you’ll be able to collect rent online through credit or debit card, as well as keep precise records for owner reporting and tax reasons.
Key Features:
- Manage all tenant communications with a feature-rich platform that enables you to communicate in a number of ways that suit your needs.
- Budgeting and accounting are managed and optimized so that you may make choices based on real-time data.
- Reduce tenant turnover by using a feature-rich platform that enables you to produce lease agreements from pre-populated templates, design your cover page, and collect information upfront for assessments.
- Conduct tenant screenings on accepted applications to assist you in retaining profitability by avoiding poor renters.
Pricing:
When it comes to cost, you will need to contact the firm and obtain a quotation.
3. Appfolio
The Appfolio team understands that the success of a company is directly related to the performance of its relationships with customers, suppliers, employees, partners, and investors.
These partnerships might be challenging to maintain whether you’re running a company or are just getting started in business for yourself.
The correct project management software can assist you in managing everything from real estate to payroll, which is where Appfolio comes in. AppFolio, Xero’s intelligent business management tool, enables you to obtain visibility into critical signals so you can make educated choices.
You’ll be able to work more efficiently and effectively, concentrating on what matters most — building your company.
AppFolio was designed with residential real estate agents in mind. They assist you in managing the whole of your portfolio (even if it is a large one), from marketing and leasing to maintenance and financial reporting.
With AppFolio, you can easily develop a stunning website that promotes all of your homes, collect rent online, handle tenant payments, and much more—all from a single, easy-to-use platform.
Key Features:
- Remarkable Service: Their customer service staff is committed to your success and pleasure and is accessible 24/7 to assist you with any inquiries or problems.
- Flexible Tools and Advanced AI: Digitize, simplify, and automate your property management software with powerful workflows. They service over 5 million US units using their workflow management software, providing their clients with connections that are unmatched in the market.
- Dynamic Technology: The platform is designed for stability, scalability, and innovation, and it is continually improved via automated upgrades to guarantee you get the greatest technology available.
- Flexible Tools and Advanced AI: Digitize, simplify, and automate your property management software with powerful workflows.
Pricing:
The basic price plan for residential properties begins at $1.40 per unit per month, while the plus pricing plan begins at $3 per unit per month. Pricing for community organizations begins at $0.8 per unit per month.
Finally, the commercial core plan begins at $1.50 per month per unit, while the plus plan begins at $3 per month per unit.
4. TurboTenant
Image Source: TurboTenant
TurboTenant is a highly targeted, user-friendly solution that enables property owners to advertise their rental units on several listing sites.
Instantly advertise your rental on hundreds of websites, including Facebook Marketplace, Rent.com, and more. According to them, TurboTenant landlords get an average of 22 leads for each property they post.
Renters may apply from the comfort of their own home via a thorough online application procedure. You’ll immediately get the results of a tenant’s credit check — you’ll have all the information you need to make an educated choice. There is no longer a need to wait for the renter to complete credit checks once you accept them.
Additionally, TurboTenant enables renters to pay rent online and submit maintenance requests – all from a single convenient location.
Receive payment histories, electronic signatures, and alerts emailed to your phone or PC immediately as critical events occur.
There is no better time than right now to start using TurboTenant — their basic plan is entirely free.
Key Features:
- Manage Your Property Online — TurboTenant is the only all-in-one property management software that enables you to manage your rental property online from start to end.
- Tenant Background Checks and Credit Reports – Obtain a tenant screening report and you may lease to a renter with confidence. Additionally, their landlords get 100 percent free tenant credit reports.
- Effortlessly Manage Your Rental Property – Managing your rental property has never been simpler. Their user-friendly design enables you to easily find new renters, collect rent online, issue notifications and reminders, and more.
- They will handle your rental application process and tenant screening, allowing you to lease to a suitable renter in minutes.
Pricing:
- State-specific leases from LawDepot: $29
- Add multiple documents and signers: $9
- Forms Pack: 32 of the most useful landlord forms: $99
On the other hand, renters have to pay as follows: - Credit and Criminal Report: $35
- Credit, Criminal, & Eviction Report: $45
- Credit / Debit Card: 3.49%
- Renters Insurance: Optional purchase through SURE: Starts at $8 per month
5. Buildium
Buildium is a property management program that is capable of much more than property management. Buildium’s mobile app enables you to do all important tasks from any location.
Additionally, tenants may now pay rent online or submit work orders immediately from their phone or tablet, which simplifies your job even more.
Buildium is the finest property management software for commercial real estate owners and investors because it streamlines operations and increases tenant retention with a comprehensive suite of integrated property management solutions.
You can screen potential renters online, collect rent on your terms, and produce complete financial reports at the click of a button using Buildium’s platform. Being successful in real estate requires you to constantly be in control, which Buildium enables you to accomplish.
By enabling you to communicate directly with renters, suppliers, and owners through your phone or tablet, you can stay on top of everything.
Key Features:
- Screening tools assist you in identifying the greatest renters, which enables you to swiftly and simply approve all of the appropriate applicants.
- Communicate with everyone from a centralized location. Send messages quickly and simply to remain in contact with residents, suppliers, and owners.
- Buildium was created with the express purpose of meeting the demands of community association managers by providing them with a Property Administration System (PMS) that enables them to handle all facets of association management.
- These include unit/association governance, bylaws and regulations, covenants, and ad hoc committees to assist in property/community management.
- By gathering all relevant information up front, you can find better renters via complete screenings and applications.
Pricing:
Three subscriptions are available, with the Essential bundle beginning at $50 per month. This enables you to automate your business’s day-to-day operations from a centralized platform.
The following plan is the growth package, which begins at $160 a month and includes all of the necessities plus a few more helpful tools to help you build your business.
Finally, there is the Premium package, which begins at $460 per month and includes everything you need to grow your company.
What is Property Management Software?
By offering an online database for real estate information, property management software streamlines your firm. Numerous aspects of property management software may be controlled, including making and receiving payments, managing spending and budgets, paying bills, and storing records.
Additional considerations to consider include the following:
- Property Maintenance – Having a simple method to track any property repairs makes operating the company even easier. This program enables you to build a maintenance plan, manage vendor relationships for repairs, and even notify tenants through text or email in advance of impending work at their location.
- Accurate Property Data Management – Maintaining and maintaining correct property data requires a significant amount of precious time. When it comes to managing your assets, errors will cost you money in the long run. These inaccuracies may even result in a decrease in property value, affecting income or possible sales. Numerous stages are automated when software is effectively connected with other systems, allowing users to devote their valuable time to more important duties.
- Tenant Management – Tenants want attention when they have issues or concerns; solve them quickly and efficiently by using a solution such as a tenant rent management. Additionally, this module will enable you to monitor renters’ payments over time, which is critical for an efficient lease renewal procedure.
- Reduce Errors – One of the most common errors made by property management professionals is the usage of spreadsheets, which may result in data input errors. Additionally, having several users add tasks into these spreadsheets increases the possibility of misunderstanding and confusion, which may result in numerous expensive mistakes over time. When utilizing a tool like this, a single error might have a ripple effect on all areas of financial records; something we do not want to happen with our properties. With current technology, we now have more precise data than ever before thanks to the correct property management software.
