A property management software (PMS) is designed to assist property managers and investors in administering residential and commercial properties on behalf of their owners. Moreover, the software helps maintain a clear digital paper trail for compliance purposes. It also streamlines the management process, organizes the listings, and allows you to take control of your time.
Whether you’re an investor with a few investment properties or a property management firm managing hundreds of locations, there are several options to consider. The selection of property management software will depend entirely on your purpose. A recommendation is that investors go through their daily, weekly, and monthly responsibilities as property managers and identify which tasks they need the most assistance.
Like other Real Estate Tools the good property management software should include tracking rent, planning maintenance and repairs, filtering applicants, and paying vendors. Whether your business handles residential or commercial properties, the software will help manage the income and expenses involved with property management.
Property Management Software’s for Investors
Selecting the optimum property management software for your unique situation can be an arduous and time-consuming task if you don’t know where to start. Fortunately, after careful research based on features, ease of use, customer reviews, and more, we narrowed it down to our top 5 picks.
Buildium is one of the best Real Estate Transaction Management Software that specializes in residential properties, student housing, affordable housing communities, and associations. It enables property managers to collect rent, lease units, oversee maintenance requests and vacancies, screen tenants and manage the accounts. There are three pricing tiers for the software: Essential, Growth, and Premium.
Property managers can access Buildium instantly from their phones through the app. There are also various training and support materials available to assist users in adapting to the software. Additionally, all three tiers provide a 14-day free trial period. If the client has 5,000 or more units, Buildium will work with them to build a customized solution.
Known as a real-time property management solution, Appfolio offers various cloud tools for apartment, residential, commercial, council, and student property managers. If you are searching for property management software for commercial properties, AppFolio is the best option. This software incorporates rent collection tools, accounting help, utility billing, tenant screening, and customizable leases. Pricing plan is based on the number of units, which determines an onboarding fee. The software also offers support and resources to assist real estate investors in growing their businesses through an investment management branch like the Real Estate Market Analysis Tools. AppFolio made it to the Capterra’s 2021 Shortlist report for real estate property management software as an Emerging Favorite which indicates that it is rated highly in satisfaction.
It is a cloud-based service and also has an app, so as a result, it can be used anywhere. TenantCloud holds an A+ rating with the Better Business Bureau and is best for property managers or landlords on a budget. Unlike most other software, they offer a free tier of services. TenantCloud works particularly best for new landlords or real estate managers with one to 500 units and Budget-conscious customers. Some TenantCloud features include rent collection, residential lease templates, marketing websites to market vacant listings to listing partners, rental applications, equipment and service reminders, maintenance requests, tenant screening, market reports with data, and accounting.
PropertyWare is a software popular for catering to single-family property owners. The software provides rent collection, maintenance request management, accounting features, and property marketing. In addition, software also includes lead tracking and follow-up features to aid landlords in finding quality tenants and fill empty units. Pricing plan is available based on the number of units owners have. However, it favors portfolios with 250 or more homes. Therefore, it’s ideal for owners with large portfolios, as the costs can be steep for owners with a smaller number of units. The software is also compatible with Docusign and Mail Merge, making it an excellent option for property managers to enhance their existing systems, like the Real Estate CRM Tools. The software’s low price per unit and comprehensive residential management tools are reasons for it being the best for managing single-family homes.
5. MRI Real Estate Software
Founded in 1969 as Qube Global Software, it was rebranded as MRI Software and has provided tech solutions for approximately half a century. It has successfully created a sophisticated property management software, which over 10,000 investors use across the world. Primarily targeted at investors and managers, the software is suitable for various real-estate businesses, comprising commercial, residential, mixed-use, and student properties, like other CMA Tools. Furthermore, few salient features include billing and invoicing, contact management, maintenance tracking, expense management, insurance management, lease management, tax management database, rent tracking, and late fee calculation. Presently, it’s used by real-estate firms such as Hammerson, Aberdeen Asset Management, and Standard Life.
Hence, Real estate management can be an enormous responsibility, no matter how many units you have. At times it may seem more straightforward to recruit someone else to take care of the daily operation; however, this can cut into your bottom line. On the other hand, if you are committed to managing your rental units, then property management software may be what you’ve been in a quest of. Therefore, Estate Land Marketing provides you the above options for you to contemplate how they might help your unique needs and responsibilities.