Benefits of Property Management Software

Property managers of both commercial and residential real estate may find it a challenge to operate and maintain their properties effectively, yet property management software can make operations smoother for everyone involved. From renting multiple units at once to simply tracking tenant information - software solutions have made tracking tenant data less of an administrative hassle with their focus on analytics and lower overhead costs convincing property owners of the benefits of digital management solutions.

PMS systems designed to optimize property management include features that improve tenant and vendor relations, financial tracking tools, and maintenance management tools. Maintenance management tools play a pivotal role in tenant satisfaction; maintenance management could even be seen as the lynchpin to success for any property manager.

Property management software comes in various deployment forms, from SaaS (software as a service) on the cloud and traditional installations on-site to mobile applications that enable property managers and managers to address tenant concerns while on the go.

Discover how to get the most from your property using some of the top tools for managing properties available today.

What is Property Management Software (PMS)?

Property management software is an app designed to automate back-office processes related to financial and administrative operations. Features of these solutions may include maintenance tracking, electronic leasing agreements, document storage solutions and tenant portals - making this system suitable for independent landlords as well as property owners managing hundreds of units.

Property Management Software and the Market

Rental demand in the US fell 4.5% between 2020-2021 as a result of eviction pauses and government restrictions for viewing properties. Landlords may experience difficulty recruiting tenants as the economy improves.

Property managers shouldn't view it all negatively: virtual reality property tours and augmented-reality brochures have become part of many property management solutions, which will be useful even after laws related to social distancing are lifted.

AI and machine-learning tools have also become increasingly popular. Chatbots can make communication with tenants simpler while increasing applicant applications; machine learning generates reports that demonstrate pricing trends as well as forecast future changes.

Tracking and Maintenance Management

Building maintenance is of great significance in customer satisfaction. A higher tenant retention rate indicates better management, saving both time and money on finding and keeping new tenants.

Maintenance management and scheduling tools ensure routine upkeep isn't neglected, making sure all current and future orders can be seen and scheduled effectively. Mobile technology makes this easier still; tenants can simply take photos of any issues they experience and send them right away! These pictures can then be stored centrally as part of a central repository for maintenance files while service providers use the images for problem-fixing or insurance claims purposes.

PMS systems also store documents related to maintenance, such as quotes, receipts, and invoices. Furthermore, these systems can keep an archive of communication histories between employees.

Screening and Applications for Tenants

Finding your ideal tenant will make management more satisfying, but be ready for anything with screening tools designed to keep quality renters.

Many PMS solutions can assist in screening out candidates who do not meet your qualifications, using tools such as background checks, reference verification, renter history records, and renter histories to ascertain whether candidates pay rent on time. Background screening services may be integrated directly with PMS systems or third-party apps and can raise red flags when any pertinent data shows up regarding an individual landlord candidate.

For your own peace of mind, it may be worth looking for property management software with credit checks built-in.

Online Payments offer several advantages

Doing business online makes paying rent easier for tenants. They can do it from the convenience of their own homes! By making this option available to your tenants, it can save both parties time chasing late payments.

Rent tracking is included with many PMS solutions so you can instantly see who has paid and who has not. Some solutions offer automatic late-fee calculation.

Landlords can benefit greatly from online tenant portals. These portals allow your tenants to pay rent online while accessing information such as communication histories, rental receipts, and maintenance requests - helping ensure timely collection and reducing administrative workload.

Contact Management

Landlords understand it takes multiple people to manage a property effectively and their contact lists quickly become disorganized and dispersed. Contact management features allow landlords to better organize their contacts while saving time searching for phone numbers and emails.

Consider grouping tenants, maintenance workers, and landlords together for improved contact management workflow. Involve vendors or business partners as needed - even landlords if desired!

Tenant databases can assist your company in reaching customers, while vendor databases make procuring services easier. PMS programs usually include lead management features to keep properties occupied.

Advertising and Marketing

Marketing and advertising modules can help spread the word about vacant buildings. Website management tools make rental information easily digestible; social media integration lets you reach wider audiences.

One option for posting current and upcoming vacancies online is with a comprehensive website designed specifically for this task. Here you can advertise properties like vacation rentals or student housing with online booking available for your convenience.

Customer review sections on your website can also help to attract attention, as current and past tenants can vouch for your property's desirable qualities. Achieving high rates of customer satisfaction will translate to increased high-quality applications from potential renters when potential renters see that your property is well-maintained and reliable.

Financial Management

Property management is no different; successful business owners need to maintain tight control of their finances. Property management apps help maximize income while decreasing spending.

Expense management tools can assist with making the most out of your budget by giving a complete view of your finances. Tax management capabilities ensure compliance with local taxes while bank integrations make reconciliation easy.

High-end property management programs that are created by a reputed Software Development Company often incorporate powerful business intelligence (BI). These programs analyze financial metrics such as income, expenditure, and maintenance; and then present the results in an easy-to-read format. An in-depth analysis often reveals areas that fall within budget as well as those that require greater management effort.

What does Property Management Software do?

Property management software solutions exist across a spectrum of features. Some may differ significantly, while most will include these core capabilities.

Property management software makes rent collection much simpler. Many solutions provide an online resident portal where tenants can electronically submit payments. Automated emails and text messages may help decrease late payments as well.

Tenant Screening

Most property management solutions provide tenant screening services. You can integrate screening directly into your electronic rental application and access its report directly on the platform.

Property Marketing

Many property management software solutions allow your rental listings to be syndicated automatically to multiple property listing websites, where tenants submit tenant applications directly into your database. This time-saving feature makes listing multiple properties much simpler.

Maintenance Tracking

Managing multiple properties can make it challenging to keep on top of maintenance requests or manage contractors. Most property management software provides an online portal where tenants can submit photos, videos, and descriptions about any issues they are having with their units - enabling you to keep an eye on these issues as they arise and create maintenance tickets as needed.

Lease Management

Property management software streamlines the leasing process by centralizing tenant data, storing electronic contracts, and sending automatic reminders about lease renewal. Cloud-based software makes tenant data accessible from anywhere on any device - providing increased efficiency when working remotely with tenants.

Automated Administration

Many property management apps offer automated bookkeeping features that allow you to digitize receipts easily and keep an eye on finances. Furthermore, these applications can send automatic notifications to tenants when rent or maintenance work is due or required.

Property Management Software: Types and Features

This section will outline the differences between residential and commercial real estate management software solutions, and offer an overview of some of the more popular solutions available for each type.

Residential Property Management Software

Software to assist landlords in managing residential, student housing, and affordable housing is readily available. Avail or Cozy platforms are ideal for landlords managing fewer than five properties; both platforms are free while offering high levels of automation without overwhelming users with features they don't require.

Many software provides optimal solutions if you manage less than 150 properties, providing advanced features like an AI leasing assistant and a 24/7 maintenance contact center for managing larger numbers of properties efficiently. These features make this software ideal for large property portfolios.

Commercial Property Management Software

If your portfolio contains retail stores, offices, or industrial properties, then reputed PMS would provide marketing and leasing tools tailored specifically for commercial needs. Some features provided include ratio billing support, corporate accounting, common area maintenance as well as support for ratio billing.

What are the key factors for selecting property management software?

Here are four criteria our analysts use to evaluate software, which will assist you in your research of various property management options. Furthermore, we discuss the common mistakes one should avoid when assessing software.

Below are a few examples.

Consider which features are most important when evaluating solutions, and this article already covered them for property management software.

Create a list of features, both must-haves and nice-to-haves, that are most pertinent for your business, and then narrow the field down accordingly. This will enable you to identify platforms with features most pertinent for you.

Your essential features for optimizing your business will allow it to thrive, including tracking maintenance needs, in-app messaging, and online payments./p>

If you find a more cost-effective solution, some desirable features may need to be sacrificed - typically AI leasing assistants and maintenance contact centers.

Usability

A great way to test usability is with free trials. Plan out a typical workflow and compare it with alternative solutions; is the interface up-to-date and are there shortcuts available for frequently used features? Alternatively, schedule a demo if a trial cannot be scheduled.

Price

Property management software prices can vary widely depending on its sophistication. With software available from $5 per unit per month to free solutions available online, most small businesses spend between $10-250 monthly on managing their properties using property management software. Below is a table with prices for some of the more widely used systems on the market.

Customer Support

Having outstanding customer support can save time when troubleshooting product issues, and onboarding. Here are some questions you should ask when evaluating customer support:

Are live chat, phone, and email support options available to me?

Are there any programs designed specifically for new employees?

Are customer services available 24/7?

Are customer services included with all subscription plans?

Effective property management tools use and how to best use them

Those already using PMSs can maximize their value by conducting an in-depth review. By being able to identify which features and benefits best suit their needs, more profitable purchases may result.

There are various approaches to deploying PMSs. When searching, consider systems compatible with your current IT infrastructure, and can easily integrate into the workflow of your company. In particular, look out for products that offer documentation to assist with understanding the software as well as customer support teams you can count on when facing troubleshooting issues.

Finding software to meet all of your property management requirements may prove to be challenging. Contact us today!