Property Management Software

Property management is a dynamic and demanding field that presents professionals with a host of challenges to overcome. Managing accounts, accepting legal documents and rent, maintaining landlord-tenant relationships, operating within a budget, and overseeing the lease lifecycle are just a few of the multifaceted responsibilities property managers have to navigate. 

Property management software can be a transformative solution that automates all these critical operations and revolutionizes the way property managers work. It consolidates and automates key processes, bringing together financial management, maintenance coordination, tenant communication, and more into a unified system.   

However, in the ever-expanding market of property management systems, choosing the right tool can be overwhelming. That’s why we have created this buyer's guide to act as a starting point for your research. We will provide an in-depth analysis of key features, benefits, industry trends, pricing considerations, and some of the leading vendors in the market to help you make a wise decision.  

What Is Property Management Software? 

Property management software is a purpose-built tool designed to manage and organize real estate portfolios. It offers a centralized platform for organizing and automating day-to-day operations such as rent collection, tenant screening, lease management, maintenance requests, and financial management. 

The technology-driven program enables users to easily track rent payments, manage vacancies, schedule maintenance tasks, communicate with tenants, and boost overall ROI, all within a single platform. Its automation capabilities reduce manual errors, streamline workflows, and save time and effort, allowing real estate professionals to sustain themselves in a highly competitive market. 

Understanding Different Types Of Property Management Software 

When it comes to property management software, it's important to choose the right type that suits your specific needs. Here are a few common categories of property management software: 

Residential Rental Property Management Software 

These tools are designed for managing residential properties such as houses, apartments, and condos. They provide features like tenant screening, vacancy marketing, maintenance tracking, and comprehensive reporting. 

HOA Software 

Homeowner's Association (HOA) software is tailored to streamline communication within a community. It facilitates resident interactions, event coordination, meeting organization, and election management. Additionally, it allows HOA board members to create personalized CC&R documents and monitor compliance. 

Commercial Property Management Software 

This type of software is ideal for managing commercial properties rented to businesses and organizations. Examples include shopping malls, government buildings, offices, and airports. It offers specialized modules for financial health assessment, tracking common area maintenance (CAM), lease management, and utility bill calculations based on consumption. 

Lease Accounting Software 

Lease accounting software caters to lessors by providing tools to manage the financial and reporting aspects of leased assets. It automates tasks such as budgeting, lease portfolio management, and amortization schedule management. Additionally, it ensures compliance with accounting standards like IFRS 16 and FASB ASC 842. 

These are just a few examples of the diverse range of property management software available. Each category caters to specific property types and addresses the unique requirements of the respective real estate sectors. 

Why Do Property Managers Need Dedicated Software? 

The property management industry operates in a dynamic and demanding field, where effective management of properties and streamlined workflows is essential for success. Implementing dedicated software for property management can provide numerous tangible benefits, empowering property managers to make informed decisions, increase productivity, and achieve sustainable growth.  

In this section, we will delve into the reasons why real estate professionals should consider investing in property management software as a strategic tool for optimizing their operations and achieving long-term success. 

1. Financial Oversight 

Property management software maintains a centralized repository for all financial transactions and automates tasks such as expense tracking, budgeting, and generating financial reports. It provides a holistic view of income, expenses, and profitability, helping landlords make informed financial decisions. 

2. Enhanced Tenant Experience 

Tenants can use this technology to easily submit maintenance requests online, communicate with landlords, access important documents, and make rent payments electronically. This improves tenant satisfaction and helps build positive relationships between property managers and tenants. 

3. Easy Rent Collection 

Manually collecting payments can be a time-consuming process. Property management systems provide convenient online rent payment options, allowing tenants to pay through various methods such as credit cards or electronic transfers. This not only increases on-time rent payments but also reduces the need for manual tracking and follow-ups. 

4. Improved Property Maintenance 

These technology-driven tools enable property managers to efficiently manage maintenance and repair requests. They can track work orders, assign tasks to maintenance staff, and monitor progress, ensuring timely resolution of issues and reducing downtime. 

5. Scalability 

As property portfolios expand, managing multiple properties becomes complex. Property management software offers scalability, allowing real estate professionals to efficiently handle a growing number of units. It supports portfolio growth, saves time, and ensures consistent service quality. 

Common Features Needed In Property Management Software 

When evaluating different property management software options, it is important to assess the range of functionalities offered by each system.  

The following table presents a list of the key features property managers should include in their checklist:  

How To Decide Which Software Is Best For Your Real Estate Business? 

We have compiled a list of questions that will help you with your decision-making process.  

Here’s what you need to do: 

• Put a tick against these basic property management software design benchmarks 
• Narrow down your options to top five contenders; test them individually or collectively 

We have also compiled a list of top property software solutions a few sections down to help you with your analysis. 

See the checklist below and remember that the tool with the most checks wins (our recommendation for you is to go ahead with the steps listed below the following list). 

Property Management Software Evaluation List    

• Does the software work with your business size/training needs?  
• What is its required level of tech expertise (only built for technical professionals)?  
• Is it easy to integrate/connect with other tools you have in your tech stack?  
• Does it fit your budget (expensive or cost-effective)?  
• How will you deploy your software (cloud-based or on-premise)?  
• Does it offer robust data security capabilities?

Now, you need to shortlist one property management software system. Visit its product profile page – use our search bar above – to watch demo or request pricing (accurate, updated, custom plan figures tailored to your real estate business) so you can get subscribed quickly. 

Property Management Software Pricing 

Property management software products typically operate on a per-unit, per-month pricing structure. This allows users to pay based on the number of units they manage, providing scalability and flexibility.  However, it's essential to be aware that some vendors may have minimum monthly costs, regardless of your portfolio size. 

It is also important to consider the deployment options. There are two primary options: on-premise and cloud-based deployments. Assess the pros and cons of each to determine the best fit for your business requirements and budget. 

Additional Costs To Consider 

• Implementation Services: Some vendors may charge additional fees for implementation services or assistance in setting up the software for optimal performance. These services ensure a smooth transition to the new system and may incur extra costs. 
• Add-on Modules: Certain features or modules may not be automatically included in the base plan you choose. It is essential to understand the pricing structure for these additional modules to avoid any unexpected expenses. 
• Training Options: Training options may be available at an additional cost. Consider whether you require training services and check for associated fees. 
• Customization And API Access: If you require further customization or integration with other systems,  you may need access to an application programming interface (API). Depending on the vendor, this may involve additional costs. 

When evaluating property management software options, it is crucial to take into account these potential expenses in addition to the base pricing. 

For more pricing information, call us at (661) 384-7070 to get a custom, updated pricing guide tailored to your real estate business. 

Best Property Management Software: Our Top 5 Picks! 

Finding the right property management software can be a daunting task, with countless options to choose from. 

That's why we have done the work for you and curated a list of the top 5 property management software solutions handpicked to simplify your decision-making process. 

1. Buildium 

Buildium is an all-in-one property management software that empowers managers of residential and association properties to streamline and oversee their business operations, regardless of their location. The cloud-based solution offers a range of tools to streamline various aspects of property management, ensuring efficiency and convenience throughout the entire process. Real estate professionals can easily use the program to manage daily financial processes, as well as create portals to communicate with property owners, tenants, and HOA board members. 

Pricing 

• Essential: Starts at $52 
• Growth: Starts at $166 
• Premium: Starts at $479 

Key Features 

• Property Accounting: Streamline financial management with automated general ledger entries, bank reconciliation, and customizable financial reporting 
• Maintenance Requests: Efficiently track and manage maintenance requests, assign tasks to vendors, and communicate with tenants for timely issue resolution 
• Tenant Screening: Screen tenants and make informed tenant selection decisions by conducting background checks, credit checks, and verifying rental history  
• Property Management Website: Create brand awareness, list available units, accept rental applications, and enhance communication and collaboration with tenants and owners through a dedicated property management website 

Pros And Cons 

Dashboard View

2. Rent Manager

Rent Manager is a leading property management software designed to accommodate residential and commercial portfolios of all sizes. This award-winning platform empowers property managers to streamline their operations, enhance workflow efficiency, and make well-informed decisions. With its integrated suite of customizable features, a property manager can effortlessly conduct inspections, accept payments, generate reports, and communicate effectively with tenants. Moreover, the vendor offers an API that integrates seamlessly with the top PropTech providers on the market. 

Pricing 

• Basic: $1.00 per unit, per month 
• Plus: $1.50 per unit, per month 
• Premium: $2.25 per unit, per month 

Key Features 

• Maintenance Management: Track and manage maintenance requests, assign tasks to vendors or staff and schedule inspections to ensure timely resolution of property maintenance issues 
• Marketing and Leasing: Streamline the marketing and leasing process by creating online listings, managing applications, screening tenants, and generating lease agreements, simplifying the process of finding and onboarding new tenants 
• Reporting: Generate comprehensive reports and analytics on rent roll, occupancy rates, financial statements, and maintenance activities 
• Communication Tools: Communicate seamlessly with tenants, vendors, and team members through built-in communication tools 

Pros And Cons

Dashboard View

3. DoorLoop

DoorLoop is a comprehensive rental property management solution designed to help landlords and property managers automate and oversee their operations. With its centralized interface, users can effortlessly manage tenant applications, screen prospective tenants, and generate lease agreements. It also provides a robust rent collection system, enabling managers to track progress across work orders, set up customizable property listing websites, and handle maintenance requests.

Pricing 

• Starter: $24.50 per month 
• Pro: $49.50 per month 
• Premium: $74.50 per month 

Key Features 

• Property Listings: Create and manage detailed property listings, including photos, descriptions, rental rates, and availability 
• Maintenance Tracking: Efficiently track and manage maintenance requests, assign tasks to contractors, and monitor the status and completion of maintenance work 
• Tenant Portal: Provide tenants with a dedicated online portal to submit maintenance requests, view lease agreements, make rent payments, and communicate with property managers 
• Accounting: Streamline financial management with tools for tracking income and expenses, generating reports, and handling online rent collection 

Pros And Cons

Dashboard View

4. Propertyware

Propertyware is a powerful application designed to help Single Family property management companies streamline their day-to-day workflows. It allows property managers to manage rental applications, screen tenants, and create and enforce leases within a shared workspace. The software acts as a centralized communication hub for property managers, tenants, and owners, facilitating efficient collaboration and eliminating the need for multiple platforms. 

Pricing 

• Basic: $1.00 per unit, per month 
• Plus: $1.50 per unit, per month 
• Premium: $2.00 per unit, per month 

Key Features 

• Tenant Screening: Conduct comprehensive credit checks, background screenings, and rental history verifications to make informed tenant selection decisions 
• Application Portal: Provide a user-friendly online platform for prospective tenants to submit rental applications, streamlining the application process and saving time for property managers 
• Websites: Boost brand awareness, increase engagement, and drive more qualified traffic to your properties with mobile-responsive websites 
• Reporting and Analytics: Generate detailed reports on financials, occupancy rates, maintenance requests, and other key metrics 

Pros And Cons 

Dasboard View

5. Avail

Avail is an all-inclusive property management tool designed to help landlords and property managers streamline their rental property operations. The platform empowers independent landlords to find tenants, collect rent, and view their credit history through a centralized interface. It provides comprehensive tenant screening capabilities, including criminal verification, credit checks, and eviction reports, ensuring a thorough vetting process for potential tenants. 

Pricing 

• Unlimited: $0 per unit 
• Unlimited Plus: $5 per unit, per month 

Key Features 

• Online Rental Listings: Create and publish attractive rental listings with detailed descriptions, photos, and pricing information across multiple listing sites 
• Rent Collection: Simplify rent collection with online payment options, automated reminders, and easy tracking of payment statuses 
• Maintenance Tracking: Streamline maintenance requests, track tasks, assign contractors, and monitor progress all in one place 
• Lease Management: Create, customize, and digitally sign leases online with templates, easy editing, and secure storage 

Pros And Cons 

Dasboard View

Frequently Asked Questions  

Why should I use property management software? 

Property management software is a useful tool that streamlines operations, enhances communication, simplifies financial management, improves the tenant experience, and facilitates data organization and analysis. With automated processes, property managers can efficiently manage properties, maintain professional relationships, optimize finances, and provide tenants with a seamless and convenient experience.  

How does property management software work? 

Property management software works by providing a centralized platform that enables property managers and landlords to streamline and automate various tasks involved in managing properties efficiently. With its comprehensive set of features, the software empowers users to:  

• Create branded property websites and distribute ads across multiple sales channels  
• Capture prospect information through the website's portal for seamless lead management  
• Utilize built-in connections with credit rating agencies for tenant screening within the software  
• Provide tenants with unique portals or mobile apps for easy communication, rent payments, and maintenance requests 
• Record maintenance requests and activities to promote accountability and streamline audit processes  
• Connect with bank accounts or payment gateways for instant deposit of rent and utility bills 
• Receive alerts for important events such as lease renewals and terminations, audits, and late rent payment 

What is property management CRM? 

Property management CRM is specifically designed for the property management industry. It is a comprehensive software solution that helps property management professionals cultivate and manage successful relationships with owners, tenants, and other stakeholders. 

What is the difference between CRM and a property management system? 

CRM focuses on customer relationship management and tracking customer interactions, while a property management system is designed specifically for the real estate industry, offering features like lease management and maintenance tracking. 

What is a PMS system in hospitality? 

A PMS system in hospitality refers to a property management system specifically designed for the hospitality industry, such as hotels, resorts, and vacation rentals. It is a comprehensive software solution that helps streamline and automate various operational tasks, including reservations and bookings, guest check-ins and check-outs, room management, billing and invoicing, and reporting. 

Let Us Help You Get Started!  

Selecting the right property management software is a critical decision that can have a significant impact on your real estate business. With a sea options available in the market, it is crucial to consider your specific needs, budget, and growth objectives to make an informed choice. 

We understand that choosing the right property management software can be overwhelming. That's why our team at Software Finder is here to provide dedicated assistance throughout the selection process. 

Schedule a free consultation with us at (661) 384-7070 to learn more about property management tools and get personalized recommendations based on your unique needs.