How to choose property management software

Property management software helps management firms with all aspects of operation, from advertising vacancies to collecting rent, monitoring occupancy and tracking property maintenance. It is also the most efficient way to manage and store documents.

The appropriate software really depends on the specific branch of property management. Certain options are better suited to residential property management, for example, than hotel management. Another consideration is the number of and type of units to be managed, although most softwares on the market today has scalable plans based on the portfolio of properties.   

Here is a quick rundown of some of the most options.

AppFolio. A mobile, all-in-one solution. Its features include vacancy and rent-tracking, landlord and renters’ insurance management, owner and renter portals, online applications and leases, applicant screening capabilities maintenance request and customized reporting functions.  

Propertyware. This end-to-end cloud-based solution is a good option for users who wish to scale their businesses, and those with mixed property portfolios. It allows for vacancy postings, integrated screening of tenants and includes lead-to-lease functionality. It provides custom reports and statements on an instant basis.

Buildium. Allowing for complete control of every aspect of residential and association properties, Buildium’s key features simplify the management of the rent cycle. It automates steps like tenant screening, rental applications and even rent and late fee reminders.

Resman. Suited for mid to large-size companies in the multi-family and affordable housing side of property management, Resman has comprehensive tools for leasing, rent collection, reporting, document retention, lead management, accounting, budgeting and maintenance requests. Additional software can be purchased to assist with annual certifications and housing assistance payments.      

Yardi. Yardi has made a name for itself as a fully comprehensive integrated software and investment management solution for all real estate verticals. It offers Yardi Breeze for small and midsize businesses, as well as Yardi Voyager, which is targeted to medium and large property management companies, as well as owners and investors. Both platforms offer accounting and operations functions on different scales, for residential and commercial properties.

Realpage. With key features like purchasing, maintenance, document management, accounting and reporting, Realpage is especially strong in the area of organization and storage of digital compliance documents and records. It is cloud-based, suitable for businesses of any size and includes a number of customizable features.

With all the minutia involved in property management, you need a platform that increases your efficiency and organization while streamlining processes. When it comes time to compare and make a decision, it’s important to not only consider which options fit your budget but which can most easily be integrated into your day-to-day operations. User friendliness, adaptability and scalability are all factors that will help determine which solution best fits your needs. Options also offer varying levels of training and support.

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