Automating property management tasks, using a software, can substantially reduce your workload as a landlord or manager, while cutting costs. Here are reviews of the most trusted and feature-rich software out there, that offer the most complete package of services.
The entire gamut of services that the job of a property manager entails can be substantially simplified through software automation. We are going to help you find the best software solutions that will improve efficiency and empower you to provide better quality services to your tenants and clients.
Software programs, devoted to property management provide features that aid in accounting, building maintenance, lease tracking, tenant screening, vacancy posting, as well as budgeting and forecasting. Depending on the scale and range of your property management operations, you may be interested in one or more of these features.
Further, there are standalone software programs that provide these services and online services that are based on the SaaS (Software as a service) paradigm. Two software services reviewed further fall in the latter category, as online services cut down on costs and provide a wider range of services.
Define your exact requirements, be they niche-specific like pure accounting or the complete package including all the features listed above, and go for any one of these services that provides the requisite functionality at the most reasonable price. Here are three of the best software programs catering to property management.
A program that has been around for long and earned the respect of critics, as well as users alike, is LandlordMAX. The software is built to serve property owners, as well as property managers. Compatible with both Mac and PC, this software has a unique pricing strategy – the price remains the same, irrespective of the number of units under management. This also includes free software updates for 12 months, as well as free lifelong technical support. For managers, it can handle the accounts of multiple landlords, tracking multiple properties simultaneously.
It provides email communication facility, from within the application to contact vendors for building maintenance, as well as tenants. The program lets you manage all tenant information, create and track lease records, besides providing periodic reports. Among the many innovative features included, a color-coding system indicates delinquent tenant accounts. It includes a complete database solution, where all information related to properties, landlords, tenants, and vendors can be sorted according to various filtering criteria. All generated reports can be exported in CSV, RTF, Excel, and HTML.
The software is available in two basic versions, a single user system (with unlimited units and support), priced at USD 165, and a multiple user network version that comes with a higher price tag. This includes a Soho version (2 users with unlimited units), costing USD 495, Pro version (with 3-10 users and unlimited units), priced at USD 995, and Enterprise version (with more than 11 users and unlimited units) with a price tag of USD 2995. More users can be added to existing software licenses, through an upgrade.
A clean interface, sound accounting algorithms, and detailed reporting facility make it one of the best software programs devoted to property management.
One of the most successful cloud-based software programs, offering solutions in the real estate arena, Propertyware is distinguished by some of the most innovative marketing services. It saves users from the hassle of setting up and updating software, through a SaaS facility, hosting the entirety of user data on secure data servers. It creates a virtual network for a property owner or manager, where his vendors, property managers, and tenants log in online to manage their accounts and receive notifications. Besides the standard tenant management features, it offers marketing and website solutions.
In addition to automating the leasing process for owners, generating lease agreements, providing detailed reports, it also provides a facility for online screening and background checks of potential tenants. A landlord or manager can directly market his rental properties on online portals. The provision of complete tenant portal, facility for electronic payments, alerts, and notifications makes it one of the most complete software solutions, among the lot. Propertyware has a complex pricing strategy with each add-on service, increasing the overall cost. For basic features, every month, you pay more than a dollar per unit, with a minimum of USD 75, besides paying separately for storage. For standard and advanced websites, a fee amounting to USD 50 is charged with a one-time setup fee. This is a feature-rich, but pricey software service.
Another web-based software, AppFolio provides comprehensive tenant management features including a sortable database, accounting features, online application screening, as well as marketing solutions. Though it is specifically tailored for property managers with multiple estates under management, it can also be used by property owners.
The cloud-based software comes with a concrete accounting system that includes facilities for generating balance sheets, ledgers, and cash flow projections. Through E-check facility, electronic payments can me made online. You can also write checks, as well as transfer funds to pay bills. AppFolio’s payment platform lets tenants pay rent online, via credit cards, E-checks, and electronic cash payments. Detailed reports with billing, rent payment, vendor and inventory details are also made available. Management features include, full scale owner websites, a universal data search facility, mobile apps on Google Play and App Store, and even a facility to enroll for tenant liability insurance.
Besides these standard features, AppFolio has a number of marketing solutions to aid business growth, which include a customized website, direct vacancy advertisement posting and tracking, as well as a unique prospect tracking feature, that helps managers find renters for properties. AppFolio charges USD 1 per month, for each unit under management, which is inclusive of multiple features including accounting, unlimited users, automatic data backup, vacancy posting, a professional website, online rent collection, regular free upgrades, bank-grade security, and a specialized ratio utility billing system, among many other features.
Since the cost of subscribing or buying these software programs is linked to the number of units under management, and does not use a one-size-fits-all model, they are ideal choice for managers with small rental properties, while also serving those with large and diverse rental properties. Setting up any of these aforementioned programs will liberate you from the tedium of planning and executing every task on your own. The software will do the hard work, leaving you to be just the decision-maker.