Technology is playing a larger and larger part in the process of buying and renting properties. Of course, more and more people are turning to online listings in order to find places to live, but that isn’t the only means that tech is entering the process – it’s helping property managers and landlords in the form of real estate property management software.
When it comes to tracking vital information such as rent payments, vacancy, insurance management, compliance and more, real estate property management software can play a vital role in ensuring your investment is run smoothly and efficiently. With the right software behind you, you can increase the scope of your management from just a handful of properties to 50 or more, all while remaining organized and up-to-date on each and every one of them.
What Property Management Software Is The Right One For You?
There are many out there, and they all have their individual ups and downs, so we’ve taken the liberty of listing some of the best on the market below. Simply look them over and see which one would best represent your interests in terms of overseeing your day-to-day business, allowing you to run your properties the way they need to be run.
360Workplace is cloud-based and offers a plethora of systems applicable to running any number of properties, with a particular emphasis on managing every aspect of any repairs and maintenance. In addition, it also allows you to handle lease administration and other mainstay aspects of property management, making it a truly all-in-one solution. However, 360Workplace is geared more towards corporate real estate, so smaller businesses may want to look elsewhere for something more practical for their uses.
A great all-around program that allows you to take property management on the go, cloud-based AppFolio allows landlords to monitor their buildings anywhere and at any time. The easy-to-use software allows you to view reports and even generate professional-grade websites for your properties; however, some users report the software to still be in development and adding features as it goes based on customer feedback. (We use this software at Shelter Realty).
Buildium is a very popular software suite, used by over 175,000 property owners in 46 countries. The program handles everything from accounting, business operations and leasing as well as allowing users to make and take payments, file tax document, and more. It also provides an interface for processing maintenance, rental applications, tenant screenings, and more. And, like most property management software, Buildium is cloud-based.
Planon is a good program for larger property management companies and businesses, allowing users to organize and structure data on property, tenants, budgets, and more. It features the ability to analyze and provide forecasts regarding potential costs and identifies possible cost-cutting measures that can be implemented. The program is lauded for being user-friendly and boasts centralized dashboards for better management.
Property Operations Workspeed focuses on risk management, business analytics and visitor management, and the fact that it has more than 2,700 users the world over is a testament to its quality. It allows managers to maintain multiple properties and schedule and oversee timely maintenance and inspections, as well as a mobile app interface so that both managers, tenants, and related parties and submit requests, work orders and more.
Rentec Direct is a complete management solution, allowing landlords to automate many aspects of the property management process, including payments, maintenance, tenant screening, data security, listing online vacancies, and more, and all via an easy-to-use online portal.
TRIRIGA, by computer powerhouse IBM, has both reputation and name-brand recognition. Geared more towards larger businesses, it focuses on the accounting aspect of property management, allowing users to automate many aspects of the process, such as payment schedules, lease contracts, notifications, contract expiration, income statement analysis, and more.