Property managers are often responsible for handling multiple properties, some with multi-unit rentals. As the world has transitioned to being more technology-focused, products to help people access rental information online have replaced printed weekly adverts.
The experience hasn’t just become more technology-centered for renters. Software to make the headaches of managing multiple rental properties. Keeping insurance, vacancies, payments, tenant information, and even routine maintenance schedules become easy for managers when you’ve got one of these 7 property management software solutions designed with you in mind.
Follow along as we dive into what each of these software programs can do for you. Learn how difficult or user-friendly they are, and what you can expect to pay for them. Learn here which ones will handle the tasks you are most concerned with and begin trying them out. When you realize how much time they can save you, you’ll wonder why you didn’t do this sooner.
1. Appfolio Property Manager by Appfolio
You can run your office from anywhere, stay in contact with your team, and keep track of every unit you manage with ease. Whether you’re at home, at the beach, or on the way to a business meeting with a contractor.
Check to see if rent is paid, what vacancies you have to offer, and which units are waiting on maintenance work. Your software will automatically charge the correct late fees when tenants log in to make a payment.
This is a property management software that has true portability as well. Work on the run and utilize your time more efficiently. While you are showing an apartment to potential tenants, you can be collecting rent from 100 others.
Pros: Completely cloud-based with nothing to slow down your computers. They have a cellphone app version so that you can keep your office in your pocket wherever you go. Easily accept online payments and share documents with the team or clients.
Cons: Users review that Appfolio could use some updating and seems to be in the early stages of development with support not as readily available as they’d like.
Costs:
$1.25 per unit, per month for residential usage
$1.50 for commercial units per month.
$1.25 for student housing units per month.
$.80 for community associations per month.
2. Property Operations Workspeed by MRI Software
MRI software has a solution for your needs. With a full deck of products to allow you to manage, organize, and handle the financial aspects of your business, it’s all at your fingertips. Have what you need at tax time with a click of your mouse.
Track expenditures and integrate the write-off amounts right into your tax reports. Never lose track of who has paid and who still owes ever again and when you need maintenance done, shoot your maintenance person a message instantly.
Pros: Integrated accounting management software that will help you with billing, changing rent due dates, and even changing contracts so that you can add or change break clauses in a contract. Automate rent increases over periods of years or months, integrate with your banking to disperse payments into multiple funds to suit your business needs.
Cons: Very little customization is available with this product.
Costs: There is no public price tag, you must contact them for pricing information.
3. Podium by Podium Corp, Int.
Podium is a one-stop solution that allows you to organize your team, integrate schedules and calendars for maintenance, and allow tenants to request maintenance. Tenants can make a payment via text message and the software also allows them to write you a wonderful review to help grow your business.
Pros: Podium offers integrated web chat and video messaging so that you can reach tenants and they can reach you. Someone looking for a rental can reach you immediately from a listing right from your website. Podium is very customizable. Centralize all of your interactions and tasks. Review requests are sent via text messaging and when clients write a review, it is automatically redirected straight to Google. This builds positive reviews incredibly fast.
Cons: Some reviewers stated that canceling the service was more complicated than they would have liked.
Costs: Free demo, after which price is available from the company
4. Rentec Direct
Accept rental payments online and manage your general ledger without going anywhere else. Checks can be sent to property owners with a click making all the financial aspects of running your management business a breeze.
A free website tool helps you set up your personalized website and keep track of maintenance and repairs as well. Tenants can reach you in an instant and you can send prioritized tasks to your team so that everyone knows who is working on what and when it is done.
Pros: Users report that this software is easy to use and customer service is responsive when help or further instructions were needed. Works well for tracking costs, including repairs and expenses related to your rental units.
Cons: Some reviewers felt that the app could have been more customizable to truly suit their needs more specifically.
Costs: After a free two-week trial, it costs roughly $0.90 per month, per unit. It’s $1 per month for Rentec PM but you only get that price if you buy in large numbers. Smaller management companies with 10 units, for example, have to pay $35 to $40 per month on average.
5. TRIRIGA Real Estate Manager by IBM
Simple brand recognition sets this offering apart and puts it squarely in the top five choices. IBM has long been a world leader in software solutions and now they offer this property management software solution that can help you be on top of your daily tasks with ease.
This software is designed to handle massive amounts of information and keep it organized so that you operate your business with precision.
Pros: Featuring pre-built lease accounting controls that automate lease payment reconciliation each month. Create contracts, lease modifications, and easily change the terms of a contract and break clauses.
Cons: It only makes sense for large companies, being quite cost-prohibitive for smaller property management companies.
Costs: Leasing this software is $13,500.
6. Buildium Property Management Software by Buildium
Used in 46 countries by more than 12,000 property management companies, this tool is widely used and has the kinks worked out for you already. It’s dependable and easy to use, once you get beyond the initial setup. Read more about that below.
Pros: Keep watch over all your finances, including accepting payments and making payments within your application. Residents have a separate portal to make maintenance requests and get help if they need it. Screen rental applications right within your app, keeping it all in one place, truly.
Cons: Initial set-up can be exhaustive for those with little to no experience. It may be difficult and have a steep learning curve for those who are not overly tech-savvy.
Costs: Costs are based on the number of units and may range from $45 to $1800 per month. Very large companies that have more than 10k units should contact the company directly for a quote.
7. 360Workplace for Commercial Real Estate by Accruent
This app aims to boost your bottom line by streamlining all the processes that you need at your fingertips. Don’t lose track of details, 360Workplace will help make sure that you’re on top of everything. It’s designed for handling a lot of units and keeping track of a multitude of details which makes it a great property management software for large companies in the real estate market.
Pros: Monitor all interactions with vendors and contractors, keep track of goals, expenditures, schedules, and access it all from anywhere because it’s cloud-based.
Cons: It isn’t designed for the smaller fish. Corporate management firms will prefer this tool while small property managers will want to seek another option.
Costs: Nothing is listed publicly. For a demo and price quote, contact Accruent on their website.
Choosing what suits your needs.
There are several more options that we don’t list here. In fact, there are easily 200 more options for you to choose from. That means there is a software option for you out there. We suggest trying a few out that offer free trials.
Podium, for example, is one of the more customizable options that is designed for the smaller to mid-size property management offices that want to grow their business, keep track of interactions, and allow clients to write glowing reviews to help build your business. It also offers that free version for you to try out.
If you don’t see a free trial listed, contact companies individually and ask them for a free trial period. Many will offer this to you and even help you with some initial training to learn how to utilize their property management software.
These applications can all save you time, money, and simply make your life easier. You need it, your business will not thrive like the competition if you don’t have it. Go find the one that is best for you and start trying them out today.
