03 March 2023

Australia’s residential property leasing and management industry is projected to bring in $6.4 billion in revenue in 2023. This demonstrates how big this business is.

Real estate is a lucrative business, making it a preferred choice among business owners. However, property management can be stressful, given staff members’ and property operators’ obligations and responsibilities.

Over the years, the worldwide property management sector has increased technology usage to boost service quality and guarantee growth. To maintain everyday operations, attract new residents, and preserve the satisfaction of present tenants, property owners, operators, and staff have been using effective solutions like property management software.

This guide aims to explain what property management software is, the advantages of property management software, what features to look for in software, and the various property management software tools that are available on the market, along with details on their features to help you choose the one that’s best for your business.

So, let’s get started.

What exactly is property management software?

Property management software simplifies and automates landlords’ and property owners’ or managers’ day-to-day obligations. Property management software’s fundamental feature is around real estate management, whether in terms of physical space, renters, leasing, or accounting. Depending on the size of the property portfolio, property management software can scale up or down and accommodate several residential and commercial property types.

Simply said, the best property management software makes managing real estate portfolios straightforward and quick, covering everything from tenant screening to building maintenance.

Property management software can range from simple point solutions to a fully integrated enterprise resource planning (ERP) platform. ideally tailored by our expert Laravel developers. You can hire Laravel developers to meet your specific business requirements. As a result, when a property management system is combined with rental payment software, lease administration software, lease accounting software, or community association management software, its capabilities can be increased.

Real estate activity or brokerage management software can help real estate agents or agencies handle back-office operations. In contrast, facility management software assists users in managing industrial-specific premises’ operations and physical assets.

The functionality of products in the property management category must be tailored to at least one of the following markets: retail, commercial, industrial, mixed-use, residential, or multifamily. Commercial property management makes the management of any buildings and business spaces that generate cash more accessible. A particular branch of commercial property management is supported by industrial (manufacturing, warehouses, etc.), retail, or mixed-use property management. Any property utilized for residential purposes, including single-family homes, multifamily properties, or both, can be managed with the help of residential property management. Residential structures with more than one dwelling unit and tenant are supported by multifamily property management, a particular branch of residential property management.

10 Significant advantages of property management software

Property management software is intended to centrally and efficiently manage the extensive responsibilities held by property managers and owners. Property managers and owners may do away with the manual system of spreadsheets, emails, and document filing thanks to property management software. The instruments required for a successful and effective business are centralized and unified by the software.

Property managers and owners can rely on a single platform that allows seamless integration to additional third-party software rather than relying on separate web-based, and paper-based solutions.

  • Access to information in real-time.
    You either keep all the required information on spreadsheets on your laptop or in large stacks of documents, preventing you from working anywhere other than your workplace.

    With web-based property management software, you may work from any location at any time. Data is automatically updated and saved online, enabling you and your tenants to access all the required functions directly from a mobile device.

  • Simplifies maintenance management & Tracking.
    Customer happiness is influenced by building maintenance. The higher tenant retention rate you’ll experience depends on how well you maintain your buildings, which lowers the time and expense needed to find and keep new tenants.

    Schedule and maintenance management programs ensure that your regular maintenance duties aren’t neglected. All open and upcoming maintenance work orders should be easily visible so that you may schedule them as necessary.

    For a more streamlined workflow, PMS systems can also gather maintenance-related records, including estimates, quotations, receipts, invoices, and communication histories, into one spot.

  • Financial management.
    Property management is no exception to the rule that successful business owners must maintain strict financial control. The finest property management applications will help you increase your revenue while decreasing expenses.

    Expense management features can help you make the most of your operational budget by providing a thorough overview of your financial health. Tax management capabilities keep you in compliance with local tax rules, and bank links make the reconciliation process more accessible.

  • Tenant applications and Screenings.
    The ideal tenant will make your management experience far more enjoyable, but you should always be prepared for the unexpected. With practical tenant screening tools, you can ensure that you keep high-quality renters.
    Many PMS systems assist you in weeding out less-qualified candidates by providing resources like reference verification tools, background checks, and renter histories that indicate whether the candidate can be trusted to pay their rent on time.

    Background screening features are built in or available through third-party interfaces, which can raise red flags if any data relevant to a prospective landlord is found. For additional piece of mind, keep a look out for property management packages that offer credit check functionality.

  • Online payments.
    You will only have to spend as much time looking for late payments if you make it simpler for your tenants to pay the rent on time. Since tenants may pay their rent online while lounging in the comfort of their own homes, this method of rent collection is the most convenient.

    To identify who has paid up to date and who has fallen behind, many PMS programs also incorporate rent tracking capabilities.

  • Contact management.
    Any landlord will tell you that managing a property effectively involves a large team of individuals and that lengthy contact lists can quickly become disorganized and unkempt. Thanks to comprehensive contact management features, you can arrange your contacts more effectively and spend less time looking up phone numbers and emails.

    You can even combine renters, maintenance staff, landlords, suppliers, and other business partners for a more efficient contact management procedure.

    Vendor databases make it simple to rapidly receive the service you need, while tenant databases allow you to get in touch with customers. To ensure that your properties are always completely occupied, lead management capability is frequently included in PMS packages.

  • Less administrative work.
    Manually entering data into spreadsheets is time-consuming and, more critically, error-prone. It also does not provide immediate results; you must analyze the data to acquire meaningful knowledge, which takes more time.

    Data is automatically updated with property management software. You can generate detailed demand reports and recover control of your money and your entire business.

  • Secure sensitive information.
    Any firm must keep sensitive customer information, such as credit checks and leasing agreements, on file. You are accountable as a property manager for keeping them safe.

    There is no need to be concerned with property management software because all personal data is safely saved online. Data encryption is provided by software development businesses, which further secures it.

  • Advertising & Marketing.
    It’s easier to keep your buildings rented if no one knows about the vacancies, and a thorough advertising and marketing module will assist you in spreading the word.

    A well-designed website is also a wonderful place to advertise all current and upcoming vacancies. Depending on your industry, you’ll be able to offer appealing properties such as holiday rentals or student housing, complete with online booking features for optimal ease.

    Including a customer review section on your website is another effective technique to generate interest, as existing and past tenants will be able to attest to the desirable nature of your home. Especially if you keep a high level of client satisfaction.

  • Data analysis.
    A company’s success depends on the owners’ ability to make informed judgments. However, their data and analysis may need to be when collected and performed manually corrected.

With property management software, every information entered into the system is saved, allowing you to do a complete analysis and gain insights into your business. Proper data analysis enables you to identify inefficiencies and identify new opportunities.

What features should property management software have?

Searching features of property management software https://www.freepik.com/free-vector/landing-page-concept-house-searching_5568532.htm

It is critical to remember that not all rental property management tools have the same features.

When picking which software to use, consider the following:

  • What characteristics does a specific software have?
  • What features would be helpful to you?
  • What features do you require? (i.e. the deal breakers)

The features you receive from the program may vary depending on what it is, and some offer extra functions that can help you streamline and automate more aspects of your property management activities.

You should search for the following features in quality property management software:

  1. Automatic rent payments and tenant portal
    The most important thing rental property management software does for you is make it easy to collect rent and communicate with tenants. The bottom line is everything, and having software that allows for speedier, more dependable, and semi-automated rent payments is crucial.

    Many property management software packages provide a complete tenant portal where you can collect rent and connect with tenants directly. Tenants can then use the interface to manage rent and other duties such as pet rent, parking costs, and even maintenance issues.

    Regarding efficiency, this means renting faster, more reliably, and with less effort on your part. Isn’t it picture-perfect?

  2. Control maintenance orders.
    Coordinating maintenance requests between renters and vendors can be complex, as can following up with this individual while placing this order and responding to that vendor.
    This is also an important area where online rental property management software can assist you in streamlining your work order system.

    Most property management software allows you to:

    • Accept maintenance requests directly from tenants.
    • Create work orders and include attachments like notes and photographs.
    • Assign a vendor to that work order.
    • Pay the vendor and keep in touch with the renters about the maintenance request for information and status updates.

    Property management software consolidates all of your work orders into one location with a centralized communication tool that simplifies and streamlines the entire process. It makes your job easier.

  3. Screening of applicants and online applications.
    The greatest rental property management software not only simplifies and even semi-automates rent collection and maintenance orders but also assists you in attracting new tenants.
    Many property management programs include capabilities such as:

    • Online applications
      Tenants can sign applications and pay application fees entirely online. With a few clicks, you may check the status of such apps.
    • Screening of applicants
      To make the entire admission procedure even easier, many systems allow applicants to request and pay for their background checks when completing their application.
  4. Automatic vacancy listings.
    Vacant units represent a lost opportunity as well as money that is actively sliding through your fingers.

    Fortunately, many rental management programs allow you to advertise vacant apartments on major property listing platforms automatically. There is no need for extra effort.

    You will have less downtime between tenants and will be able to maximize cash flow.

Now that we’ve covered some of the essential elements of a typical rental property management tool, now let’s have a look at how to choose the best PMS software.

So, What is the best property management software?

  1. Buildium
    Buildium is a well-known platform for real estate professionals. It includes various tools for property administration, accounting, business operations, and leasing.

    Buildium provides a quick and easy solution to manage and build your real estate portfolio, whether you own three properties or three thousand. You may use the software to not just manage maintenance requests and finances but also to market properties and find tenants online.

    You can accept online applications and vet renters before signing contracts, just like Appfolio. There are also portals for property owners, homeowners, residents, and board members, which allows you to communicate quickly with stakeholders.

    The software includes sections for residential properties, community associations, and housing for students and the poor. The cost is determined by the number of units you manage, with additional charges for online payments, electronic documentation, and tenant screening.

    Reasons to buy:

    • Suitable for a range of properties
    • Easy-to-use
    • Free trial
  2. Appfolio
    Appfolio is a real-time property management application that offers a variety of cloud capabilities for apartments, residential, commercial, council, and student property managers. The program not only assists real estate professionals in managing assets and financial data but also helps them attract new renters and clients.

    The platform, which aims to streamline real estate and property management procedures, allows users to access company KPIs, track maintenance, and connect with renters, owners, and vendors. There’s also a separate owner’s site where you may obtain reports and statements.

    Other capabilities include accepting and evaluating online rental applications, sending vacancy advertisements throughout the internet, collecting rent online, and executing mobile inspections. Furthermore, tenants can submit maintenance requests through the program, allowing property managers to fix issues promptly. There are numerous monthly options available depending on the sort of property you want to rent or sell.

    Reasons to buy:

    • Easy-to-use
    • Comprehensive business metrics
    • Owner’s Portal
  3. Rent Manager
    Rent Manager is a versatile and user-friendly property management tool that can handle properties of any size. It includes an asset management database, integrated accounting, contact management, work ordering, and marketing solutions.

    You can track, manage, and resolve service issues from the platform and keep track of your money by receiving thorough reports. To locate new tenants or purchasers for a property, you may use Rent Manager to establish a professional and dynamic website.

    Another advantage of the platform is that it is mobile-friendly. You may use a mobile app to accept money, organize service inspections, enter work orders, and take photos when you’re on the go.

    However, this software isn’t simply valid for property managers; tenants can use it to view real-time information and transaction records, sign contracts, and pay rent from any device. You’ll need to contact the company for pricing information, although a free trial is available if you want to try out the software.

    Reasons to buy:

    • Simple to set up
    • Built-in website builder
    • Also beneficial to tenants
  4. Re-Leased
    Re-Leased lets you lease mixed-family housing, retail, office, and industrial space in addition to residential and commercial buildings.

    The program serves as a central center for viewing impending tasks and automated workflows. You can see and manage properties, coordinate and distribute duties across your team, and connect with tenants via email and text messages from a simple dashboard. You can also receive task reminders and address issues. There is also a connection with Google Calendar, Outlook, and Microsoft 365.

    If interested in the program, you can go to the company’s website and obtain a price quote. Every user can contact customer service, add as many properties as they like, link to Xero accounting software, and use the platform over the cloud from desktops, tablets, and smartphones.
    The app is also safeguarded by enterprise-level security to ensure that critical company data never falls into the wrong hands.

    Reasons to buy:

    • Appropriate for a variety of properties
    • Support for Xero
    • integration with Microsoft 365
  5. MRI Real State Software
    MRI Software, founded in 1969 as Qube Global Software and now rebranded as MRI Software, has provided technology solutions for nearly 50 years. It has also developed a comprehensive property management service that is utilized by over 10,000 clients worldwide.

    The program, aimed at investors and managers, is appropriate for various real estate firms, including commercial, residential, mixed-use, and student properties.

    A landlord and tenant database, contact management, expense monitoring, maintenance tracking, expense management, insurance management, lease administration, tax management, rent tracking, and late fee calculation are among the features.

    However, you’ll need to contact the provider to estimate the cost since this program is mainly intended for corporate users. At the same time, you can try out the platform to determine if it meets your requirements.

    Reasons to buy:

    • Trusted by thousands
    • Targeted at enterprises
    • Easy-to-use
  6. TenantCloud
    TenantCloud provides a free plan with a limit of 75 units. It is unlimited, but it will suffice if you have a small portfolio.
    If you want a convenient app with a free plan, you can carry it with you on the road.
    TenantCloud has the advantage of having a better feature list on its free and paid subscriptions.

    Reasons to buy:

    • Affordable.
    • Rent can be paid online.
    • Work order administration
    • Payments to vendors
  7. SimplifyEM
    If you’re primarily searching for an accounting application to manage your properties, SimplifyEM is a fantastic choice.

    SimplifyEM mainly facilitates rent tracking and collection, with some unique features such as payment reminders.

    They feature a free trial version of the software that is unique among property management software solutions in that it allows you to test out the entire product for a limited time without entering any critical information.

    Reasons to buy:

    • Powerful accounting features
    • QuickBooks synchronization
    • Reminders
    • Rent payment automation
  8. Property Matrix
    Property Matrix is an excellent choice for firms with particularly specialized reporting requirements. With over 500 customizable reporting fields, this software can generate any report you require.

    However, users claim that the pricing point for Property Matrix is relatively exorbitant for smaller firms, especially when compared to software solutions with equivalent capabilities. Its Starter package costs $400 per month for up to 250 units.

    Reasons to buy:

    • App for mobile devices
    • Individualized user roles
    • Custom reports and fields
    • Payments using ACH and credit card
  9. Rentec Direct
    Rentec Direct is a property management application with a robust feature set and an attractive pricing strategy.

    It has one of the most extensive feature sets of any choice on our list. Their accounting features, in particular, are vast, ranging from online rent payments to robust reporting tools.

    However, many complain that Rentes’s design is difficult to browse and find what you need, making it a chore to use regularly.

    Reasons to buy:

    • Accounting advantages
    • Work order administration
    • Communication tools for tenants
    • Portal for the owner
  10. RentRoom
    RentRoom is a complete property management solution with strong accounting capabilities and an easy-to-use interface.

    The program also has unique community features, making it a good choice for condos, multi-family properties, and HOA properties.

    Rentroom’s accounting reports are limited, so if that’s a must-have feature for you, this may not be the most excellent option.

    Reasons to buy:

    • Rent collecting online and payment reminders.
    • Cash reconciliation and other fundamental accounting aspects.
    • Tenant portal.
    • Maintenance management.

How did we evaluate the best property management software?

To find the best property management software, we looked into a variety of popular solutions as well as recommendations from people we know who use property management software. We then created an account to use the software and tested it to see how easy it was, what kind of features it had, and how much it cost to determine how competitively priced it was.

What is the best property management software for you?

Consider how demanding your needs are before picking which property management software to utilize. Do you only need to handle a few properties, or do you need to manage an extensive portfolio? Consider your IT skills to see if you need additional training to use all of the features you require or if you may delegate this to a professional.

After testing the software mentioned above in this article, we discovered that developing your software is the best option. This causes you to emphasize your core objectives and point to your primary ambitions. And also, this will keep you from having to buy licenses from time to time.

When creating your software, SANMARK is your best bet. We are a capable company with a high client satisfaction record. We at SANMARK are a top software development firm with straightforward objectives and excellent solutions that bring in money and increase user engagement. Up to this point, SANMARK has created much top-notch software that follows engineering best practices and offers the finest possible user experiences.

So joining forces with us is your best and wisest option.

Give us a call at 0912 261 501 or send us a message to learn more about us, our method, our work, and how we guarantee a return on investment for your business.

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