In the business of property management, time is money. The less time you spend on managing your properties, the more money you can make from them. That’s why effective property management software is essential for any property manager. Such software can automate and streamline many of the tasks that would otherwise take up valuable time, such as rent collection, maintenance schedules, and tenant communication. There are many different property management software companies out there, so how do you know which one is right for you? In this blog post, we will take a look at the largest property management software companies and what they have to offer.
Property system software is a type of computer program that helps manage various aspects of properties, including but not limited to real estate listings, contracts, repair and maintenance requests, financials, and communications between all parties involved in the property.
The three largest companies that offer property management software are:
3. Rentec Direct
These companies offer different types of subscription plans for their software, which can be tailored to fit the needs of any size property management company. For example, Propertyware offers a pay-as-you-go plan for small businesses, while AppFolio has an enterprise plan for larger organizations.
There are many features that a property management system might offer, but some of the most common and beneficial features include:
-Rental Property Management: This is perhaps the most fundamental feature of a property management system. A good system will allow you to track all of your rental properties in one place, including important information like lease dates, rent prices, square footage, and more. This can be an invaluable tool for keeping on top of your rental business.
-Maintenance Tracking: Another key feature of a property management system is the ability to track maintenance and repair requests. This can be helpful in ensuring that repairs are made in a timely manner and that nothing falls through the cracks. A good system will allow you to assign tasks to specific employees or contractors, set deadlines, and track progress.
-Financial Reporting: A quality property management system will also offer robust financial reporting capabilities. This can be helpful in keeping tabs on your income and expenses, as well as tracking things like late payments or rent discounts. Good financial reporting can help you make informed decisions about your business.
2. MRI Software
8. CoreLogic RentRange
There are plenty of good reasons to use a property management system (PMS), whether you’re a small business owner with a few properties or a large company with hundreds. A PMS can save you time and money, keep your tenants happy, and help you stay compliant with the law.
Time-saving: A PMS automates many of the tasks that property managers have to do manually, such as generating invoices, tracking payments, and creating work orders. This frees up your time so you can focus on more important tasks, like finding new tenants and maintaining your properties.
Money-saving: A PMS can also help you save money by reducing late payments and collection costs, as well as by streamlining your accounting and bookkeeping processes.
Tenant satisfaction: Tenants who are able to pay their rent online and submit maintenance requests electronically are generally happier than those who have to deal with paper invoices and phone calls. And happy tenants are more likely to renew their leases, which saves you money in the long run.
Compliance: A PMS can help you stay compliant with fair housing laws, occupancy regulations, and other legal requirements related to rental properties. By keeping track of important dates and deadlines, sending automatic reminders, and generating reports, a PMS takes the guesswork out of compliance and helps you avoid costly penalties.
There are many different types of property management system software companies out there. Some are geared towards larger businesses with many properties, while others are more tailored to individual landlords or small property management firms.
The largest and most popular property management software companies usually offer a suite of tools that can handle everything from accounting and invoicing to maintenance requests and tenant screening. Most also offer a mobile app for tenants to submit maintenance requests or pay rent online.
While there are many property management system software companies to choose from, the best one for you will depend on your specific needs. If you manage a large portfolio of properties, then you'll need a robust system that can handle all of your data. On the other hand, if you're a smaller operation, you might be able to get away with a simpler system that doesn't have all the bells and whistles.