Property management software is used by real estate and property management firms to handle the functions and tasks associated with their properties. These tasks include property maintenance, attracting new tenants, collecting rents, advertising their properties and more. Traditionally, property management software (PMS) was deployed on premise in the company’s offices, but of late, cloud-based solutions are becoming popular. PMS can be used to manage residential, commercial, student housing, Homeowner’s Association (HOA), hospitality and other properties. Niche-specific solutions have special functionality for a particular industry like the guest check-in/check-out feature in hotel management software. Start by checking our leader DoorLoop, and other recommended solutions in this category.
In order to come up with this ranking of best Property Management Software we have analyzed 255 popular apps currently available on the market, contrasting their features, ease-of-use, client servive, offered integrations with other systems as well as mobile device support using our exclusive SmartScoreTM rating system. This list has been prepared by Louie Andre, our B2B aurhority dedicated to the Property Management Software category.
Property management software (PMS) is used by real estate companies to manage all aspects of their properties. There are scores of quality platforms in this niche. This makes it hard to do informed comparisons to choose the best property management software for your requirements. We make your work easier with this buyer’s guide which educates on you the key features and factors that separate the best property management software from the average programs.
Start your search by registering for the free trial or demo of leading tools. Top property management software providers offer this facility to help you test their platform’s main features and do an overall comparison with other applications. We recommend you try out AppFolio, Buildium, Rentec Direct, Propertyware, and Rent Manager. These property management tools have won impressive ratings and rankings in our property management software reviews.
Property management tools are generally utilized by real estate and property management companies. The latter use the platform to track profits, costs, and marketing of their properties. Property owners can monitor maintenance work and ensure their tenants pay rent on time. Multiple home owners and real estate investors also benefit by using this application as it automates key tasks and eliminates old-fashioned methods such as utilizing paper or spreadsheets to take care of their properties.
PMS is a generic term that includes the following sub-categories:
Increase in global demand. Industry reports predict that the global property management software market is set to grow at a CAGR of 6.77% until 2020. One of the reasons behind this demand is that real estate agents and property managers need a tool to manage the large volumes of data they collect from multiple sources. PMS also offers them access to proprietary data. In addition, the growth in the rental market is expected to make more property managers invest in quality PMS solutions.
Sophisticated technology for tenant background checks. Traditionally, tenant background checks involved getting info on their criminal record if any, employment details, rental history, and credit history. Now, advanced technology is helping property owners and managers to conduct more detailed background checks. These include scores for each applicant to determine if they pass or fail based on criminal, credit, and other histories.
High cost. Property management companies that manage a high number of properties need to invest a lot of money to acquire quality property management tools. On top of that, they need to shell out extra for features such as making background checks on tenants. But the high cost is worth it given the many useful features and benefits a good PMS platform offers.
Data security concerns. Some companies may have doubts whether cloud-based PMS solutions offer reliable data security and privacy. Such businesses can opt to buy an on-premise system that enables them to house the data in-house on their company’s servers.
To select a suitable SaaS provider you need to consider important criteria such as privacy and security, support and service, and transparency.
Find out if the vendor can be trusted with data security and privacy. Do they have systems in place to protect your sensitive information and data? Find about the security procedures they use. This is an important aspect of a SaaS solution that cannot be over-emphasized.
It is important that the vendor offers consistent support to resolve any concerns quickly. Ask your potential vendors the following queries: Do they provide consulting and training services to help your staff members to use the system efficiently? Do they have an online support center that has valuable articles and training resources? What channels of support do they offer? Do they monitor issues till they are resolved? Is customer satisfaction measured?
Does the SaaS provider conduct their business in a transparent and open manner? You can find out by requesting them for references you can contact. Talk to existing users of the solution to find out about the quality of service provided. Does the vendor make public the algorithms they employ in the software? Ask these queries to find a SaaS provider whom you can trust with your sensitive customer and business data.
The best property management software (PMS) is Condo Control Central. It is an all-in-one platform that streamlines processes and interactions between property managers, condo board members, security members, tenants, and residents. The software effectively digitizes processes involved in property management, from payments to amenities reservations and requests. Condo Control Central also offers robust security and record-keeping features.
What’s more, this platform centralizes all communication between property managers and residents in one place. Be it service requests, amenity bookings, or updates about recent announcements, this platform’s resident portal and discussion forum allows you to log all conversations and transactions to promote better customer relationships. It even comes with a basic survey management module to help you get the pulse of your tenants.
Another important feature that this platform offers is its payment processing system. With this, users can receive online payments via VISA, MasterCard, or AmericanExpress. As such, tenants can pay conveniently yet securely and property managers can get their pay on time. It is even capable of handling refunds and cancellations with ease. If these are not enough, the system also integrates with a handful of third-party business systems, so you can extend its functionalities as needed.
When managing multiple properties, relying on spreadsheets often does not cut it, especially in this age of digitization. Property management software benefits users in a number of ways, including the following:
Different property management software products may offer unique sets of features, but most of them are expected to offer the following basic functionalities:
Ease of use is one of the most important considerations that first time PMS users or those who are looking to switch to another solution have in mind. To give you some options, here are three of the easiest to use PMS currently available on the market:
AppFolio. A multi-awarded cloud-based solution, AppFolio is designed to manage different types of properties, including commercial, residential, and student housing. It provides a wide range of management, marketing, and accounting tools. Moreover, it’s known for its clean and intuitive user interface that makes it quick to navigate, even for novice users of property management tools.
SiteLink. Packed with sales-generating tools, SiteLink is preferred even by small-scale property managers because of its ease-of-use. It helps automate vital processes such as online payments, business reports, sales management, and more. Moreover, it can integrate with your official website and comes with its own CRM module so that you can improve all interactions with residents. It even comes with industry-standard BI tools that make it easy for first-time users of property management tools to make their operations more data-driven.
SimplifyEm. From the product name alone, one can already assume that among SimplifyEm’s strongest suits is simplifying processes. This is made possible by its ability to streamline tasks that are normally time-consuming, such as payment calculation and collection. It also automates all notices and statements, lets you track deadlines and agreements, and even manage maintenance alerts. This way, all the information you need to oversee your property is in one hub.
For a free property management software to be considered a good one, it needs to offer the basic tools users expect. Here are some of the free PMS solutions you might want to consider:
Cozy. This property management software offers the use of basic PMS functionalities for free, making it ideal for users who have smaller-scale businesses. From tenant background checks and applicant screening to rent management and maintenance request tracking, this platform gives you access to all essential property management tools. What’s more, they have a partnership with Assurant, a respected insurance provider to protect your property as well as your tenants.
TenantCloud. If you are new to the industry and are only looking to manage your listings and handle rent payments, TenantCloud is the perfect choice for you. This mobile-ready platform is completely free to use for landlords and tenants to accept online payments, send invoices, and post listings. As your operational requirements expand, TenantCloud can be easily upgraded to its premium plan, which is designed to handle more complex processes, ranging from rental agreement management and equipment tracking to analysis reports and maintenance request management.
Innago. Simple, effective, and free, Innago allows users to simplify property management at no cost and contract-bound obligation. Landlords can enjoy free features, including payment setup and an application form builder. It also comes with tenant assessment, screening, and management to help you optimize the process of sifting through applications. Moreover, it has online lease signing capabilities so that finalizing and storing all leases are easy and secure.
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