Property Management Software
Reviews: Most Popular Online Property Management Software
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Buying Guide: What Property Management Features Matter and Why?
Table of Contents
Property TypeAccounting
Management Portal
Tenant Portal
Owner Portal
Reporting
Marketing
Browser Compatibility
Support
Learning Materials
Data Management
Mobile
What are the Different Types of Property Management Software?
Property Type
Property Type identifies the specific types of properties the software is capable of managing. Although there is some overlap, the differences between commercial vs. residential properties, or single-family units vs. associations can be fairly significant. Ensuring that the property management software is optimized for the types of properties in the portfolio being managed is the most important purchasing decision.
Commercial Property
The software has a version or functionality specifically designed to manage commercial properties.
Residential Property
The software has a version or functionality specifically designed to manage residential properties.
Single Family
The software has a version or functionality specifically designed to manage single family properties.
Multi-Unit
The software has a version or functionality specifically designed to manage multi-unit properties.
Associations
The software has a version or functionality specifically designed to manage Associations.
Accounting
Accounting includes the majority of features that deal with financial management. High-level decisions like whether the software supports cash or accrual accounting are addressed, as well as basics like balance sheets, general ledgers, and invoices. The best property management software products break accounting tasks into basic steps, enabling those with limited accounting knowledge to complete even the most complex tasks. Selecting a property management software that directly incorporates comprehensive accounting functionality is important as it eliminates the need for an additional accounting software product.
Balance Sheet
The software includes balance sheet functionality.
Payables
The software keeps track of payables.
Receivables
The software keeps track of receivables.
Bank Account Reconciliation
You can reconcile account data with the bank.
Invoices
You can create invoices.
Cash Flow Statements
The software includes cash flow statements.
General Ledger
The software includes general ledger functionality.
Income Statement
The software includes income statement functionality.
Cash Accounting
The software supports cash based accounting methods.
Accrual Accounting
The software supports accrual based accounting methods.
Property Budgeting
You can create budgets for individual properties.
Transfer Funds
You can transfer funds between properties.
Custom Fields
You can create custom fields in accounting tools.
Management Portal
Management Portal refers to the tasks the property management software enables the manager to complete. Management Portal is the largest feature category, and includes important features like tenant screening, move in/move out workflows, and email writing. The best property management software products support multiple users and allow managers to limit user access based on their role. Management Portal is an important category because it specifies the broad spectrum of tasks a versatile property management software will offer, and draws attention to the ways that the right software solution can help save time and money.
Check Writing
You can write and print checks.
Debt Collection
You can initiate the debt collection process within the software.
Electronic Payments
You can make payments to owners electronically through ACH.
Email Writing
You can send personalized messages to tenants or owners.
Generate Receipts
You can generate receipts.
Letter Writing
You can create and print personalized notices, announcements, updates.
Modify Rent Amounts
You can apply discounts or modify rent amount.
Move In/Move Out Workflow
You can keep track of tasks associated with moving in/out.
Multiple User Support
The software allows multiple users access at the same time.
Unlimited Users
The software has no limit to the number of users.
Paperless Work Orders
You can create single or recurring work orders.
Pay Bills
You can pay bills through the software.
Prospect Tracking
You can track potential tenants throughout the application process.
Ratio Utility Billing
You can assign utility bill amounts based upon unit consumption.
Reminders
You can set reminders.
Rentable Items
You can manage rentable items (ie parking spaces, storages sheds, etc.).
Role Based Security
You can limit user permissions.
Schedule Showings
You can schedule property showings.
Secure File Storage
You can securely store your files online.
Tenant History
You can view previous tenant payments, charges, balances, and more.
Tenant Liability Insurance
You can instantly enroll tenants in a basic tenant liability insurance program.
Tenant Screening - Credit
You can screen tenants according to credit score.
Tenant Screening - Criminal Record
You can screen tenants according to criminal record.
Tenant Screening - Rental History
You can screen tenants according to rental history.
Unit Templates
You can establish templates for a particular unit type.
Bill Entry
You can create one-time or recurring bills.
Global Search
You can perform a global search on all content.
Tenant Portal
Tenant Portal addresses the types of tasks the tenant will be able to accomplish online. A good tenant portal will allow tenants to fill out a rental application, check balances, make online payments, and submit a work order. Interactions with potential and existing tenants often require a lot of time and resources. Tenant Portal is an important category as it streamlines several processes and allows the majority of tenant/manager interactions to take place online. Minimizing trips to the bank and improving maintenance coordination are both things a good tenant portal can help facilitate.
Tenant Portal
A tenant portal exists.
Check Balance
Tenants can check their balance online.
Online Payments
Tenants can pay their rent online.
Online Rental Application
Tenant has online access to rental application.
Payment Through Ach
Tenant can pay rent through ACH.
Payment With Debit/Credit Card
Tenant can pay rent with a credit or debit card.
Renew Lease
Tenant can renew their lease online.
Submit Work Order
Tenant can submit a work order.
View Lease
Tenant can view their lease information online.
Digital Signature
Tenant can sign leases with a digital signautre.
Owner Portal
Owner Portal identifies the features property owners will be able to access and complete online. It is common for property managers to manage properties for multiple owners. As a property portfolio grows, the number of property owners and other interested stakeholders will also likely grow with it. Providing owners with the ability to access financial statements, reports, and write emails reduces the need for owners to reach out to property managers directly. For managers who interact with several owners, providing an owner portal can be a huge time-saver.
Owner Portal
An owner portal exists.
Email Writing
Owners can send email announcements.
Owner Reports
Owner has online access to reports.
Owner Statements
Owner has online access to statements.
Reporting
Reporting outlines the types of reports the property management software is capable of generating. As property portfolios grow and diversify, reporting will increase in importance and most property management software products have extensive reporting capabilities. The ability to generate rent roll, unit status, and delinquency reports is common, but the best property management software will not only provide a lengthy list of available reports, but will also provide custom report functionality. For those owners, property managers, and accountants interested in thoroughly understanding their properties, comprehensive reporting is a must.
Accounts Payable
You can generate an accounts payable report.
Budget Reports
You can generate a budget report.
Custom Reports
You can generate custom reports.
Delinquency Reports
You can generate delinquency reports.
E-File Tax Reports
You can e-file tax reports.
Lease Expiration
You can generate lease expiration reports.
Unit Status
You can generate unit status reports.
Rent Roll
You can generate a rent roll report
Vacancy Reports
You can generate vacancy reports.
Marketing
Marketing refers to the features intended to help managers advertise properties and fill vacancies. The most important feature in this category is the ability to post vacancy ads online. Most property management software products allow managers to post ads directly onto common housing websites; but the best products are powerfully integrated and allow managers to automatically post ads to multiple websites at the same time. Another important feature is a marketing website. Most property management software companies provide the tools to create and host websites. However, the price, design, usability, and overall quality can vary fairly significantly. Marketing can make a big difference in vacancy rates, and it's worth it to get it right.
Post Vacancy Ads
You can post vacancy ads to selected website.
Prospect Tracking
You can track potential tenants throughout the application process.
Search Engine Optimization
The company provides search engine optimization services for your website.
Vacant Property
Potential tenants can view available properties.
Web Analytics
The company provides web analytics.
Website
The company provides the resources to set up a property management website (which they host).
Browser Compatibility
Browser compatibility is a straightforward category and simply indicates which types of browsers the software is compatible with. Browser compatibility is one of the less important feature categories, but as all of the top property management software are web-based products, it is definitely something to be aware of.
Apple Safari
The software is compatible with Apple Safair.
Google Chrome
The software is compatible with Google Chrome.
Internet Explorer
The software is compatible with Internet Explorer 7.0 or higher.
Mozilla Firefox
The software is compatible with Mozilla Firefox.
Support
Support refers to the resources provided by the property management software company aimed at resolving problems that require interacting with a support representative. Phone, email, and ticketing systems are the industry standard. The best property management software companies will also provide some form of one-on-one training and can be contacted during normal business hours via live chat. Support is particularly important during implementation and the initial learning stage, but knowing problems and issues will be promptly resolved will always be a valued attribute.
24/7
Support is available 24/7
Email/Tickets
The company has an email or ticket system dedicated to support
Live Chat
The company offers live chat support.
Phone
The company has a phone number listed on their webiste.
Remote Training
The company offers remote training.
Social Media
The company has active social media accounts where you can post questions or comments.
On-Site Training
The company offers on-site training.
Learning Materials
Learning Materials is all the resources geared towards helping the property manager better learn and understand the software. Some of the features include blogs, demo videos, FAQs, user guides, and forums. The best property management software companies will provide comprehensive help articles and thorough video tutorials. Learning Materials helps minimize the time required to get comfortable with the software, and is especially important to those managers that prefer to learn on their own time, independent of a support representative.
Blog
The company has a blog with product information.
Demo Videos
Videos demonstrating how to complete specific tasks are available.
Faq
Answers to Frequently Asked Questions are available.
Forum
A forum addressing user problems is available.
Help Articles
A set of detailed help articles is available.
User Guides
A user guide is available.
Video Tutorials
Video tutorials are available.
Webinars
Webinars are provided by the company.
Data Management
Data Management encompasses all of the features associated with importing and exporting data from the property management software, as well as data storage. Many property management software products allow documents to be uploaded and stored online. In order to avoid unexpected charges, managers should be aware of how much data can be uploaded and how much it will cost. Data Management will be an important category for property managers that like to export data and view it independent of the software.
Data Backup
Data is backed up on a regular basis.
Data Import
You can import existing data into the software.
Data Storage
Data is stored in a secure data center.
Export To Csv
You can export tiles to CSV format.
Export To Excel
You can export files to Excel.
Export To Pdf
You can export files to PDF format.
Export To Quickbooks
You can export files into Quickbooks
Export To Xml
You can export files to XML
Mobile
Mobile is all of the features that can be accessed from a mobile device. Some of the more prominent features include accessing tenant and owner contact information, uploading images, and taking notes. Having the ability to access information and perform some basic tasks from a mobile device allows property managers to get more work done away from the office.
Android App
You can download a native Android application of the software.
Check Unit Availability
You can check unit availability through the mobile device.
Contact Information
You can access resident, owner, property, unit and vendor records from your mobile device.
Data Synchronized
Data is automatically synchronized.
Image Upload
You can take photos and upload them to the website or property file.
Iphone App
You can download a native iPhone application of the software.
Mobile Website
You can access a dedicated mobile version of the website on your smartphone.
Notes
You can enter notes.
Work Orders
You can generate/view/edit work orders from your mobile device.
Consumer Profiles: Who Uses Property Management Software?
Customizer
The customizer wants control over as many features and functions as possible. From the dashboard to reporting, the customizer appreciates the ability to put his or her own stamp on things. This type of person would not work well with a property management software that is ridged or inflexible.
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Mobile Manager
Managers and maintenance teams who are constantly on the go will need a property management software solution that has a strong mobile application. These people will look to utilize mobile features, like uploading photos, taking notes, and accessing owner, tenant, and vendor information to accomplish more work away from the office.
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Tech-Savvy Manager
The tech-savvy manager is an early adopter who makes a deliberate effort to find the latest and greatest technology. The tech-savvy manager prefers software solutions that constantly improve, and loves to be the first to test out new features or proprietary advancements. A tech-savvy manager also places a good amount of value in a quality mobile application.
Advanced Manager
An advanced manager has extensive experience managing a large and diverse property portfolio. This person has a thorough understanding of the property management industry and needs a software solution that is flexible, feature-rich, and offers a wide variety of add-on services.
Intermediate Manager
An intermediate manager has most of the basics down, but doesn't quite grasp all the nuances of effective property management. This person has a better understanding of accounting and reporting functionality, and will benefit from a software that offers comprehensive add-on services.
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Novice Manager
A novice manager is new to the property management scene and ready to learn the fundamentals. Basic interfaces, simplified accounting, and strong software support are some features the novice manager will value in order to reduce the learning curve and help get business moving in the right direction.
Enterprise Manager
With a portfolio typically consisting of 1,000+ units, the enterprise manager needs a large-scale property management solution. This person already has processes streamlined, vendor relationships well established, and new properties are easily absorbed with minimal disruption.
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Mid-Size Manager
With a portfolio typically consisting of 250-999 units, the mid-size manager has conquered the small business realm, but a growing or diversifying portfolio may introduce new challenges. Mid-size managers are looking for a software solution to grow with that can propel them to the next level.
DIY Manager
The DIY or do it yourself manager likely has a portfolio of 1-249 units. This person doesn't have the luxury of a full-time office staff, so the DIY manager will want an easy to learn and steady property management solution. The DIY manager appreciates simplicity, and with the basics taken care of, he or she will have time to accomplish other tasks.
Budget Manager
High functionality and add-on services are appreciated, but the budget manager is ultimately looking to find the lowest cost solution for his or her needs. The budget manager doesn't mind sacrificing a few features here and there if the tradeoff is getting the best price.
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What are the Different Types of Property Management Software?
Online Property Management Software
The most popular type of property management software products are web-based, like those covered on Reviews.com. Some of these products are optimized to manage associations, commercial, and residential properties. Other products specialize in one particular property type, usually residential properties. Web-based software grants property managers the freedom to get more work done outside of the office, minimize trips to the bank, and better coordinate maintenance activities. Online property management software offers complete accounting, reporting, owner and tenant portals, comprehensive marketing, and everything necessary to manage properties.
Downloadable Property Management Software
Downloadable property management software is installed and managed on local computers. Similar to web-based software, these products are often optimized to manage certain types of properties. Some of the more advanced downloadable property management software companies are starting to incorporate more web-based functionality. However, generally speaking, downloadable property management software will not provide the same level of mobility to property managers, nor will it be as accessible to tenants and owners. With any download-only software, it’s important to consider system requirements and be aware of software updates. Local software will offer complete accounting, reporting, and everything necessary to manage properties.
