The 3 Best Residential Property Management Software
Residential property management software enables you to run your properties efficiently, saving you time, money, and headache. Tracking maintenance issues and getting paid are two tasks that property managers spend a lot of time on, so features like work order tracking and electronic payments can be extremely helpful. Next, strong accounting and reporting features are necessary to make sure your building’s performance is on track. The best residential property management software products provide all of these features and more.
If you need residential property management software with great reporting capabilities, then Propertyware may be the best option for you. Propertyware provides access to dozens of default reports that are neatly grouped, and go a step further by allowing you to create customized reports and store them in a unique folder. Some unique tools exist for marketing your vacant units. For example, you have the ability to create listing entries with comprehensive unit information and published floor plans so interested applicants can easily get a full understanding of the property. Sorting the listings on multiple criteria help you stay on top of all your vacant units, especially if you’re managing a large number of properties. Pricing may make is a little difficult for small to mid-size property managers, as there is a $75 per month minimum charge and price breaks don’t start until you reach 1000 units.
Buildium’s residential property management software can handle any size residential property, and even has a version specially designed for condo associations. In the tenant portal, tenants can submit work orders, view and renew their lease, and pay rent via ACH or debit/credit card. In the manager portal, you can screen tenants on a variety of variables including criminal history, create personalized notices or letters, generate receipts for tenants, or pay owners via electronic transfer. Buildium also allows for an unlimited number of users, so permissions can be given to owners or you can delegate other tasks and reporting to employees. Buildium has a very clean and modern design, and is a great option for both property management beginners and experts alike. Buildium’s pricing model is scalable based on the number of units you manage, making it a strong selection if your portfolio is growing.
Appfolio is a premier residential property management software loaded with features to help simplify your managing tasks. All Appfolio reports are hyperlinked to the accounting system, so with one click you can get to any transaction and view it in detail. You can also connect with your bank to automatically reconcile your bank statements. Appfolio is well-designed and has an intuitive interface, characteristics that will come in handy when you are first learning the software. The tenant portal will be a big time saver, as it allows tenants to view, renew, and e-sign their rental agreements. In addition, work order submissions and electronic payment of rent are two convenient features that tenants have that can save you significant time and help get you paid. The one potential drawback to Appfolio is their pricing, as rates are higher than most competitor products.