Modern property management is easier than ever before. Technology is helping us create innovative ways to keep track of tenants, manage payments, schedule maintenance, and even give virtual tours of commercial and residential properties. Effectively maintaining and marketing your commercial properties – no matter the size or number of units – is critical to your success. Time is money, and if you’re not using all the tools available to you, you’re losing plenty of both.
Multifamily Property Management Software Applications
If you own or manage a multifamily investment property, finding the right tenants – and then keeping them happy – is the key to success. Property management software can help on both fronts. First, some programs are designed specifically to market the property to the ideal tenants, drawing in high-quality renters. Second, there are software programs designed to help you with every part of the property management process, from tenant communication to online maintenance requests. By researching these programs and finding which ones best meet your needs and the needs of your tenants, you will save time and reduce turnover rates.
4 Leading Property Management Software Programs
1. Tenant Cloud
Tenant Cloud is a free property management software for properties with fewer than 75 units. The basic version of the software gives you access to essential functions:
· Online marketing
· Tenant applications
· Tenant screening
· Rent collection
· Tenant communication tools
· Online maintenance requests
For larger properties – or for additional features – Tenant Cloud offers paid versions for up to 500 units. The paid features include functions like bill tracking and accounting services, access for up to 10 administrators on one account, lead generation tools, and more.
This is an ideal option for smaller property management firms looking for a cost-effective way to integrate online property management tools.
2. Turbo Tenant
Like Tenant Cloud, Turbo Tenant is a free software program for property owners and property managers. The basics are covered – tenant applications, tenant screening, online rent collection, advertising tools, and essential tenant communication tools. Everything else is in an a-la-carte menu, so you can choose with options to purchase, and which to pass up. Turbo Tenant is an excellent option for landlords of one property or many because the software allows you to choose the price point and dictate which services you’ll add to your property management tool kit.
Buildium is a comprehensive and user-friendly software designed for more robust property management operations. This program is ideal for investments of 50 units or more, especially if several property management employees are working together. Buildium is decidedly more expensive than Tenant Cloud or Turbo Tenant, but the tools you get for the price make it worth the investment. The program can be used for residential or commercial properties, so owners with diverse portfolios will love its versatility.
Additionally, Buildium comes standard with a host of tools, including:
· Task assignments for members of the property management team.
· Advertising tools.
· Individual tenant login accounts to help tenants communicate directly with management, pay bills, or request service online.
· Rent collection and vendor payments.
· Automatic rent reminders sent to tenants’ mobile phones or email addresses.
· Accounting and expense tracking built in.
Buildium’s program is an investment, but the wide range of management, marketing, and accounting tools makes it worth the cost. Your tenants will love the easy online communication tools, and you will love the easy-to-use interface and mobile-friendly application.
Appfolio is a clear choice for property management teams that want the great software, with many features. A monthly fee per unit for the software and reviews generally suggest the it is best for those with 200+ units. However, for those high-volume property management teams, Appfolio is truly an all-in-one solution. Highlights include:
· Tenant screening, including fast background checks and credit checks.
· Individual tenant portals for direct communication and online bill pay options.
· Schedule and track maintenance requests.
· Collect rent and handle vendor payments online.
· Online signature tools.
· Bill-tracking and accounting programs.
· Ratio utility billing.
· Automatically send 1099s.
While the monthly fee isn’t feasible for smaller operations, Appfolio is truly one of the best property management software programs available on the market. More extensive portfolios may find the cost worthwhile considering all that’s included.
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