Central to the business of brokerage, leasing and investing is property management. To maintain a smooth operation, it’s crucial to pick the right property management software.
As an owner of a property management company, in addition to my brokerage and development business, I can tell you which property management software options online are great and which are not so great.
The software is free to use for up to 75 units and operates on the cloud. With just a few clicks, you can access details on the property, rental regulations and more. Not only that, but the software allows users to pay bills in minutes. TenantCloud makes it easy to record payment information into a concise report that can easily be stowed away for record keeping.
The small team at TenantCloud also offers a service to renters, looking for an efficient application process and easier route of communication to landlords.
Dubbed the “property management software designed by property managers,” the software excels in usability. Buildium is also cloud based and is an optimal option for all types of computer users, making it easy to introduce the software to employees and others new to the portal.
In 2015, the software received recognition by Inc. 5000 for the fourth year in a row and has grown its user base to more than 12,000.
If you’re looking to save a buck, don’t look here. The price point begins at $10,000 to $15,000 just to implement the property management software and an added $15,000 to $25,000 to purchase it. I’ve reviewed the trials and while it comes in handy for residential and commercial management, the barrier to entry is just too steep.
The company has a staff of 5,000 with offices in 30 locations throughout North America, Europe, the Middle East, Asia and Australia and claims to have set the standard for real estate software solutions.
I’ve been using this software for more than two years and, by far, it’s my favorite. The software is managed through the cloud and can be easily accessed on a mobile device. At any time, I can login and get a clear snapshot of the status of a property, including details on delinquencies, rent collection and more.
To say the least, it’s a time saver. It even helps out with the dreaded triple net reconciliations which need to be completed by the end of the year. Before purchasing the software, which costs $1 per unit, my staff and I spent months tallying up the costs. Now, with just the tap of a button, it’s done in a matter of seconds—forget the pen and paper.
I recommend testing out all of the software I’ve mentioned on the list. Talk to people, do your research, ask the right questions and see what works for you.
Troy Muljat is a Washington State certified commercial appraiser and broker with over 25 years of experience in the commercial real estate industry. He holds the Certified Commercial Investment Member (CCIM) and Certified Property Manager® (CPM) designations through the National Association of Realtors.He specializes in brokerage, leasing, property management, development, and commercial appraisal.Visit TroyMuljat.com for more information about Troy.