Best Property Management Companies: What Kind of Software Do They Use?

The residential rental market grew globally from $2,164.29 billion in 2021 to $2,372.01 billion in 2022. Those figures represent a ton of admin work for homeowners, tenants, and property management businesses. To streamline the administrative process, the best property management companies are adopting specialized software, such as Buildium. To find out how this benefits you as a homeowner, read on for the key features of this type of software.

What Is Property Management Software?

Property management software is a tool that property professionals use to oversee all aspects of property management. This includes lease agreements, tenants, and maintenance tasks. It also tracks financial transactions including rental and vendor payments. Using software benefits property owners and tenants by keeping processes simple and effective.

Property software is typically available as an online platform to allow for real-time information updating. These systems can be supported by user app that allows interaction from mobile phones or tablets.

Top 9 Benefits of Using a Property Management Software

Using property management software allows property owners to stay up-to-date with all aspects of their properties remotely. Here are some of the key benefits of using property software:

1. Effective Advertising of New Vacancies

Manually listing vacancies on various property sites can be a tedious, time-consuming process. Using software allows a user to enter all the property details once, including descriptions, photos, and videos. The software distributes the listing to a wide local audience ensuring many potential residents get to see it. Listings are syndicated across classified sites, broadening the audience.

2. Automated Tenant Screening

Screening tenants is an important part of a successful rental experience for a property owner. Tenants who’ve been thoroughly screened have a history of paying promptly and are more likely to look after the property they rent.

Screening a tenant manually takes time which slows down the process of filling a vacancy. The software takes care of this by running credit checks, searching for a history of previous evictions, and confirming a clear criminal record.

3. Simplified Repair Request Tracking

Staying up-to-date with repairs and maintenance leads to happier tenants. It also preserves your investment as a property owner. Tenants can log issues by submitting a repair request. The property management system alerts the property manager.

All progress is logged on the system which keeps the tenant, landlord and manager updated. Using software helps property managers track the maintenance of multiple properties with ease, ensuring all tenants get efficient service.

4. Convenient Payment System

Tenants can set up their bank accounts or credit cards to enable recurring payments for rental and association fees. For the homeowner, payment transfers automatically to your bank account, minimizing the amount of administration you need to do manually.

5. Easy Communication With Tenants

Management software provides a portal to make it easy to look after client relationships. The portal can be used on a desktop or downloaded as a mobile app. This makes communication simple as tenants can make general inquiries or send messages. Status updates on repair requests show up in the app.

The portal lets them make payments and view their payment history. The app allows for communication via text and email updates. It also features a message board for residents and associations to trade updates and news. The facility allows the creation of resident directories which foster a sense of community among tenants.

6. Reliable Document Management

Another helpful feature is the ability to save and share documents such as lease agreements, floor plans, meeting minutes, and community financials. Documents can be scanned, uploaded, or imported to allow access for all stakeholders.

A good property management package has the built-in capability for all parties to sign documents electronically. This allows the entire leasing process to happen online. It’s no longer necessary to print, sign, scan and email each copy to multiple recipients.

7. Supports Property Portfolio Expansion

Management software is great if you’re looking to grow your property portfolio. Working with a company that uses software for property management makes the growth process easier to manage. Download reports that provide insight for strategic decision-making. Use the data to look for profit and loss patterns and identify areas of concern. Get a clear picture of where to invest in new properties that are most likely to be profitable.

8. Provides Property Inspection Reports

Trusting your property into the hands of residents carries risks. Get regular reports through the software from property inspections as we monitor the health of your home. During these inspections, we assess any upcoming maintenance needed, such as painting or repairs. Part of the inspection process is to make sure tenants are living within the terms of their lease agreements. Regular inspection reports allow you to fix anything that needs attention before the issues escalate.

9. Monitor Portfolio Health

Requesting financial reports and waiting for them to be prepared is no longer necessary. Using an online portal allows property owners access to their financial records 24/7. This means you can review financial statements, assess property performance over the previous months, or make account adjustments any time of day or night. Using property management software makes monitoring your portfolio health simple.

Software Sets the Best Property Management Companies Apart

The best property management companies know that using reputable software makes it easier for homeowners to stay in control of their investments. It also ensures tenants have a gratifying rental experience. The right software can make the difference between a stressful and a satisfying landlord experience.

If you live in Raleigh or Durham in North Carolina, contact us for a free rental evaluation or to find out more about the software we use to manage your properties.