Real Estate & Property Software

Everything you need to know


Many landlords and real estate companies use manual processes to manage properties, but there's an easier way. Real estate and property software solutions can help you manage your properties and collect payments electronically.

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Everything you need to know

Many landlords and real estate companies use manual processes to manage properties, but there's an easier way. Real estate and property software solutions can help you manage your properties and collect payments electronically.

This guide lists the key features to look for in real estate software and discusses popular solutions.

Here's what we'll cover:

  • What is real estate software?
  • Key features of real estate software
  • What type of buyer are you?
  • Real estate software examples and comparison
  • Benefits of and potential issues with real estate software

What is real estate software?

Real estate and property software helps to manage lease agreements, customer applications, tenant screening, rent collection and maintenance work. The software can be used to manage operations at different types of properties, including residential apartments, commercial offices, homeowner associations, and hotels and hostels.

Real estate software solution dashboard

The dashboard feature of real estate software solution, Visual Lease, allows the management of multiple properties from a single location

Key features of real estate software

Here are some key features of an integrated real estate software. There are also more specialized solutions that offer enhanced capability for certain features, including real estate CRM , property management , and real estate transaction management software.

FeaturesDescription
Customer managementCRM features offered by real estate software include lead management, email templates, and a database to store and manage client information.
ReportingProvides customized reports about properties, client enquiries, pending activities, and more daily or monthly.
Electronic paymentsProvides a platform for tenants to pay rent online and helps you accept and modify property bookings or reservations.
Document managementStores and organizes invoices, lease documents, mortgage notes, rent agreements, and other documents electronically.
Maintenance managementAlerts you about repairs that are overdue and buildings that need maintenance and also schedules maintenance jobs with third-party agencies.

What type of buyer are you?

Individual landlord: Individual landlords who manage one or two properties need real estate software that offers basic features such as electronic payments, email templates and maintenance management.

Residential property owner/manager: If you're a small business owner who manages more than two properties, you need tools to manage customer relations, rental listings, documents, electronic payments and accounts.

Larger businesses require additional features like reporting and analytics, property inspection, rental listing and tenant screening features. It's also important to check that the software integrates with other apps that your company is using.

Homeowner associations (HOA): Look for software that offers specific features such as HOA-oriented reporting and board-member tracking.

Student housing/hostel owner: Make sure that there are features that track renting on a per-bed basis, security deposits, online rental applications, and text-based communication channels. Many real estate software solutions offer versions targeted at student hostels.

Commercial property management companies: Look for real estate software that supports commercial reporting, compliance management, maintenance tracking, online rent payments, and rent increases based on a lease period.

Hotel owner: Hotel owners and managers need specialized real estate and property software that manages reservations, guest details, maintenance work, and payments.

Real estate software examples and comparison

Here are some examples of real estate software.

  • Buildium: Supports accounting, lease management, document storage, client portal and property inspections for residential and homeowner association properties.
  • AppFolio: Offers different software versions for residential, commercial, student housing, and community associations.
  • Rentec Direct: Supports landlords and property managers in tenant screening, website building, accounting, file management, and rental listing.
  • 365villas: A real estate management software for hoteliers to manage short stays that offers features such as online booking, guest management, and accounting.

You can get a side-by-side comparison of these apps here: Buildium vs. AppFolio vs. Rentec Direct vs. 365villas.

Benefits of and potential issues with real estate software

Benefits
  • Centralized view of all your properties: You can manage all of your real estate properties from one place. You don't have to manage multiple files or contact different people to get updates about all your properties.
  • Greater accessibility: Cloud-based real estate and property management software allows you to access your real estate data anytime and from anywhere.
  • Security & compliance: Real estate software helps with the security of your documents and provides reports that can help you meet compliance standards.
  • Better relationship with customers and tenants: Real estate software helps collect payments and allows you to address any payment-related issues online. You can communicate with prospective buyers or tenants via emails and text messages, and the software keeps a record so that you can access it for future reference.
Potential issues
  • Cost: Web-based property management software costs can range from $15 - $300, while on-premise software ranges from $500 to more than $10,000. Pay attention to your plan to avoid being billed extra for additional features. Real estate software can also reduce extra costs incurred from manual processing errors.
  • Data migration and implementation: Adopting new real estate software requires you to migrate data from your existing system. You'll also have to invest time in training your employees on the new software.