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.Read the full report
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:
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.
The dashboard feature of real estate software solution, Visual Lease, allows the management of multiple properties from a single location
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.
|Customer management||CRM features offered by real estate software include lead management, email templates, and a database to store and manage client information.|
|Reporting||Provides customized reports about properties, client enquiries, pending activities, and more daily or monthly.|
|Electronic payments||Provides a platform for tenants to pay rent online and helps you accept and modify property bookings or reservations.|
|Document management||Stores and organizes invoices, lease documents, mortgage notes, rent agreements, and other documents electronically.|
|Maintenance management||Alerts you about repairs that are overdue and buildings that need maintenance and also schedules maintenance jobs with third-party agencies.|
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.
Here are some examples of real estate software.
You can get a side-by-side comparison of these apps here: Buildium vs. AppFolio vs. Rentec Direct vs. 365villas.