Real Estate Property Management Software Buyers’ Guide

Real estate property management software assists real estate agents in managing property-related operations, such as sales and purchase, maintenance, and accounting. This software helps users manage tenants and buyers, track leases, record and reconcile payments, calculate brokerage, and list vacant homes on websites and third-party gateways.

Real estate property administration software can be used for diverse commercial and residential models, like apartments, hotels, flats, condos, and cooperatives.

Examples of Real Estate Property Management Software

monday.com: monday.com is a Real Estate Property management software your team will enjoy using. It makes it fun and easy for everyone to collaborate, focus on critical, and get more done at work. It’s the first visual software of its kind and shows you exactly where things stand at a single glance. Finally, get rid of carefully long email threads marked down on meetings and experience the satisfaction of turning things green when they’re done.

AppFolio Property Manager: Next generation property management software is designed for residential, commercial, homeowner & condo association, student housing, and mixed portfolio property managers with growing complex businesses. Manage your business at scale with AppFolio’s fully mobile, intuitive solution, including complete accounting & management functionality, instant access to customizable reports & owner statements, marketing tools, online leasing, tenant screening, and online rent collection and payments.

Buildium: Buildium’s property administration platform makes it feasible for managers of residential and association properties to get total control of every phase of their business, including mastering their operations, giving their residents a feel at home, and taking on new doors. A monthly or annual agreement constitutes award-winning support from a dedicated customer care team, as well as on-demand maintenance and training.

Advantages of Real Estate Property Management Software

  • Efficient data management: Real estate agents collect and store large volumes of tenant/buyer data, including contact information, payment history, and assigned properties. Maintaining such substantial data volumes manually is time-consuming and prone to errors, especially when managing multiple properties. Switching to a real estate property management tool allows businesses to tackle such data management issues and reduce the time and effort spent on manual administrative tasks. 
  • Workflow automation: These solutions can automate repetitive, resource-intensive tasks, such as sending payment reminders, escalating service requests, handling client inquiries, and following up with customers is based on predefined rules. It reduces the manual workload for property managers and their staff, focusing on business development tasks like meeting clients and conducting property tours.
  • Better financial management: With manual number crunching, there’s a risk of incorrectly processing a rental transaction or missing a payment record, resulting in economic losses. Real estate assets management software’s built-in accounting functionality lets property managers accurately bill their tenants and maintain a centralized repository for all financial transactions.

Features of Real Estate Property Management Software

  • Tenant tracking: Track tenant details, including assigned property, rent schedule, and payment history.
  • Lease Tracking: Track critical deadlines for lease contracts, such as start and end date, renewal window, and other relevant terms and conditions. 
  • Residential property management: Accomplish residential properties and their distribution to customers and residents.
  • Online rent collection: Establishing up an online portal for tenants to spend their rent.
  • Maintenance request management: Manage maintenance requests raised by tenants and assign these requests to available staff.
  • Accounting: Manage cash flows, record rental transactions, and generate financial reports.

Price of Real Estate Property Management Software

Most products in this market are priced per unit per month and can be divided into three pricing tiers based on their starting price. An enterprise or premium product that is priced higher may include additional features, such as bank reconciliation, white labeling, prebuilt templates, and advanced reporting.

Considerations while Getting Real Estate Property Management Software

  • The total cost of ownership: When purchasing software, you should also factor in all associated costs, including subscription, training, support, and upgrades. A clarification might have a reasonable upfront price, but there may be hidden expenses, such as additional charges for ad hoc support. Therefore, it’s advised to double-check all related payments before making a purchase.
  • Integration: The software solution you purchase should integrate well with your existing business tools, such as accounting and CRM. It offers seamless data transfer across applications and saves you from the hassle of reentering data into multiple applications.
  • Deployment options: Real estate assets management software can be deployed on the cloud or on-premise. While cloud solutions are economical and can be accessed via any internet-connected device, cloud vendors host users’ data on third-party servers. On the other hand, users have complete ownership of the tool and can store their data locally with on-premise deployment, but they have to make a heavier upfront hardware expenditure. Depending on your market size and budget, assess the pros and cons of each deployment option and shortlist one accordingly.

Real Estate Property Management Software Trends

  • Virtual reality (VR) and augmented reality (AR) to transform the real estate sector: Most real estate agents take prospects on physical property tours. However, recent advancements in the VR and AR space have introduced the concept of virtual property tours, which can be taken anytime, from anywhere. These tours have cost as well as time-saving benefits for agents. AR also lets realtors and builders showcase unfinished property spaces using virtual furnishings. In addition, it provides buyers a fully immersive tour even before a property is wholly constructed.
  • Lead generation and Customer service Chatbots: AI-enabled chatbots can assist with lead generation and segmentation. Bots can promptly address customer inquiries, automate communication, prospect for leads, and pass quality leads to agents for further contact. Software vendors are expected to offer AI and chatbot capabilities with their real estate property management solutions in the coming years.
  • Smartphone apps to make property details easily accessible: Mobile accessibility allows agents to access property data, client contact details, and reports on the go. Many real estate property management vendors already offer mobile apps with their software, and shortly, more vendors will view mobile accessibility as a necessity for their solutions.