3 Best Real Estate Management Software & Buyers Guide
Specifically designed for the property industry Ultimate Targets mass-market Comprehensive features Modern ease-of-use Compelling value All in one Helps Independent landlords Property managers
Easily create 360 virtual tours 3D models Floor Plans with measurements Take 360 photos upload and share Get access to EyeSpyLIVE Video chat Allows multiple parties to simultaneously navigate in virtual tour
Clean Easy-to-use Manage rentals Helps small Independent landlords to handle everything Marketing team collaborate with small to mid-sized landlord application Focused approach Time saving
Real Estate Property Management Software
Real Estate Property Management Software helps real estate agents and managers in managing property-related operations, like sales and purchase, accounting and maintenance. This kind of software helps users organize & manage tenants and buyers, record and track leases, and calculate brokerage, reconcile payments, and list vacant properties on websites and third-party portals.
Real estate property management software can be used for a various commercial and residential property listings like that of flats, apartments, hotels, condos, and cooperatives.
Advantages of Real Estate Property Management Software
Efficient data management: Real estate agents help in collection and storage large volumes of tenant or buyer data, including payment history, contact information, and assigned properties. Maintaining a large pool of data with huge volumes information to be maintained manually is not only time-consuming but also prone to errors, especially when there are multiple properties under management. Getting a real estate property management tool gives the leverage to the businesses to tackle such data management issues and decrease the time and effort given to the task on manual administrative tasks.
Workflow automation: Based on pre-mentioned rules, the software can help in automating resource-intensive and repetitive tasks like escalating service requests, sending payment reminders, handling client inquiries, and getting a follow up with customers. This helps to reduce manual workload of the property managers and their respective staff, giving them a space to focus more on business development tasks, like that of meeting new and old clients for conducting property tours.
Better financial management: With manual number diminishing, there’s a risk of getting a rental transaction unappropriately or getting a payment record missed, which could in turn lead to financial losses. Real estate property management software’s built-in accounting functionality gives property managers a free hand management of these situations accurately which bill their tenants and help in maintaining a centralized pool of data for all financial transactions.
Features of Real Estate Property Management Software
Tenant tracking: Tracking tenant details, with assigned property, payment history and rent schedule.
Lease tracking: Tracking critical deadlines for lease contracts, like renewal window, start and end date, and various other relevant terms and conditions.
Residential property management: Managing residential properties and their allotment to buyers and tenants.
Online rent collection: Setting up an online portal for tenants for paying the rent.
Maintenance request management: Managing maintenance requests raised by tenants and assigning the work requests to available staff.
Accounting: Managing cash flows, recording rental transactions, and generating financial reports.
Price of Real Estate Property Management Software
Most products in this market are priced on per unit, per month basis and can be divided into three pricing tiers based on their starting price. A premium product is priced higher and have additional features like white labeling, bank reconciliation, advanced reporting and pre-built templates.
Points to Ponder while Buying Real Estate Property Management Software
Deployment options: Real estate property management software can be installed on the cloud or on-premise. While cloud solutions are very economical and can be accessed through internet-connected device, cloud sellers host users’ data and various information on third-party servers. On the other hand, with on-premise deployment, users have full detailed ownership of the tool and is able in storing their data locally, but they have to get a heavier upfront hardware investment. Depending on the business size and budget, evaluation of the pros and cons of every deployment option and shortlisting one accordingly.
Total cost of ownership: When buying software, you must also factor in all associated costs, which includes training, subscription, upgrades and support. A solution might have a reasonable upfront price, but there may be hidden expenses like additional charges for ad hoc support. Therefore, it’s always advisable to double-check all overhead and charges before making a buy.
Integration: The software solution you buy should manage to integrate well with the existing business tools, like accounting and CRM. This will help in seamless transfer of data across applications and saving the buyer from the hassle of reentering data into multiple applications.
Real Estate Property Management Software Trends
Virtual reality (VR) and augmented reality (AR) will help in transforming the real estate sector: Most real estate agents give all the lucrative prospects on physical property tours. Although new advancements and researches in the VR and AR space have introduced the concept of virtual property tours, that can be taken anytime, from the comfort of your own home or anywhere on the Earth. These tours have cost effective as well as time-saving benefits for agents. AR also gives a chance to realtors and builders showcase unfinished property spaces by using virtual furnishings. This feature offers buyers a fully immersive tour even before a property is fully constructed.
Chatbots for lead generation and customer service: AI-enabled chat bots can help with lead generation and market segmentation. Bots can easily and promptly reply to customer inquiries with automated communication, thereby, giving prospect for leads, and passing quality leads to agents for further communication. In the few years from now, software sellers are expected to provide AI and chat bot capabilities with the real estate property management solutions.
Smartphone apps to make property information details easily accessible: Mobile accessibility permits agents to access client contact details, property data, and reports on the go. Many real estate property management sellers already offer mobile apps with the software, and in the coming future, more sellers will get to have mobile accessibility as a necessity for the software.