Every property owner, broker, realtor, or estate agent at least once in their career faced falling out of routine upkeep tasks, experienced problems with the quality of the tenant’s screening process, or had difficulties with online payment processing.
To put it simply, property management can sometimes be overwhelming. Fortunately, we are living in an age where there is an abundance of digital technologies that can help you deal with multiple tasks, helping your business thrive.
If you are a property professional, a proptech expert, or a person who looks to profit from property, choosing the right Property Management Systems (PMS) will save your time, finances, and nerves.
At Impressit, to get a better understanding of the PMS landscape, we researched and analysed a broad array of choices. Here, we present the top five property management systems for 2021 to help you to make an informed choice.
Property Management Systems: General Purpose
The evidence offered by Grand View Research demonstrates that in 2020 the global property management software market reached the value of $2.9 billion. What is more, the market for PMS is expected to grow by 4.8% annually.
It’s safe to say there are plenty of opportunities and benefits any real estate professional can gain from using a PMS. Although each year proptech professionals improve their PMSs by adding new features, every property management software application serves a triple purpose:
- Improving the overall workflow through data management, integration, and automation.
- Increasing revenue through specific management tools that boost business performance.
- Improving the guest’s or tenant’s experience through improved communication and the ability to focus on people instead of mundane operational tasks.
Key Reasons to Use Property Management Systems
If you are not yet convinced and hesitate if you should try PMS, here are factors showing how your business will benefit from the use of it.
Maintenance and Tracking
Customer satisfaction determines the future of your business. It is no secret that in hospitality and property rental businesses, customer satisfaction can be achieved through adequate property maintenance.
PMSs have integrated property management and scheduling tools. With them, you can check the current and future upkeep tasks.
You can see what maintenance work is required and which reconstruction elements need to be ordered in advance on your phone or laptop.
Applications and Screening
If we lived in an ideal world, all the tenants would have provided applications requiring the least screening. However, PMSs can compensate for the fact that we do not live in a perfect world.
Most PMS solutions have background screening capabilities making verification, background checks, and renter histories a lot easier. What is more, PMSs have an integrated credit check functionality feature, which offers information bringing peace of mind.
Payments Processing
No one wants to deal with late payments situations. Often, it all depends on the payment processes you offer to a tenant, which make a difference between a late and in-time payment.
Online payment processing is the best platform to streamline your tenant’s payment history. It is a win-win situation that makes it easy for a tenant to pay the rent and makes it effortless for you to track the payment.
With PMS, you receive an online payment processing platform. Besides, you can have rent tracking solutions as an additional feature. The system allows you instantly know who falls behind on payment and whose payment is up-to-date.
Contacting and Communication
Having long contact lists can be messy and burdensome. The more extensive your list of properties grows, the fast your contact lists become unorganized.
For your convenience, PMSs have integrated contact management solutions. They help you organize the list of contacts and drastically reduce the time of looking for emails and phone numbers.
Besides, almost all PMSs have online communication management systems. The system works 24/7 and makes it easy for a tenant to book multiple rental spots and contact the landlord or any representative via the integrated messaging system.
With PMS, you won’t have any hanging messages and calls anymore.
Managing Finances
Tight control over financial operations is the key to a successful business. PMS applications help minimize expenses while maximizing income.
There is an embedded expense management feature. It shows the changes within your operating budget in real-time.
The system also includes a tax management feature. It ensures your operations comply with local tax laws.
Finally, there are business intelligence (BI) capabilities. The feature uses machine learning to analyze a broad range of different financial metrics (think income, maintenance, spending) while offering you an in-depth synthesis concerning areas of your business that require better financial management.
The Top 5 Property Management Systems for 2021
Now, let us proceed to the main course of the evening. After comparing and contrasting a vast number of existing PMSs, there are several solutions that stand out.
5. AppFolio
AppFolio is a property management software that has become increasingly popular among various landlords and property professionals. The application stands out by its advanced features allowing you to control units remotely.
With AppFolio, you can maximize efficiency and have additional resources to deal with any given property-related situation.
AppFolio’s users have an option to pay only for the features they use, which is extremely handy in situations with a limited budget.
4. Buildium
Buildium is a cloud-based property management system. The evidence shows that the application is the best choice for association and residential property managers. Similar to AppFolio, the software grants an opportunity to handle all the aspects of your business remotely.
Buildium’s definite benefit stems from the fact that it was created by property managers. These are professionals who understand your needs and were once in your shoes.
As a part of the software’s package, you receive automatic rent collection features and an online ticket support service.
3. TenantCloud
TenantCloud is a property management software designed to assist property professionals, property managers, and landlords. There are built-in property accounting, marketing, and tenant management solutions.
The best thing about TenantCloud is its dashboard. You can add transactions, properties, messages, new tenants, work requests, and any applications all in one place.
Besides, you can check the occupancy rates through the dashboard, see upcoming payments, and have recent property listings.
Safe to say, TenantCloud is an all-in-one property management solution.
2. TurboTenant
TurboTenant is an all-in-one property management tool. Advanced tenant screening is the software’s cherry-on-the-top feature.
With TurboTenant, you can be confident of finding tenants that will provide payment in time. What is more, the platform offers tenant credit reports completely free.
Another major perk of TurboTenant includes 24/7 online customer support.
It is an excellent option for DIY property professionals and landlords.
1. Rent Manager
Rent Manager is a highly customizable property management software. If you look for PMS applicable to property of any size, Rent Manager is the proper choice.
You can select all the required elements and run your business with one integrated solution with its customization features.
With Rent Manager, you can easily handle real estate portfolios and deal with accounting, reporting, and marketing in a few clicks.
The client reviews indicate that Rent Manager is an “easy to use” option.
The Promising Candidate – COHO
We promised you the top five PMS options, and we gave them to you. However, there is one particular PMS that deserves attention.
COHO is an innovative property management tool. The interesting aspect of the platform is its coliving philosophy.
Coliving is when like-minded people share property for similar purposes. It is a perfect option when a person relocates to find a new job, works remotely, starts a company, or wants to become a part of a new community. Safe to say, it is an innovative and modern way of property sharing.
With COHO, you will have all the essential property information. The software puts you in control of the property and provides features for boosting the tenant experience.
Into the sunset
Choosing the right PMS is a big deal. However, with our list of prospective and promising property management solutions, you just need to choose one most appropriate to your needs.
Ask yourself, how can I improve my business and boost clients’ experience? A PMS that suits your business needs is the answer.
Dan Henyk
Dan Henyk is the Strategic Partnership Manager at Impressit, a Ukraine-based software development company. Dan is passionate about delivering expert solutions to the Real Estate industry, a sector that has traditionally been behind the curve when it comes to technology. Proptech drives and motivates Dan as he truly believes that there is a huge potential to revolutionise businesses in that space.
