You’ve probably been there before… scrambling to find something important when you need it most. It’s annoying, right? Imagine this happening when a potential buyer enquires about a property. You are digging through piles of Excel sheets, Google Docs or paperwork on your desk to find the requested information but can’t.
Or think about the time and effort it takes to keep track of tenant rent payments without the help of technology. You are not just losing customers to your competitors because of all this hassle but also damaging your reputation as a real estate business owner.
So how do you fix these problems? The answer is simple — get a good property management software and say goodbye to all your property listing woes.
We have put together a list of comprehensive property management software programs that can help you simplify and streamline your property management workflow for better business growth and deal closures. So, keep reading to find out which software makes the most sense for your business.
Property management software (PMS) assists property owners and managers in better managing their real estate investments. It serves as an all-in-one platform that automates and simplifies essential tasks such as tenant screening, automatic rent collection, maintenance scheduling and financial reporting. Consolidating these tasks into a single user-friendly interface, PMS reduces your workload, minimises manual errors and provides real-time insights into the operational performance of your properties, ultimately driving better decision-making and improved tenant satisfaction.
PMS is crucial for several compelling reasons, especially in today’s cutthroat real estate market where being digital-first has become all the more important. The table below shows that it’s become an indispensable tool for property owners and managers alike:
Let’s take a look at six of the best property management tools you can buy in 2024 — we’re going to analyse them in detail by highlighting their unique features, pricing and sharing our take on what makes each one of them worthy of your consideration.
Cloudbeds is a comprehensive PMS designed specifically to streamline operations for hotels, hostels and vacation rentals.
The cloud-based system brings together property management, channel management and booking engine capabilities into a single, unified platform. It aims to simplify daily operations like bookings, rooms booked, etc., enhancing guest experiences and maximising occupancy and revenue.
Unified Property Management System (PMS): The Cloudbeds PMS centralises operations, offering a single dashboard for managing bookings, guest communication and housekeeping schedules. This system simplifies the management process, allowing hoteliers to oversee all aspects of their property from one place.
Dynamic Channel Manager: The Channel Manager feature connects your property to over 300 distribution sites, including major OTAs (Online Travel Agencies) like Booking.com, Airbnb and Expedia, without additional commissions. It updates availability and rates in real time, ensuring your property is accurately represented across all channels.
Commission-free booking engine: Cloudbeds’ booking engine integrates directly with your hotel’s website, enabling guests to make direct reservations without the hefty commissions charged by OTAs. It’s mobile-friendly and comes with a built-in rate checker, encouraging guests to book directly.
One-click reporting: Access extensive insights into your hotel’s performance with Cloudbeds’ one-click reporting feature. This powerful tool generates detailed reports on finances, occupancy rates, daily operations, etc.
World-class customer support: Cloudbeds prides itself on its dedicated customer support, available 24/7 to ensure your success. From personalised onboarding to ongoing assistance, its team is committed to providing fast and friendly service.
Cloudbeds uses a custom pricing model that varies based on the property size, the number of rooms, and the required features. Property owners must contact Cloudbeds directly to get a personalised quote.
Cloudbeds is ideal for hoteliers seeking a comprehensive, all-in-one solution to manage their property.
From streamlining daily operations with its unified PMS to expanding market reach through its dynamic Channel Manager and driving profitability with a commission-free booking engine, Cloudbeds offers a robust solution for enhancing operational efficiency and guest satisfaction. Similarly, creative real estate ads can help you reach more prospects and enhance visibility for your properties.
Coupled with insightful reporting capabilities and unparalleled customer support, Cloudbeds ensures that hoteliers are well-equipped to navigate the complexities of the hospitality industry successfully.
DoorLoop is a fully featured rental property and real estate management system that caters to landlords, property managers and real estate professionals overseeing residential and commercial properties. Designed with ease of use in mind, DoorLoop aims to simplify every aspect of property management — from tenant screening to lease management, rent collection and maintenance requests.
It serves as a centralised platform to manage properties efficiently, reducing operational complexities and enhancing tenant relations.
CRM and lead management: Keep all your potential tenant information in one place. Easily track your real estate marketing efforts, visualise your leasing process and never miss a follow-up task.
Effective marketing of units: Showcase your listings on a personalised website or leverage major listing platforms to attract a wider audience. Handle the influx of applications through an integrated system designed for ease and efficiency.
Simplified application processing: Guide prospects from interest to lease signing seamlessly. The platform allows for instant e-signatures and a smooth transition for each applicant, keeping the process organised and efficient.
Transparent owner relations: Build trust with property owners through a portal designed for transparency. Share documents, reports and updates securely, ensuring owners are well-informed and satisfied with the management of their investments.
Maintenance management: Streamline maintenance by allowing tenants to submit requests online. Assign tasks to vendors and track progress to completion, ensuring properties are maintained to the highest standard at all times.
Digital document storage: Embrace a clutter-free, paperless environment with secure, encrypted storage for all essential documents. Share files with a single click and find what you need quickly, keeping your operations smooth and compliant.
DoorLoop offers a straightforward pricing structure for a single unit (number of properties):
Starter: $59 per month when billed yearly, and $69 per month when billed monthly
Pro: $119 per month when billed yearly, and $139 per month when billed monthly
Premium: $169 per month when billed yearly, and $199 per month when billed monthly
DoorLoop stands out as a versatile and user-friendly property management solution for rental properties. The software’s focus on automating routine tasks, such as rent collection and maintenance management, significantly reduces the administrative burden on property managers and efficiently handles the lead management process.
The competitive pricing model offers great value, especially for small to mid-sized portfolios looking for an extensive solution at an affordable price. The ability to scale with the business is a significant advantage, ensuring that DoorLoop can continue to meet the needs of its users as their property portfolios grow.
Yardi Breeze is specifically tailored to the unique needs of commercial property management, encompassing retail spaces, offices, industrial properties and mixed-use developments1. This cloud-based platform simplifies operations, improves tenant relations and provides detailed insights into property performance. It combines lease management, accounting, operations and real estate marketing tools in one intuitive interface, making it easier for managers to oversee all aspects of commercial property management.
Versatile property management: The platform enables streamlined workflows, lease expiration tracking and an organised task calendar, allowing you to manage diverse commercial properties effortlessly.
Premier features for advanced needs: For businesses requiring more sophisticated tools, Yardi Breeze provides enhanced functionalities such as general ledger tracking, user access control and centralised communication channels for interacting with prospects, tenants and owners.
Accounting excellence: Yardi Breeze offers robust accounting capabilities, including the management of payables, receivables and general ledger functions. It supports escrow2 and trust account maintenance, financial statement generation and transaction detail analysis.
Efficient invoice processing: Simplify your invoice processing with features for tracking vendor information, attaching invoices, creating recurring payables and enabling paperless record-keeping. Advanced features include approval workflows, batch processing and Full Service Invoice Processing to streamline operations.
CAM recovery: The CAM feature streamlines the management of different lease types (NNN, gross, or combinations), allowing for the creation of custom expense pools, flexible scheduling, and precise allocation of common area maintenance costs to tenants, ensuring transparent and accurate billing through scheduled reconciliations.
Rent collection: Yardi Breeze makes rent collection straightforward, allowing for rent escalation tracking, online tenant payments, autopay setup and debit/credit card transactions. It also includes features for managing rent deferrals and delinquencies.
Yardi Breeze employs a transparent pricing model, starting at $2 per unit per month. With a minimum monthly fee of $200 is applicable to ensure it’s cost-effective even for smaller portfolios. This approach allows property managers and owners to access a full suite of management tools without a significant upfront investment.
The platform also offers a Premier version for more advanced needs, with pricing available upon request.
Yardi Breeze presents itself as a broad and efficient solution for commercial property management. Its features are specifically crafted for the commercial sector, including powerful lease management, financial reporting and operational tools, making it a standout choice for managing diverse property types.
The software’s ease of use, combined with its scalable pricing model, ensures that it is accessible to a wide range of users, from small to large portfolios. The inclusion of tenant and owner portals enhances communication and transparency, which are crucial for maintaining strong relationships and ensuring the smooth operation of commercial properties.
Moreover, Yardi Breeze’s ability to handle complex lease arrangements and financial structures common in commercial real estate sets it apart from other property management software.
Propertyware positions itself as a leading solution for the management of single-family and other low-density residential properties. It’s designed to cater to the unique challenges faced by property managers and landlords in this sector, offering a platform that covers the full spectrum of property management tasks.
Propertyware provides an integrated suite of tools to streamline workflows, enhance tenant relations and boost operational efficiency from marketing and leasing to operations, maintenance and financial reporting.
Accounting made easy: Propertyware simplifies everything from accounts receivable (AR) to accounts payable (AP), bank reconciliations and direct ACH payments to owners, covering all your accounting needs.
Flexible payment solutions: Offer your tenants the convenience of online and cash payments, reducing the risk of late or missed rent and safeguarding against theft and fraud.
Marketing mastery: Propertyware gives you the tools to control your online presence and fill vacancies faster — take charge of your listings, attract prospects, manage tenant applications and more with this all-in-one marketing solution.
Better maintenance management: Propertyware provides a unique solution for coordinators and vendors, streamlining the entire maintenance process, from move-in to move-out, including features for handling photos, work orders and billing seamlessly.
Efficient tenant screening: It helps streamline tenant screening eliminating redundancy by integrating the application and conversion process. Making it easier to quickly identify top-quality tenants with an easy and risk-free screening tool.
Accessible portals: Both tenants and owners enjoy 24/7 access to their accounts through portals, offering real-time visibility and enhancing transparency and trust.
Asset protection: Reduce the risk of accidental damage to your rentals and minimise tenant liability with extensive asset protection solutions.
Contact centre support: Extend your leasing, management and maintenance capabilities with the professional contact centre. Live agents act as an extension of your team, ensuring prompt responses to every maintenance issue or prospect inquiry.
Propertyware offers a tiered pricing model:
Basic: $1.00 per unit per month with a minimum $250 monthly implementation fee of 2X the monthly subscription price.
Plus: $1.50 per unit per month with a minimum $350 monthly implementation fee of 2X the monthly subscription price.
Premium: $2.00 per unit per month with a minimum $450 monthly implementation fee of 2X the monthly subscription price.
The pricing structure is designed to scale with the growth of your business; a one-time setup fee is required to get started.
Propertyware is an excellent choice for residential property managers looking for a solution that can handle the complexity of managing single-family homes and low-density residential properties. Its wide array of features, from leasing and maintenance to accounting and reporting, are specifically designed to address the needs of this market segment.
The software’s emphasis on enhancing tenant and owner satisfaction through easy-to-use portals and its back-office functionalities make it a powerful tool for improving operational efficiencies and driving business growth. For more ways to improve your property management practices, refer to these real estate tips that can enhance your strategy.
While the starting price point and minimum monthly fee may place it out of reach for those managing smaller portfolios, Propertyware offers significant value for larger property management firms seeking a scalable, all-in-one platform.
Landlord Studio stands out as a specifically tailored solution for landlords and property managers overseeing smaller apartment complexes and multi-family units. It emphasises simplicity and efficiency, offering a suite of tools designed to streamline the daily operations of rent collection, expense tracking and tenant communication.
Its user-friendly interface and mobile accessibility make it an attractive choice for landlords seeking to manage their properties on the go with minimal hassle.
Notable features
Maintenance task management: Effortlessly record, track and prioritise maintenance tasks using Landlord Studio’s intuitive work order management system. This ensures quick closure of maintenance requests and prevents any task from being overlooked.
Tenant maintenance requests: Tenants can easily submit maintenance requests through the tenant portal, allowing for efficient review and management of requests from anywhere, whether you’re using the app or desktop software.
Task prioritisation: Organise and prioritise maintenance tasks to address the most critical jobs first, ensuring that your rental property remains in top condition and tenant complaints are minimised.
Upcoming communication tools: Future updates include provisions to add comments for seamless communication with tenants about the progress of maintenance tasks, enhancing transparency and tenant satisfaction.
Contractor assignment: The ability to loop in preferred contractors with just a click is on the horizon which will further simplify the process of assigning tasks to trusted professionals.
The Landlord Studio has two options in its pricing model:
Go: A free software to replace spreadsheets. You can have three free properties in it, plus there’s a host of other features which otherwise would cost a good deal of money.
PRO: You will be charged $12/month when billed yearly and $15/month when billed monthly for a minimum of three units (properties).
Note: You get a 14-day free trial in the PRO plan and if you do not purchase it after the trial period, you will be automatically transferred to the GO plan the following day.
Landlord Studio is an excellent solution for landlords and property managers of smaller apartment complexes and multi-family units. It focuses on essential property management functions like rent collection, expense tracking and maintenance management, combined with its affordability and ease of use, making it particularly suited for you, if you are new to property management or looking to streamline your operations.
Hemlane is a cutting-edge real estate property management software that bridges the gap between technology and personalised service. It caters to a wide range of properties, including single-family homes, condos and small apartment buildings.
Hemlane along with offering broad digital management tools also provides access to local real estate professionals for tasks that require a personal touch. This blend of technology and human interaction aims to deliver a superior property management experience, focusing on efficiency, tenant satisfaction and ease of use for property owners.
Notable features
Centralised operations: Automate and centralise your lease management processes, making operations smoother and more efficient.
Peace of mind: With automated alerts and reminders, you can step back from day-to-day operations, knowing full well that you’ll be kept in the loop when decisions or actions need to be made.
Avoid legal hassles: Equip yourself with solid evidence for rental disputes through easy access to all contracts, reports and photos shared with tenants.
Single space for record keeping: Access current and past tenant information with a single click, supported by unlimited storage and comprehensive tracking of all lease details.
Alerts and reminders: Send notifications to owners, managers and tenants about lease renewals, track vacancies and see a list of outstanding tasks all powered by real-time intelligence
Secure storage: Keep all important property and tenant documents safe in the cloud. Enjoy unlimited storage for photos, which comes in handy during move-in and move-out inspections.
Enhanced communication: Maintain a detailed record of all conversations with tenants and potential tenants within the software. It also allows you to message entire or multiple leases at once, with all replies directed back to you.
Hemlane has three tiers in its pricing model:
Hemlane offers an innovative approach to real estate property management. Combining digital tools’ efficiency with the personalised touch of local service. It’s particularly suited for property owners who value the convenience of online management but also recognise the need for physical presence and local expertise in certain aspects of property management.
Hemlane’s emphasis on tenant screening and maintenance coordination, in particular, enhances tenant satisfaction and preserves the value of rental properties.
Through this exploration of the popular property management software. It’s clear that the future of real estate management lies in technology that simplifies operations and enhances the quality of service provided to tenants, real estate investors and property owners alike.
Here are the three key takeaways from this blog:
Automation equals efficiency
The common thread among all these software solutions is their ability to automate complex, time-consuming tasks. Whether it’s rent collection, maintenance requests or financial reporting, automation significantly reduces manual workload, allowing property managers to focus on growth and strategic management.
Customisation and scalability are crucial
Each real estate business has unique needs based on the types of properties managed and the specific challenges they face. An effective property management software offers customisable and scalable solutions that can adapt to a business’s changing requirements, ensuring long-term viability and flexibility.
Integration enhances operational cohesion
A platform like an operational CRM that integrates various aspects of property management — financials, communication, leasing and maintenance — into a cohesive system can significantly improve operational efficiency and tenant satisfaction. Accessing a unified view of property operations in real time is invaluable for making informed decisions and maintaining a competitive edge.
The decision to evaluate and select a property management software is up to you, but make sure you integrate it with TeleCRM (India’s best real estate CRM). With TeleCRM, you can automate tasks like calling, bulk WhatsApp messaging, real estate lead generation and management from multiple channels, all on one simple dashboard with little or no human intervention.
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Mixed-use developments are those that provide more than one use or purpose within a shared building– have a combination of offices, housing, retail, medical, commercial, etc.
It is a secure financial arrangement where a third party holds and controls payment during a transaction between two parties, ensuring funds are released only when all agreed terms are met. It’s commonly used in real estate deals and online sales to protect the transaction process.
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