Best property management software is essential for property managers and landlords to prioritize tenants’ concerns and manage the property successfully. Property managers and landlords use property management software for lease, tenant screening, resident maintenance tracking, rent collection, and managing finances to reduce costs and organize operations.
Performing tasks manually, such as rental business operations, including payment tracking and handling maintenance of the property, is highly enormous and time-consuming.
And on the day-by-day operations, these are only a few obstacles that the property managers handle. Fortunately, there is property management software that enables to make the tasks of a property manager easier.
PROBLEMS THAT A PROPERTY MANAGER IS DEALING
A suitable property management software will best solve the obstacles that a property manager is dealing with daily. Here is the list that a property manager commonly deals with:
- Poor Communication – Managing a constant leasing process, helping each of the tenants, and managing multiple properties requires an excellent flow of communication. Depending on emails and phone calls alone cannot achieve an excellent communication flow.
- Maintenance Requisition – Tenants cannot contact you right away to report an incident most of the time. Fix working hours in contacting and hiring contractors to repair the issue and setting the date that suits the tenants and contractors is another reason why the maintenance request takes time.
- Late payments – Handling financial records manually are prone to errors. It is very time-consuming to remind each of the tenants about the future rental payment, and it would also be a risk of missing payment records.
BENEFITS OF PROPERTY MANAGEMENT SOFTWARE
There are several benefits of property management software such as:
- Tenant and lease tracking – Assists landlords to record tenants’ details, including contact information and rental payments.
- Maintenance management – Helps property managers keep track of buildings and utilities in good operating condition for the tenants to be comfortable and valuable.
- Reduce admin works – Users can use a ledger, track payments, and generate reports to foresee the property’s -financial status.
- Improved communication – Tenants can pay rent, and maintenance requests, and talk to the landlords anytime by simply logging on to the tenant’s portal. It can also send notifications about incoming rent dates from property managers to tenants.
- Online payments – Tenants can pay online anywhere by using their mobile phone, and you can receive it in a matter of minutes.
- Securing sensitive information – Lease agreements and credit checks are vital information for your customers, and keeping these pieces of information is essential. And as a property manager or landlord, it is your responsibility to keep it secure. With the use of property management software, all of the personal information of your tenants are secured.
- Data analysis – When gathering information manually, there is a risk that the pieces of information will be incorrect and the analysis is incorrect. While using property management software, all the information brought into the system is stored and runs an in-depth analysis and brings up an analysis on your business and can spot inefficiencies and brings up new opportunities.
Best Property Management Software for Co-Op and Condo Buildings
Here are the lists of the best property management software for co-op and condo buildings:
AppFolio property management software is a web-based property management software that covers accounting and management tools. It has an excellent solution for any user that centralizes all processes, including accounting, tenant screening, marketing, online payment of rents, and online lease agreement.
Appfolio simplified all the workflows for property management with its intuitive and straightforward interface. It is working efficiently with different types of properties such as HOA, commercial, and student housing.
PRICING
Residential pricing starts at $1.40 per month per unit for the care plan with a minimum monthly fee of $2800. And $3 per month per unit for the plus plan with a minimum monthly fee of $1,500.
The community association’s pricing is $0.80 per month per unit with a minimum monthly fee of $2800.
FEATURES
- Has modern communication tools such as resident, owner, vendor portal, email, text messaging, surveys, and document management.
- Helps ease the accounting and reporting process, such as CAM tracking and reconciliation, automated AP, corporate accounting, performance insight, and flexible real-time reporting.
- A self-service online portal where tenants can securely pay rent, submit a maintenance requisition, schedule property inspection, and sign up for renter’s insurance.
- Include vacancy and rent tracking for the property owners, tenant screening, property listings, and landlord insurance tracking.
- Has rent comparison tools, automatic billposting, website building, and paperless work order generation.
- Customers and the support team can also access training and help resources.
- It has a mobile app where property managers can communicate with tenants, conduct inspections, and view work orders through a mobile device.
Buildium
Buildium is property management software that is cloud-based, which allows property managers to control and manage properties in the office and remotely. Tasks include online payment and rent, vacancy management and maintenance, and accounting.
It also supports property managers’ needs. It has an all-in-one platform for property management and association management needs. They offer portfolios for a community association, student housing, affordable housing, and residential properties.
PRICING
The essential plan starts at $50 per month and can cover up to 20 units. And for growth plan start at $160 per month which can cover up to 20 units. Lastly, the premium plan that is billed annually for $4,968 covers up to 150 units. It also offers 14 days free trial.
FEATURES
- Tracks company financials, securely manage bank accounts, and creates reliable reports.
- Accepts online payments for rent, vendors, and association fees, and it features retail cash payments for an easier way to receive and process cash payments from residents.
- Convenient when it comes to filing 1099s, through Buildium, you can file e1099s online.
- Has a mobile portal to manage maintenance requests, and work orders, pay bills, and remotely assign vendors.
- Owner portal to access financial reports quickly and store essential documents on the cloud which you can access anytime and anywhere.
- Features Buildium Open API, which combines your resident, property, and accounting information with your other business application.
- Manage vacancies by consorting vacancies to Buildiums partners like Zillow and Trulia and Buildium marketing website.
- Offers tenant screening and background checks. When applicants fill out an online rental application, the information is quickly saved in the database.
- Renter’s portal, resident center website, and mobile app offer renter’s insurance.
- It has 24/7 support from a customer care team and an onboarding team.
Condo Control
Condo Control is a property management software built for property managers and board members. Property managers can easily access their needs, such as important information and tools for efficient management of properties.
It is a web-based software that assists property managers, board members, security staff, and owners with hassle-free communication.
PRICING
Condo Control offers a free trial. And if you want to know its custom pricing, you need to request a quote.
FEATURES
- Caters to an online forum, amenity booking, and concierge management.
- Has an online file library that residents allow to store documents including bylaws, HOA meeting minutes, and financial statements.
- Allows property managers to build a website for the condominiums that would cater to event calendars, resident polls, and community details with the residents.
- Has a concierge and security console that enables security personnel to track the authorized entry into the condominium.
- The users can record a log of received packages at the front desk and note the signature upon pick up through package tracking features.
- Property managers set up an online store to sell keys, fobs, garage remotes, etc.
- A support team is available.
Yardi Voyager
Yardi Voyager is a comprehensive cloud-based platform that combines property management and financial information in a sole, streamlined database. It allows mobile access to accomplish tasks, view dashboards, and caters to residents’ services using smartphones or tablets.
The software suits both small and large property owners. Yardi can be used for residential property, affordable housing, military housing, and student housing.
PRICING
Yardi Voyager’s website does not provide pricing for its software.
FEATURES
- Has automated lease administration and management, lease renewal, recoveries, payment processing, and maintenance request.
- Provides a combination of accounting and property management services, a task-based dashboard, and important date notifications with real-time analytics.
- Real-time key indicators that cover lease management, recovery reconciliation, and performance statistics.
- Accounting systems feature direct import of general ledger transactions.
- Financial reporting tools where management teams can create monthly, quarterly, and even annual reports.
- Also, create real-time performance comparisons and support analysis such as IFRS, GAAP, and other international accounting measures.
Tops
Tops is a web-based community management software that intends to use condominiums, HOA, and co-op management. You can also manage a property and do accounting tasks at the same time. Tops only cater to community associations in contrast with property management which serves a wide variety of users.
PRICING
Top’s essential plan is $.75 per month per unit with a minimum of $375 per month. In comparison, the advanced plan is $1 per month per unit with a minimum of $500. And lastly, enterprise $1.25 per month per unit with a minimum of $625 per month.
FEATURES
- Has excellent accounting features such as effortless and customizable creation of accounts payables and receivables.
- TOPS pay enables you to safely and securely receive regular payments, and Homeowners can also process online payments through the owner’s portal.
- Features automated workflows that can save time for manual processing and create detailed reports through the reporting engine.
- Explore each community and can quickly access details from the owners’ accounts.
- Unlimited file storage that will allow you the ease of sharing documents with board members and residents.
- Has an owner’s portal where homeowners can update tickets, send questions, and review accounts.
- Allows unlimited users, which enables you to collaborate with the whole team at the same time even though you are in different places.
- Regularly updates new features and ensures that your pieces of information are secure and safe.
Managing a Co-op and condo buildings is a complicated job and not just a walk in the park. You will handle everything from small details up to the very complex and challenging process.
But with the use of property management software, you can make the job easier and accomplish tasks much earlier than before. It brings forth a complete solution for managing tasks and processes even if you are working remotely.
The property management software does not intend to automate everything, but it assists in the challenging part of managing a property. And most significantly, it upgrades your efficiency while producing quality services.
