Commercial property management software has huge benefits for landlords and businesses. Automations, data storage, reporting, communication with tenants and more help you take care of tedious daily tasks quickly and accurately. These tools empower you to spot financial issues and build growth strategies with in-depth performance information.
That said, it’s important to make sure you choose the right property management software. In this article, we’ll review the key uses of property management software and take a look at which features are true must-haves for the best performance.
Why Do You Need Property Management Software as a Commercial Landlord?
Commercial property management software is useful for all types of real estate, especially larger or more complex businesses. Because commercial real estate businesses often have extensive portfolios, multi-tenant properties, and complicated leases, property management can be especially helpful in keeping everything running smoothly.
When you’re juggling so many different aspects of a commercial real estate business, it’s easy for your team to get overwhelmed, losing valuable time and often making preventable mistakes. Good property management software helps you streamline your processes and keep track of key information. This eliminates errors and leaves you free to focus on growing your business.
How to Choose the Right Property Management Software for Your Business
There are many different property management software options out there. How do you know which one is right for you?
First, make sure that you are only considering commercial property management software services. Residential property management software is designed to serve different needs and may not include all the capabilities you need.
Next, make a list of all the tasks and processes you want to streamline. It helps to list these from most to least important to help you choose between similar options. Then, all you have to do is look for the property management software that most closely matches your needs.
Features to Look for In Property Management Software
While specific priorities will differ between businesses, there are some tools and capabilities that are especially useful. Keep an eye out for these property management software must-haves, plus a few helpful bonus features.
| Must-Haves | Nice-to-Haves |
| Tenant portal with Online Rent Payment | Accounting Software Integration |
| Maintenance Management | Investor portal |
| Report Generation | Certificate of Insurance Management |
| Invoicing | |
| Lease Storage | |
| Automated Financial Calculations |
Must-Haves
Tenant Portal with Online Rent Payment
A way to directly contact and document interactions with tenants is crucial for clear, effective communication. Plus, an online rent payment portal makes it much easier for tenants to pay, reducing late and missed payments. You may even be able to automate reminders for upcoming due dates.
Maintenance Management
A good maintenance management setup keeps everything moving, allowing tenants to easily report issues as soon as they arise. Then, you can track the progress of repairs and routine services, ensuring everything is taken care of in a timely manner. All this helps you create a safe, presentable environment that will encourage your tenants to stay.
Report Generation
Good reports are the basis for good analysis. The best property management software can generate accurate reports, giving you the insight you need. You can get a bird’s-eye view or dig deep into a specific property.
Invoicing
You must be able to create invoices that suit your needs. Many accounting platforms offer invoicing, but it is difficult to customize them for tenants and rent payments. Invoices that actually work for commercial real estate are key for record keeping and help prevent missed payments.
Lease Storage
Commercial leases are often complex and can differ widely, even between tenants in the same building. Many tenants will make special arrangements for common area maintenance (CAM) fee exemptions, lower rent rates, or other special circumstances. You must be able to refer to these easily when performing reconciliation or rent escalations. Keeping leases handy is the best way to prevent errors.
Nice-to-Haves
Accounting Software Integration
While you can have separate accounting and property management software, integration is a huge advantage. With a complete two-way sync between your accounting and property management tools, you never have to worry about entering the same data in two different places again. Your whole team will always work from the most accurate, up-to-date information. This way, you truly understand how your portfolio works and can strategize on how to improve.
Investor Portal
A dedicated spot where investors can see the portfolio information they need helps you communicate clearly and openly, creating stronger investor relationships.
Automated Financial Calculations
Automations for complex calculations and processes like CAM reconciliation are a smart way to save time and avoid human error. Even simple mistakes in these key tasks can be expensive and risk losing the trust of your tenants.
Certificate of Insurance Management
In addition to leases, an especially good setup will also allow for storage of other key documents, like certificates of insurance. This can help you avoid legal headaches down the road, as it clearly outlines what both tenants and landlords are responsible for covering in the event of unplanned damages.
Experience the Benefits of Commercial Property Management Software with STRATAFOLIO
If you’re looking for a property management software that brings you all these must-haves and more, try STRATAFOLIO. STRATAFOLIO is specifically designed for commercial real estate businesses and comes with reports and automations built in to streamline your most important, time-consuming processes. Two-way integration with QuickBooks Desktop and Online means that your accounting and property management teams will always work from the same, accurate data. Tenant and investor portals keep you connected to these crucial partners.
To find out more about how STRATAFOLIO can help your commercial real estate business flourish, schedule a free demo now.
