Online property management has emerged as an efficient way to monitor commercial properties. Many great options exist, but how do you know which management software is right for your business? You should look for options that align with your needs and are easy to implement.
We can help you if you don’t know where to begin. We’ve listed the most important features that can help independent landlords get better organized and handle property management chores faster. Keep reading to get a clear picture of which features are the most important for getting the most out of your money.
Top Landlord Property Management Software Features
No matter if you’re just renting out one investment property or want to build up your portfolio over time, every landlord needs to use some administrative tools to keep things going smoothly. A lot of landlords make the mistake of thinking that they can save money by using software that they already have, like simple word processing systems and spreadsheets, in different ways.
There are different kinds of property management software, and picking the wrong one can cost a lot of money. Here are the top features that landlords on their own will find most useful to help you out. We chose the items on this list based on which administrative jobs you’ll probably need to do often and which will save you time and money in the long run. Let’s get started.
1. Communication Capabilities
Being able to communicate with commercial tenants is a crucial part of property management. You should look for software that lets you contact them remotely to streamline the process of sending updates or notices. For example, instead of sending mail about upcoming maintenance, you could alert them with a push notification.
Digital communication also appeals to most people who lease property. In fact, 31% of renters would like to be able to use a computer to make repair requests. It lets you stay updated and act quickly. The fact that the action happens right away can also be very helpful and even save you time.
2. Real-Time Property Metrics and Reports
Even with monitoring features in place, properties are still prone to damage. For example, property crimes occur every 4.1 seconds on average. Real-time analytics could predict such instances and help you prepare for or prevent them.
Most people who manage commercial real estate can benefit from real-time metrics and reports because they provide information about what’s going on at their properties. Financial and operational metrics can keep you updated on the business management side of things and help you keep your investment secure.
3. Alignment With Your Business Needs
One of the first things you should look for when considering rental management software is its alignment with your business requirements. The most common service types for property management software include work orders, payment collection, lease management, accounting, and financial reporting. You should look for something that provides everything you need.
While most commercial real estate owners have the same needs, you may require specialized functions depending on your industry. For example, leasing health care commercial real estate requires compliance with certain regulations, like the Occupational Safety and Health Administration (OSHA) or the Health Insurance Portability and Accountability Act (HIPAA) standards, to remain in business. Take a closer look at the software you are considering to determine if it aligns with your goals and purpose.
4. Easy Implementation and Integration
Good rental management software should be easy to implement, so it needs to integrate with your other software. For example, you should be able to combine it with your current payment portal. It makes the transition more seamless because you only have to make minor changes to your operations.
Making it easy for your staff is critical because they need to be able to adjust quickly. Although commercial property management businesses only have two or fewer employees on average, it’s still essential for the software to be easy for them to learn and use. The simpler the implementation is, the shorter the learning curve. Pay attention to how the online property management software interacts with your current accounting systems. Some software has its accounting systems. As part of a software implementation, you may have to decide whether to maintain or leave your current accounting system. This could lead to further disconnected and fragmented data.
5. Solid Security
Your management software must be secure, considering how many critical functions it controls or monitors. Like any other digital platform, it must protect your data by preventing unauthorized access. More rental management software is starting to become cloud-based to accommodate mobile users, meaning your data is accessible on various devices through their app.
It may be worth researching the cloud provider for the software, considering each type has different security. For example, hybrid clouds have additional safety measures associated with fewer data breaches. Your business and renters depend on the safety of your information, so it’s important to find something with a lot of protection.
6. Simplistic UI
Although it may not be your primary concern, a simplistic user interface (UI) directly translates to ease of use. You’ll have a simpler time navigating through the various functions of your management software if the layout is clean and clear.
Good design might seem minor, but it can optimize productivity by accelerating how fast employees learn to use the tool. It also relates to increased efficiency over time since it’s easier to use. Keep an eye out for the management software’s design quality because it might impact you more than you think.
7. The Right Focus
Finally, you need to consider the asset class or classes you are managing. Do you have a need for software that is mostly focused on residential real estate? Where you are turning tenants over on an annual basis? Or do you have tenants that have multi-year leases that also deal with common area maintenance reconciliation? Do you need to keep using QuickBooks? All of these questions factor into a final property management solution.
Why Do You Need Property Management?
You have to manage many functions as a commercial property manager. While you can handle it yourself, management software streamlines the process through automation and provides key insight into operations with analytics. The right choice can give you many more capabilities.
STRATFOLIO is an online property management software solution capable of automating payments, managing maintenance requests, and aggregating your total assets for a standardized and streamlined experience. It also integrates with QuickBooks, making integration seamless for many real estate owners. You can schedule a demo with us to see how our platform can help you efficiently manage your finances, operations, assets, and investors.
You should look for management software that provides key capabilities and makes managing your properties simpler, we have this comparison chart for your reference. There are many options out there with different functionalities and benefits, but the right one should fit into your business seamlessly and enhance your business functions.
