Managing rental properties comes with plenty of moving parts—collecting rent, handling maintenance requests, keeping up with leases, and tracking finances, to name a few. The right software can help simplify the process, but with so many options out there, how do you choose the best one? After all, not every platform offers the same capabilities, and it can be tough to tell which features will have the biggest impact on your business.
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Start Your TrialIf you’re not sure where to start, we’ve got you covered. We’ve outlined key features that can help independent landlords become more organized and tackle property management tasks more efficiently. Read on for a clear overview of which features matter most when it comes to getting the most value from your investment.
Why Landlords Need Property Management Software
Regardless of whether you’re renting out one investment property or planning on expanding your portfolio over time, every landlord needs to rely on some administrative tools to keep things running smoothly. Unfortunately, many landlords make the mistake of thinking that they can save money by repurposing software they’re already using, like basic word processing and spreadsheet programs.
What they may not realize is that this approach more often than not leads to you spending more effort and money over time. Jumping between different software that isn’t built specifically for the task at hand takes more time and makes it easy for details, records, or smaller tasks to slip through the cracks. And over time, those missed details can lead to bigger problems—longer vacancy periods, frustrated tenants, and even disputes that could have been avoided.
Fortunately, you don’t have to take that risk if you invest in purpose-built property management software. These types of solutions help you stay organized by keeping all the relevant details related to your property management business in one centralized location. Plus, many platforms come with the ability to automate repetitive tasks, which can help you take back more of your own time—not to mention getting a strong return on your investment.
10 Essential Landlord Property Management Software Features
Not all property management software solutions are created equal—and choosing the wrong one can be a costly mistake. To help, we’ve outlined ten key features that independent landlords will find the most useful. We curated this list based on which administrative tasks you’re most likely going to need to complete on a regular basis and which are most likely to save you time and money in the long run. Let’s dive in…
Accounting and Bookkeeping
Any property management software platform worth considering will include tools to stay on top of bookkeeping tasks. At a minimum, you’ll want to be able to track income and expenses. However, it’s also a good idea to look for features that can help you collect payments from your tenants and simplify the accounts payable process.
You’ll also want to pay special attention to platforms that can assist you with streamlining your tax preparation. Focus on software solutions that offer 1099 e-filing capability so that you can make sending important rental property tax documents to your vendors easier.
Note: For a more detailed explanation of what to expect from purpose-built rental property accounting software and how it improves upon more generic software, check out our post on Buildium vs QuickBooks.
Property Marketing and Listing
Next, look for a software platform that makes marketing your properties simpler. With listing syndication capabilities, you’ll be able to submit your listing information to multiple websites with just one click, so that a wider swath of renters see all that your properties have to offer.
From there, it’s time to start scheduling showings. The best software platform options will offer showing coordination assistance, which allows potential tenants to schedule showings at a time that works best for them and automatically syncs that information with your calendar. Ideally, the platform will also have the ability to quickly generate follow-up communications, so that interested tenants will know what to expect every step of the way.
Leasing
Any landlord property management software you choose should feature tools that will assist you throughout the entire leasing cycle. From lease creation tools that allow you to easily customize your rental application and share it with interested tenants to tenant screening features that make it simple to access credit, criminal and eviction data, the right software can make creating a shortlist of interested tenants a snap.
Then, once you’ve landed on your perfect match, most landlord property management software options will offer e-signing capabilities, which allows you to automate the signing process and lets tenants sign from anywhere. Follow that up with the ability to collect rent online, and you’ll make gathering first, last, and security into one seamless workflow.
Maintenance Management
Once the bulk of your tenants are in place, you’re going to need to contend with occasional work orders. Landlord property management software can help you keep everything organized by offering work order tracking functionality, which keeps both you and your tenants informed during each step of the process.
On the back end, the best landlord property management software will also offer vendor management tools, allowing you to effortlessly attach invoices to work orders and pay your vendors with just the push of a button.
Tenant Communication
Great property management software programs will also offer dedicated channels for communication with tenants, which lets you keep conversation histories organized. These tools should also allow you to send bulk messages to all your tenants to keep them informed, plus allow for automated reminders to be sent out to individual tenants for things like appointment times and inspections.
Mobile Accessibility
These days, any software program you choose should have mobile app functionality. For tenants, this technology will give them the ability to complete necessary tasks, such as paying rent, tracking the status of any maintenance requests, and communicating with you while on the go.
However, top-tier landlord property management software will also have the added functionality to make your life easier on the back end. For example, it could have tools to help you streamline managing your rental, such as the ability to file inspection reports from the property, even if you don’t have service.
Secure Document Storage
Regardless of which software program you choose, you should make sure it has the capacity to provide secure document storage. Because you’ll be storing sensitive financial information from both your investment and your tenants, a platform that keeps all your leasing, maintenance, and financial documentation organized in one secure location is non-negotiable.
Analytics & Insights
When shopping for a landlord property management software platform, another important feature to consider is the availability of analytics tools. Put simply, the right analytics can help you see how your properties are performing against others on the market. Plus, they can also assist you with tasks like budgeting and forecasting by showing you a full picture of where you’re currently spending the most money.
Automation for Repetitive Tasks
You should aim to find a software solution that includes several different property management automation tools. When you have the ability to automate certain repetitive tasks, like sending out mass communications to tenants or reconciling your financial records, you ultimately save yourself time and money.
Integration with Other Software
As you grow, it’s a good idea to have software with the flexibility to scale (and integrate with other tools you may use). That way, you’re not wasting time jumping between multiple tools that don’t communicate with each other. A solution that connects with partner programs can help you expand on the functionality of your core software package. There are many ways a platform can do this, but a marketplace or partner program and open API capabilities (which allow you to set up custom workflows and integrations) are two tried-and-true ways.
How to Compare Landlord Property Management Software Options
While no two landlord property management software options are exactly alike, some certainly offer more functionality than others. To get the most out of your investment, choose a comprehensive software package that offers all the different features on the list above. When these features are built-in and ready to use, it will be much easier to keep your property management business organized and, ultimately, to streamline your operations.
We’ve used Buildium features throughout this post for a reason: the software is purposely designed to help you tackle a wide range of landlord property management tasks, from listings and leasing to collecting rent and accurate bookkeeping. It includes everything you need to take your property management business to the next level.
If you’re ready to see how investing in landlord property management software can help improve your workflow, schedule a demo of Buildium today or get started right away with a no-risk, 14-day free trial of our software platform.
Frequently Asked Questions
Why should I consider landlord property management software?
Landlord property management software is worth considering because it can help you become more organized and streamline your business operations, along with saving you time and money. Ultimately, many landlords feel that comprehensive landlord property management software is well worth financial investment because of how much easier it becomes to manage common property management tasks.
How much does landlord property management software cost?
The cost of landlord property management software can vary widely depending on which software platform you choose to use, the specific features you’ve included in your tech stack, and the number of users you need to bring on to accommodate your property management team. Your best bet is to look for long-term value by choosing the features you’ll need as your portfolio continues to grow.
What is the best landlord property management software?
The answer to which landlord property management software is best for you is subjective: it comes down to what features you need the most. However, if you’re looking for a comprehensive property management software solution that can do it all, Buildium is likely going to be your best bet. As a purpose-built property management software solution, it has all the tools you need to successfully manage your portfolio.
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