The property management software buying guide: Property management software features

When shopping for property management software, you’ll want a way to know how much value you’re actually getting for your investment.

Ultimately, the benefits you can expect from any one solution comes down to how many pain points that software’s features effectively address. You’ll need not only an understanding of these different pain points, but specific features you can use to resolve them, as well. That’s where this post comes in.

This guide will help you get a clear understanding of how property management software features tackle the various challenges that your property owners, tenants, and team members may face, and how these tools can come together to help your business grow on the terms and in the direction that you decide.

Read on and take a look at the Features segment of our Property Management Features Buying Guide to know what to look for:

Essential Property Management Software Features to Look For

There are several types of features that any property management software worth its salt should have. These features should cover all of the most important tasks involved in managing properties, tenants, and property owners, making your operations more efficient and profitable.

Here are the must-have property management software features to look for:

Must-Have Property Management Software Features: Accounting

Let’s start with features that are fundamental to keeping your business in the black: accounting tools.

With the right accounting software, you can automate time-consuming processes, keep your books accurate, and better understand the health of your business—including which areas are generating the most profit and which are becoming costly liabilities.

Linking to Bank Accounts: Linking all your bank accounts within one platform makes it easier to set up real-time updates that reflect every transaction you make and give you more holistic snapshots into your business’s financial health at any given time. Having this single source of truth for your finances reduces human oversight and error, and lets you spot trends you can act on to tighten up your operations.

Accounts Payable: Work Order and Invoicing Management: Creating and tracking work orders and invoices should be seamless, and fully integrated with your accounting system. Look for property management software features that can automate invoicing, recording the payment status of every work order for your team.

Automatic and Recurring Payments: Setting up automatic and recurring payments can save time and reduce the hassle of manual payment processing. When a tenant makes a payment—or a recurring payment is processed—that action should be logged in your accounting system automatically.

Bank Reconciliation: Once you’ve linked your accounts, invoicing, and payment systems, you should be able to reconcile accounts automatically, as well. Accounting software should match up dollar amounts with bank statements, highlighting only the items that require attention. This feature is a significant time-saver that keeps your books accurate without the meticulous effort manual bookkeeping usually requires.

1099 eFiling: All property managers know how time-consuming reporting and tax prep can be. Software can help streamline accurate tax filing, and get you prepared to submit all the relevant forms well ahead of tax season. Look for tools that make it easy to generate and fill out 1099 forms, using the data saved in your accounts. These tax features keep you compliant with regulations and deadlines without extra burden on your team during tax season.

Security Deposit Management: The software should keep track of deposits, including any pet deposits or security deposit alternatives, so you can have records to share that indicate where deposits are held and return them promptly upon move-out.

Must-Have Property Management Software Features: Leasing

Leasing is another mission-critical part of any property management business, spanning everything from listing units to the tenant move-in process. Property management software features should cater to all these components of the leasing lifecycle, simplifying the steps renters have to take and making your management tasks more efficient. Here’s what to look for.

Syndication to Major Listing Sites: Property management should offer tools for creating and monitoring rental listings, allowing you to input property details, upload photos, and craft descriptions within a single platform and in just a few steps. It should enable you to post these listings across multiple sites simultaneously, maximizing the visibility for each unit you list. You should be able to set up notifications whenever renters express interest in vacant units, as well.

Customizable Online Applications: Look for software that provides customizable, easy-to-fill-out online rental applications. For renters, these applications should prioritize security and convenience, so you aren’t losing potential tenants from an overly complicated process. The software should automate communication, as well, including updates and reminders for both applicants and your team, sharing the status and approval or rejection of applications with timely notifications.

Automated Tenant Screening: Your leasing tools should be fully integrated with trusted background check and credit report services for fast and thorough screening. An efficient screening process is necessary to getting renters through the door, but staying legally compliant and properly vetting applicants is just as important. Automated screening tools not only make this possible, but they build in all the necessary steps—including alerts and notifications—into the application process.

Real-Time Application Status: Prospective tenants should have access to a portal where they can view the status of their applications. This feature, combined with automated updates and reminders, improves the experience for applicants, giving them full transparency and setting a standard of high-quality, responsive service that sets your business apart.

Automatic Lease Generation: Upon accepting an application, your software should  that you can send to applicants quickly using the same platform. Look for customizable lease templates that you can tailor to meet specific needs and comply with local legal requirements. Signing and submitting leasing digitally has become table stakes, so check that your software includes Esigning options such as Docusign.

Must-Have Property Management Software Features: Maintenance

When it comes to property management maintenance features, property managers should look for software that offers a comprehensive set of tools to handle all aspects of the job efficiently. The right set of tools should include all of the following.

Submit Requests: The software should provide a simple way for tenants to submit maintenance requests. This feature should allow tenants to describe the issue, attach images if necessary, and submit their request directly to the property manager or maintenance team.

Create and Track Work Orders: Once a request is submitted, the software should format work orders and track the progress of each job once it’s assigned to a vendor. You should be able to monitor projects and communicate with vendors and tenants through your software platform. Keeping all stakeholders—including your team—in the loop should be simple and should make use of the channels you rely on for other types of communication.

Resolve Issues Quickly: The goal of maintenance software is to help property managers address and resolve issues as quickly as possible. This includes connecting new tickets with the right vendors, processing any documentation, and sending out updates quickly (and preferably automatically).

Generate Invoices: After maintenance work is completed, the software should generate invoices for completed services. This helps maintain clear and organized financial records for all maintenance-related expenses.

24/7/365 Maintenance Management: If you want to really get the most out of maintenance tools, look for a software that has a maintenance contact center, work order concierge, or similar service. A trusted contact center can represent your business, handling work order requests from tenants any time of the day or night, and even on holidays. A service that’s linked to your other property management software can also draw from your database to field requests to the right vendor for the job, providing updates and giving you full visibility into the progress of each job.

Must-Have Property Management Software Features: Communication

Communication is one of the most direct ways that both owners and tenants see your property management efforts in action. While personalized attention from members of your team is an irreplaceable part of being an effective property manager, you shouldn’t overlook technology that makes communication easier. In fact, the right tools can make both tenants and owners feel consistently heard, taken care of, and in the loop.

Online Resident Center: An online resident center or similar portal is a centralized hub where tenants can access important information, communicate with property management, and perform tasks such as paying rent, submitting maintenance requests, or accessing details regarding their lease. This feature simplifies communication, adds a self-service capability that lifts a burden from your team, and enhances overall tenant satisfaction.

Online Owner Portal: An online owner portal carries many of the same benefits of a resident center, but for property owners. It’s a simple way to keep your clients in the loop, putting all the details on each of their units at their fingertips. Owners can access these details directly or use the portal to reach out to your team to get any other details they need. You should be able to upload and share reports on specific units or an entire portfolio along with any other messages.

Automated Alerts and Updates: Automated alerts and updates for both owners and tenants keeps everyone informed about important information such as maintenance schedules, policy changes, or rent reminders. This feature goes a long way in making your outreach consistent and timely, reducing the need for manual follow-ups.

Templates for Recurring Communication: Having templates for recurring messaging, such as monthly updates, newsletters, or regular reports can shave hours off of your team’s workload. This feature should give you a degree of customization that makes it useful for a variety of notices, announcements, or reminders.

Must-Have Property Management Software Features: Analytics

The features we’ve discussed above are powerful on their own, but being able to draw insights from all of them in one place unlocks an additional set of benefits. Analytics tools can help you draw insights from your operations, fine tune each of the processes that make up your business, and ultimately expand your profitability over time. These features can help you achieve just that:

Vacancy Rates: Software should provide insights into vacancy rates across your properties, helping you identify which units need your attention, limit churn and time on market, and adjust pricing and services to get reliable tenants in your units for longer.

Maintenance Analytics: Look for software that offers detailed analytics on maintenance requests and work orders that can help you track response times, costs, and identify areas for improvement in your maintenance operations. You can use the data to negotiate contracts, better match vendors to tickets, and spot red flags. Those can include anything from amenities that are persistently breaking down or a vendor that’s work isn’t up to par.

Leasing Performance: Analytics on leasing performance, including patterns of late payments, renter drop-off during the application process, and recurring issues during the course of a lease can give you valuable insights into your leasing strategies. This can help inform how you market units, how you vet applicants, the leasing services you offer, and which leases you devote the most staff time to.

Overall Property Management Business Performance: Comprehensive analytics on the overall performance of your team and operations, can help you develop smarter, big-picture strategies about where to take your business. From investing in targeted marketing to introducing services that open up new revenue streams, having analytics tools that are built into the software you use across your business can shine a light on the right path toward growth.

Additional Property Management Software Features for Growth

If you’ve found software that covers all the bases for accounting, leasing, communication, maintenance, and analytics, you might be ready to pull the trigger. But before you do, or if you’re still comparing multiple platforms that have all these features, there are some additional capabilities that can stretch your ROI even further.

These enhanced features not only help you operate more efficiently, but also make it easy to open up new revenue streams with services that keep your tenants happy and sets your business apart from the competition. Here are some of the top features to look for:

Pet Screening

Pet screening is just what it sounds like, a service that provides property managers with information about a pet that’s relevant to a lease. Being able to have a pet is important for many renters and setting up a pet policy that includes screening is one way to meet their preferences while still protecting the properties you manage.

A pet screening service takes guesswork and time normally required to enforce a pet policy off your plate. Applicants submit requests for pet accommodations, and the service reviews the requests to measure any risks and verify the pet is in compliance with your policy. You’re left with the benefits. Pet-friendly listings can appeal to a broader range of renters, your tenants feel more welcome, and you can generate revenue from the service in the process.

Security Deposit Alternatives

Security deposit alternatives for renting properties are options that allow tenants to avoid paying a traditional lump sum security deposit upfront. Instead, they can opt for solutions such as surety bonds, which require only a fraction of the typical security deposit amount, or insurance policies that cover potential damages.

Offering these alternatives can increase the pool of potential tenants by making move-in costs more affordable. It also reduces vacancies and can lead to quicker lease signings. You won’t lose out on financial protection and these alternatives may even include automated claims processes, which makes it easier to manage damages and unpaid rents.

Inspection Management Tools

Inspection management software makes conducting property inspections faster and easier to complete on the go. This can save you time, limit interruptions for existing tenants, and get vacant units ready for move-in faster, so you can start generating revenue from them. Here are the main capabilities to look for.

Customizable Inspection Templates: These allow you to create specific checklists for different types of inspections, capturing all important aspects of a property that need to be reviewed.

Mobile Compatibility: The software should work seamlessly on mobile devices, enabling inspectors to record findings from any device.

Photo and Video Capture: Visual documentation of property conditions is important, so make sure the software can log videos and photos and attach them to reports and work orders.

Scheduling Capabilities: You should be able to schedule inspections in advance, assign tasks to team members, and send out reminders ahead of the inspection time.

Report Generation: The software should be able to generate detailed reports that you can share with owners and tenants, keeping the whole process transparent and documented for future reference.

Renters Insurance

Renters insurance provides a safety net for both the tenants and the property owners. By covering the tenant’s personal property in the event of damage or theft, they’ll have greater peace of mind and will be far less likely to seek compensation from you or the property owner.  It’s a win-win for both tenants and property managers.

There are renters insurance services out there that make offering coverage easy. You can include an option to opt in as part of your signing and onboarding process, potentially bringing in additional revenue for your business. This kind of low-effort way to opt in can turn renters insurance from a headache for tenants into a perk that gives them a deeper sense of security.

Rent Reporting

Rent reporting is a service that property managers are increasingly introducing to attract more tenants and incentivize on-time payments over the course of their lease.  The main benefit for tenants is that on-time payments can boost their credit scores, creating new financial opportunities for them that extend beyond renting a property.

For property managers, offering rent reporting gives them another way to distinguish themselves from the competition, all while encouraging payment habits. This can significantly increase the revenue that’s reliably flowing into your business every month.

Marketing and Lead Generation Tools

Finally, there are several services out there to enhance your marketing and lead gen efforts. You can use these to position your business for growth, attract new prospects, and win their business, without having to invest significantly more of your staff’s time or resources. Here are some types of tools to look out for:

CRM and Lead Management Tools: Software such as LeadSimple include a CRM platform that can turn networking into new clients. It helps property managers organize leads, follow up with prospects, and manage client relationships effectively. Other services, such as All Property Management, can proactively get your company in front of owners searching for professional property management.

Digital Marketing and Search Engine Optimization Services: Upkeep Media offers software for more effective marketing campaigns, helping property managers to reach their target audience through various online channels.

Website and Blog Building Tools: Goodjuju provides intuitive website- and blog-building tools that are fully integrated with Buildium and other property management software, making it easy to create a professional online presence.

Advertising Platforms: Facebook and Instagram Ads allow property managers to target specific demographics and showcase properties through engaging visuals and stories. The services we outlined above can help you get the most value out of your advertising investment, help you to  build a community around the brand, and lay the groundwork for fruitful long-term relationships with clients.

How to Find a Platform with the Right Combination of Property Management Software Features

Looking back at the list of features we covered, it may seem that no single platform can cover all your bases. There’s no shortage of software out there that excels in one area or another, but how can you get the widest range of benefits out of what’s available.

The answer is to look for a comprehensive platform that combines as many reliable property management features as possible into one package, without compromising on quality.

Purpose-built property management software such as Buildium, takes this comprehensive approach giving you all the capabilities you need to more efficiently manage and grow your business in a single platform.

Of course, no one piece of software can be everything to everyone. That’s why software such as Buildium has the ability to integrate other tools into its platform. These include pre-vetted services like those in the Buildium Marketplace and a host of other solutions you can integrate using Buildium’s open API. This kind of flexibility in the way you can customize and integrate software extends the value of your investment, giving you greater control over the tools you use to grow.

You can get a first-hand look at Buildium’s features with a no-risk, 14-day free trial.