Online property management services free property managers from the many chores of computer maintenance to concentrate on building profitable real estate management companies. In the cloud-computing environment, all you need is enough hardware to support a web browser. Vendors of online property management software maintain redundant systems that mirror and back up customer data in the types of data centers that secure data for the largest corporations in the world.
The best property management software is efficient, has many features and fosters better communication between tenants, owners and property managers. Propertyware, AppFolio and Buildium are excellent examples of what to look for in an online property management solution. To learn more about which service is right for your situation, read our articles about online property management.
The property management software in our reviews comes in a variety of forms and each service has different strengths that cater to specific needs. Look for a service that has a good balance of marketing, tenant and facilities management, and accounting and general management features. The software should be easy to use and offer reliable technical support.
Strong marketing features help you fill vacancies quickly and effectively. The service should be able to post listings on a variety of rental websites. Online applications further simplify this process by helping you narrow your list of prospects and reducing tedious paperwork.
A tenant portal is a valuable addition to any property solution. Good tenant management allows your residents to pay rent online, view lease documents and submit service requests. Property managers also benefit from tenant management with the ability to view tenant statistics and histories.
Facilities management tools are essential to measure and maintain your property's health. Tenants and managers alike should be able to submit and view work orders via email or through the online property service. The system should also allow managers to solicit bids, track vendors and pay them electronically.
An owner portal facilitates communication between property managers and owners. You should be able to restrict access when necessary, conduct audits, calculate your commissions and receive notifications when owners make a request or change the budget of a property. Owners should be able to access information about their properties easily and quickly.
The accounting features are the core of any online property management system. These features should enable you to track income, expenses, prevent clerical errors and make payments when necessary. There should be a way to create tax statements and the general ledger should at least support accrual basis accounting practices. If you are switching systems, you should be able to import data from competing products as well.
Help & Support
You should be able to contact customer support in a number of different ways. An online forum is a great way to ask questions and learn from other property managers that use the product. The FAQs sections should be clear and informative.
Supported by the power and efficiency of web-based property management software, you are more likely to build a profitable and efficient business. This is a compelling reason for property owners to consider hiring a property management company.