Property Management Software (PMS) and its Benefits
What is property management software, and why do you need it?
Property management software (PMS) allows owners to manage tenant communications, collect rent electronically, log and track maintenance requests, perform accounting and budgeting functions, manage leases, and generate reports on performance for decision making purposes.
Generally, the longer an owner has held a portfolio, we find the less likely the properties use a property management system. Longtime owners tend to be set in their ways, following a “that’s how we’ve always done it” approach. Newer owners are more apt to adopt technology early on.
The potential benefits of a well-functioning PMS for small multifamily properties are immense if implemented and acted upon. For example:
Reduced friction in rent payment: provide tenants with frictionless, easy payment via multiple methods that are connected with the PMS. Speed up collections and reduce delinquencies.
Financial management: effectively track income and expenses, ensuring accurate financial record keeping.
Improved communication: enhance tenant communication and satisfaction through online portals and messaging features.
Increased organization: centralize all property-related data, making it easily accessible and reducing the risk of data loss.
Efficient maintenance tracking: simplify maintenance processes, providing timely repairs and ensuring tenant satisfaction.
Scalability: some software allows for easy expansion as the landlord's portfolio grows.
What are some of the most popular property management software packages for sub-institutional landlords?
Buildium: offers a user-friendly interface, comprehensive functionality, and competitive pricing.
AppFolio: provides end-to-end property management solutions, including accounting and marketing features.
Avail: Part of the Realtor.com network and built for DIY landlords.
RentRedi: All-in-one property manage software for landlords with credit boosting features for tenants.
Yardi Breeze: Simple cloud-based software for landlords.
Multifamily property management software for small landlords offers a range of features to streamline operations, improve communication, and enhance financial management. By adopting the right software, small property landlords can efficiently manage their properties and provide a better experience for their tenants.