Before you start window shopping, let’s figure out what you should look out for. We can break down the most valuable software features into seven key buckets.
1. Lead-to-Lease Tools
Start by looking at the overall lead-to-lease process. From marketing and showings to background checks and lease signing, it’s imperative that you find a software solution that guides you—and your applicants—through each step of the process seamlessly.
And with the majority of renters looking for their next apartment on the go, your leasing experience should be mobile-friendly and include digital applications, real-time updates, and digital lease signing.
To truly up your game, look for software that includes tenant screening. Accepted tenants should then be added to your tenant portal quickly and easily.
2. Property Management Maintenance Management Tools
Maintenance management features can help you manage multiple requests and prioritize urgent ones as needed. Those features include a tenant portal for reporting maintenance issues and a ticketing and tracking system that allows you to assign tickets and follow them to completion.
If you deal with a high volume of calls, look for software that offers a maintenance contact center. Even if you don’t, a 24/7 contact service can take the burden of answering middle-of-the-night calls off of you and your staff.
3. Property Management Accounting Tools
Every transaction for your business, as well as for the properties you manage, should be entered and reconciled automatically.
Accounting capabilities that plug into your workflow help you keep your books accurate, your billing and invoicing up-to-date, and your businesses—as well as your owners—compliant when tax time comes around.
Look for a solution that includes a chart of accounts that’s purpose-built for property management. It should include automatic payments as well as billing solutions, as well.
Finally, your property management accounting software should help you fill out and file 1099s, and keep on top of your own taxes, as well.
4. Tenant and Owner Communication Tools
Whether it’s a message portal or an online chat, communication tools are an essential way to engage your tenants—and they are already an expectation among Gen Z and Millennial renters.
Portals allow you to push out announcements to residents and receive maintenance requests. If you manage other people’s properties, your property owners will be able to find the business analytics and stored documents they need 24/7.
5. Data Analytics
A comprehensive view into your business performance can help you make more confident decisions that help grow your business. And with more rental owners shifting their focus to investing, property managers who can use data to help owners grow will get a leg up over their competition.
6. Inspection Tools
A quick walkthrough of your property is not enough. Even if you’ve done dozens of them, you’re always susceptible to missing something. Be more meticulous with customizable templates to complete inspections.
A good inspection tool should allow you to file inspection reports with photos via mobile, even if you’re offline.
Having access to an expansive library of integrations can help you level up your current tech stack in a more customizable, targeted way.
If there is a specific capability you’re looking for that’s not included in your property management software, the ability to integrate a solution can make a world of difference.
Adding capabilities such as collection fulfillment and resident benefits can not only simplify your life and the lives of your tenants and owners, it can add new streams of revenue to your business.
With these top 7 features in mind, let’s take a look at the 7 best multifamily property management software solutions out there and what type of business can benefit the most from each