Overview of Property Management Software
What is property management software? Property management software is a solution created to help real estate and property management firms oversee their properties, including: advertising rental properties, gaining new tenants, collecting rent payments and property maintenance.
In the past, property management software was typically deployed on-premise (on the company’s servers and computers). The proliferation of new technologies, however, have seen vendors migrate to cloud-based deployment.
Properties that can be handled by property management software include:
Residential: apartment buildings and houses, as well as single-family and multiple unit properties
Commercial: includes office buildings, retail sites, factories, etc.
Homeowners’ Association (HOA): intended for condominiums and townhouses that have a homeowners’ association
Hospitality: may include hotels, resorts
Student Housing: houses or apartments dedicated to off-campus college students
Although most property management software shares common features, niche-specific software may have features unique to a specific industry. For example, a hotel-oriented software can include guest check-in/check-out functionality.
Who should use property management software?
In general, property management and real estate companies are the ones using property management software.
Property management firms usually designate a property owner (landlord) to handle day-to-day operations of each property. Property management firms use software to keep track of profits, expenses and marketing of properties, while property owners benefit from the software to keep track of maintenance tasks and ensure tenants pay their rent on time.
Real estate investors (such as homeowners who rent out more than one property) also benefit from a property management solution. Because the solution automates many tasks, they don’t have to rely on spreadsheets or paper to manage their properties.