If you are responsible for running a rental property business, an efficient real estate management system can help streamline operations and boost profitability. These tools typically cover accounting and management functions as well as features to aid tenant retention, asset valuation, budgeting and cash flow analysis – as well as analytics and data visualization so that informed decisions impact the bottom line.
Before selecting a real estate software solution, it’s essential that your company establish what their needs are now and in the future. Take an inventory of your portfolio properties along with their rent rates as a starting point; consider what tasks can be automated; as well as any desired level of security you require – this will allow you to narrow your search for optimal real estate management systems.
Property management software includes many features to meet the demands of property managers, from e-signing lease agreements and payment processing to automating maintenance requests. Some products even help market your rental properties on top industry websites and offer tenant portals for easier communication with tenants. You can even find solutions which provide financial reports so property managers can track building performance.
Buildium provides an all-in-one solution for landlords with small to mid-sized portfolios, offering various pricing plans based on your number of units managed. Its leasing suite helps create and send personalized lease documents of any length, while an online tenant portal facilitates real-time communication and rent payments seamlessly.
Other real estate management software products, like Appfolio, are tailored for larger portfolios of multifamily properties and focus on operational features like tenant applications, lease automation, rental advertising and rental advertising. Some may provide additional marketing capabilities like email and social media campaigns designed to attract prospective tenants while some include features that compare your rental rates against similar nearby apartments to assess whether they are competitive.
MRI Commercial Management is an enterprise-grade solution designed to meet the demands of large commercial real estate portfolios. Highly customizable and highly configurable, its platform can optimize performance of office, retail and industrial buildings alike. Its accounting features allow complex lease transactions such as NNN expenses, CAM charges and other fees to be tracked easily while its automated lease abstraction, accounts payable automation and data visualization features enable tailored workflows with actionable insights for greater business efficiency.