While many people aspire to work in the real estate industry, very few are ready for the huge responsibility that comes with becoming a property manager. Property manager duties could include any of the following:
- Attracting and screening tenants
- Collecting rent
- Handling leases
- Dealing with emergencies and complaints
- Handling move outs
- Dealing with evictions
- Repairs and maintenance
- Knowledge of landlord-tenant laws
- Maintaining financial records and managing the budget
- Supervising other employees such as cleaners and security personnel
- Handling taxes
Learning how to manage a rental property is therefore very important for a successful property management career. Any mistake could result in high vacancy rates, loss of profitability, and even legal action from your clients and their tenants.
One of the best ways of being a successful property manager is by using property management tools or software. These property management tools help streamline and automate tasks such as publishing listings, rent collection, property maintenance, tenant verification, and tax management. If you are responsible for multiple rental properties, property management tools will allow you to manage all of them from a central location.
Here are some of the best property management tools for any residential property manager:
Buildium is a popular platform that offers a network of property management services for real estate professionals. It comes with a wide range of business operations, accounting, property management, and leasing tools. Whether you manage five properties or five hundred, Buildium provides an easy and fast way of managing and expanding your business. You can use the software to market properties, find tenants online, manage finances, and handle maintenance requests. The tool comes with portals for board members, residents, and property owners, thus making it easy to communicate with all the stakeholders. Buildium covers residential properties, affordable housing, student housing, and community associations.
Mashboard is quickly becoming one of the best property management tools in the market. The Property Recommender feature helps managers find property on the Multiple Listing Service (MLS) or even off-market properties that would be a good investment as a short-term rental property or a traditional long-term rental property for their clients. The algorithm has a 90% accuracy rate in matching clients with investment properties. That way, managers can find new properties for their current clients and expand their business. At times, this can be much easier than looking for brand new clients.
The main benefit of Mashboard is that it saves users a lot of time when evaluating properties. The software pulls in data from sources such as Redfin and Zillow and organizes it in a way that makes it easy to make sense of the numbers. It uses search tools and filters such as cash on cash return, cap rate, listing price, property type, property age, property size, number of rooms, property status (foreclosure, pending or sold) and rental strategy (Airbnb vs traditional). The complete property analysis comes in a brandable pdf report that you can share directly through your Mashboard with clients.
Visit Mashboard today to see how you can boost your property management career!
3. Rent Manager
Rent Manager is a flexible and user-friendly property management solution. It comes with features such as contract management, integrated accounting, asset management database, marketing solutions, and work ordering capabilities. Using the platform, you can track your finances by downloading comprehensive reports. It also allows you to monitor, manage, and resolve repair and maintenance issues. If you want to find new buyers or tenants for a rental property, you can build an interactive and professional site that is integrated with Rent Manager.
Another plus with this software is that it is mobile friendly. This means that you can take photos, enter work orders, organize service inspections, and even accept payment when you are on the go. Tenants can also access transaction records and real-time information, as well as pay their rent and sign leases using any device.
Re-Leased is a tool that allows you to lease commercial and residential properties, student accommodation, multi family homes, office units, co-working spaces, and single family homes. From one easy-to-use dashboard, you can view and manage properties, communicate with tenants via text or email messages, delegate tasks and collaborate with your team, and even get reminders on important issues.
Re-Leased also allows integration with Microsoft 365, Outlook, and Google Calendar. Users can access the platform via the cloud from their smartphones, tablets or computers. The tool is protected by enterprise-level security to ensure sensitive information doesn’t end up in the hands of hackers.
5. MRI Real Estate Software
Launched in 1969, MRI real estate software is one of the most advanced property management tools in the market. Targeted at managers and investors, the software is ideal for residential, commercial, student and mixed-use properties. Features include contract management, invoicing and billing, expense management, maintenance tracking, tax management, a tenant and landlord database, insurance management, rent tracking, lease management, and late fee calculation. Property managers can demo MRI real estate software to find out if it suits their needs.
Appfolio is a real-time property management tool that is suitable for commercial, residential, apartment, student and council property managers. The software allows property managers to attract new tenants, as well as manage financial data and assets. Users can track maintenance, access business metrics, and communicate with vendors, owners, and renters. Appfolio also comes with a dedicated owner’s portal which provides access to statements and reports. Property managers can also distribute vacancy ads online, accept online rental applications, screen prospective tenants, collect rent online and carry out mobile inspections. In addition, tenants can submit maintenance and repair requests via the software, thus allowing the quick resolution of problems.
FantasticStay is one of the most advanced property management tools that offers a centralized hub for managing rental property businesses, including Airbnb. Using this software, you can manage your advertisements and listings right from your account without having to log into booking sites. You can communicate with your clients more conveniently, and ensure that your property management team is ready for the guests.
With Quickbooks and Stripe integration, payment processing is hassle-free. FantasticStay comes with a website builder tool that you can use to create an intuitive and professional website for your property management company.
Rental management software is crucial for anyone thinking of how to be a successful property manager. Other property management tools you might want to consider include Rentec Direct, LiveTour, Condo Control Central, Propertyware, and Building Engines. When choosing a suitable tool for good property management, consider the ease of use, features, and pricing. You should also ensure that the property management tools come with a trial period or demo capability.
To learn more about how Mashboard can help you, schedule a demo.