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ContinueA good property management system can help you automate much of your rental business, from finding tenants to filing taxes, so you can run a more efficient and profitable portfolio.
Written by
Ben Luxon
PUBLISHED ON
21
Mar
2024
For landlords and property managers looking to run a profitable and scalable rental portfolio, having a great property management system is a must.
A good property management system can help you automate a lot of your basic business processes - so you can streamline time-intensive tasks and focus on what really matters.
These systems can do all sorts of things, from helping you fill vacancies to filing your taxes. However, not every property management system is the same, with different features and price points suitable for different kinds of portfolio's and management structures.
So, when it comes to finding the right property management system for you, you first need to understand what exactly you’re looking for. Are you a property manager looking to manage multiple portfolios with a team? Are you a small portfolio landlord looking to grow? Do you own commercial property, residential, or short-term rentals?
Below we take a closer look at exactly what features you should look out for in a property management system, as well as taking a look at some of the best-in-class solutions for different real estate market segments.
A property management system is a software solution specifically designed to facilitate the management of properties. It serves as a comprehensive platform for property owners and managers to streamline various tasks associated with property management. These tasks may include accounting, maintenance management, lease tracking, tenant communication, rent collection, and more.
Property management systems are used across different sectors, including residential rentals, commercial, vacation rentals, and homeowner associations (HOAs). They aim to simplify administrative processes, enhance efficiency, and improve overall organization in property management operations.
A good property management system will simplify and streamline the management of your properties, leading to increased efficiency, improved organization, better communication, enhanced compliance with legal and tax regulations, and increased ROI.
Property management systems provide increased efficiency so you have more time to handle more properties or focus on higher-value activities.
Your property management system will centralize all of your data and processes, making it easier to track leases, payments, maintenance requests, and other important information. This organization reduces errors and ensures that nothing falls through the cracks.
Property management systems often include communication tools that facilitate interaction between property managers, tenants, and maintenance staff. Clear and efficient communication helps resolve issues quickly and maintain tenant satisfaction.
Property management systems typically include accounting features that streamline rent collection, expense tracking, and financial reporting. This financial oversight is essential for maintaining profitability and compliance.
As property portfolios grow, managing them becomes increasingly complex. Property management systems provide scalability by accommodating larger portfolios and additional properties without sacrificing efficiency or accuracy.
Property management involves various legal and regulatory requirements. Property management systems help ensure compliance with landlord tenant laws related to tenant screening, lease agreements, safety regulations, and financial reporting.
What features you should prioritize in the system you adopt will depend on your specific requirements. For example, if you run short-term rentals and are looking for an easy way to market to multiple vacation rental sites at once, you will have very different requirements compared to someone with residential properties looking to collect rent online.
That being said, there are a few universal features you should be on the lookout for.
These are just a few of the main features you should be looking for in a property management system. And how these features are designed and implemented can change drastically depending on what you need the software for.
The first option on our list, Landlord Studio, is designed for residential rental properties. However, alongside offering tools for managing both multi-unit and single family homes, it can also be used for commercial properties and short term rentals.
Landlord Studio has a clean UI that is easy to navigate and quick to learn. Plus, they offer a mobile app with all the powerful features you need to manage your properties on the go when you can’t get to your desktop.
It offers a comprehensive range of features designed to help self-managing landlords with every aspect of their property management. From listing your property and finding tenants to collecting rent, tracking expenses, and filing your taxes.
Where Landlord Studio really stands out compared to alternatives on the market is their powerful in-built real estate accounting tools. Accounting features you’ll love include bank feeds for fast transaction reconciliation, an in-built receipt scanner, an automated GPS mileage tracker, and, if you’re using the rent collection feature, completely automated income tracking.
These features paired with the clean dashboard and detailed reports will give you all of the financial insights you need to increase profitability and save time (and stress) during tax season.
Main features include:
Pricing
Landlord Studio offers a completely FREE plan that comes with 3 units included and all the basic features you’ll need to manage a small portfolio. Or if you want to upgrade to the full suite of automation and reporting tools the PRO plan starts at only $12 per month - first 3 units included and each additional unit only $1 extra per month. View Landlord Studio pricing →
Buildium stands as a comprehensive cloud-based solution crafted specifically for managing larger portfolios. It integrates an array of top-tier features commonly found in property management software.
With an emphasis on user-friendliness, Buildium offers a convenient mobile portal alongside acclaimed customer support and valuable analytics tools. These tools empower users with crucial insights to enhance their understanding of rental business performance.
Given its higher price point and onboarding costs, Buildium caters primarily to larger portfolio management and property managers. Additionally, it provides specialized tools for community association and homeowners association (HOA) management.
Key Features
Pricing
Buildium presents three pricing tiers. The entry-level plan starts at $52 per month with optional add-ons available. The Growth plan begins at $166 per month, while the Premium plan starts at $479 per month.
Guesty is a comprehensive platform tailored for property managers and property management firms looking to manage multiple vacation rentals. Its cloud-based tools streamline tasks such as guest check-ins and property revenue tracking.
What sets it apart is it’s seamless integrations with popular short-term rental platforms like Airbnb, Booking.com, and Vrbo. This enables hosts to manage all their vacation rentals through a single platform, maximize exposure, and increase occupancy rates.
The company earns revenue by either levying a percentage of the booking fee from each property or imposing a fixed monthly fee per property for its services.
Key Features
Pricing
Guesty offers several pricing tiers with their Lite plan costing $27 per month which allows for up to 3 listings as well as custom plans for Professional and Enterpirse customers.
PayRent is a simple service designed to help you save time and avoid late fees by collecting rent online.
With PayRent, landlords can offer tenants a convenient payment portal that supports multiple payment methods. This ensures flexibility and convenience for both landlords and tenants. One thing they do well is the ability to report rent payments for credit purposes. This can act as a great incentive for renters to pay on time.
If you’re looking for a platform sp[specifically to collect rent and nothing else, this could be one to explore. However, if you’re looking for a property management systems with a more comprehensive set of features then you may be better off exploring some of the others on this list instead.
Key Features
Pricing
You can choose form one of several payment structures with PayRent. Either a flat $5 fee per transaction as well as additional fees for any credit card transactions or if you have more units subscriptions start from $19 which reduces the cost per transaction to $2.
The final property management system on our list is Re-Leased. Re-Leased is designed specifically for people managing commercial real estate investments. It allows you to pull all your key lease, tenant, and property information into one cloud-based system and gives you full visibility of what needs to be done.
Plus, it will help you automate key tasks such as – reminders of lease events, generating & sending invoices, collecting rent, and chasing arrears.
Through workflow automation and integrations Re-Leased puts all of your lease and accounting data in one place, accessible anywhere; therefore reducing risk and increasing annual return.
Key Features
Pricing
Re-Leased doesn’t provide any details on current pricing on their website, however, the software is designed for larger commercial portfolios so expect enterprise-level pricing.
Selecting the right property management system is essential for effectively managing your real estate investments. Thankfully, there are solutions catering to every need. We’ve explored some of the top property management systems on the market.
While some platforms cater to larger portfolios or specialize in specific niches such as vacation rentals or commercial properties if you’re looking for a great all-around property management system Landlord Studio stands out.
Landlord Studio provides all of the essential tools to help you streamline key tasks and grow your portfolio. Automate rent collection, find great tenants fast, and maximize deductions at tax time. Its intuitive interface, coupled with robust accounting functionalities, and a suite of property management features provides landlords with the necessary tools to save time, optimize profitability, and ease tax obligations.
Ultimately, the best property management system depends on your specific requirements, whether you're a self-managing landlord, property manager, or investor in commercial real estate. By carefully evaluating the features and pricing of each platform, you can make an informed decision to streamline your property management processes and maximize your investment potential.
Create your free account with Landlord Studio today and see how it can help you improve your property management efficiency, increase profitability, and grow your portfolio.
Landlord Studio is an easy property management and accounting software and app designed for landlords.
Track income and expenses, run reports, collect rent online, find and screen tenants, manage property maintenance, and more.
In this free webinar, Landlord Studio's Logan Ransley and Zumper Co-founder Taylor Glass-Moore discuss essential strategies for creating and marketing your rental listing, so you can fill vacancies faster.
Hosted by: Logan Ransley, Landlord Studio Co-Founder and Taylor Glass-Moore, Zumper Co-Founder.
When: May 8th 2024, 1:00pm (MT)
Location: Online event
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