Whether you manage a handful of units or you’re at the helm of a large property management company, one thing is certain: unless your business is stuck in the analog era, you need property management software to operate efficiently. But how do you determine which software is the right fit for your needs?
Each property management business is different, and as a result, certain concerns may be unique to your specific sector. For small companies, staffing can be a challenge—it can be difficult to operate without trained bookkeepers or leasing agents. Smaller companies may also lack defined operational processes. One employee might balance ledgers one way, while the manager follows a completely different method. This lack of consistency can make it challenging to streamline processes, especially when employees are juggling multiple roles.
Medium- and large-sized companies may have more dedicated staff, but larger portfolios can present different challenges. With a large number of properties and residents, it can be difficult to find enough time to communicate with everyone effectively. Property management staff can also struggle to stay on top of maintenance requests or resident turnover across multiple properties.
In today’s fast-paced property management industry, staying competitive requires adopting cutting-edge technology. No matter the size of the company, critical tasks require the right software to manage the day-to-day operations, all while keeping the company competitive and up-to-date with the latest advancements, like Artificial Intelligence (AI). Comprehensive, all-in-one solutions like Rent Manager, LCS’ flagship product, are great options for fostering business growth and meeting specific needs. With so many solutions available, here are some key factors to consider when selecting the best property management software for your business.
1. Automation
There are only so many hours in a day to get things done. Even with a team of employees, you still may struggle to keep up with recurring tasks. And the more units you manage, the more tasks there are to complete.
The best property management software will automate certain tasks based on a set schedule, or when the right parameters are met. Automating your to-do list is a great way to save time and drive business growth. When evaluating software options, consider which tasks you regularly perform, and identify those that can be automated. For example, here are a few tasks that Rent Manager can perform automatically:
Post recurring bills
Post recurring charges
Post late fees
Generate recurring service issues
Generate reports
Send automated notifications
Rent Manager also features AI-powered tools like Smart Bills, which leverages AI to further streamline invoice processing. With Smart Bills, vendors can send invoices directly to a dedicated inbox for automatic upload. Rent Manager’s AI then extracts the data from the PDF or image to create draft transactions for review before posting. This eliminates manual data entry and reduces errors.
2. Maintenance Options
A significant part of property management includes regular and emergency maintenance. While many companies outsource maintenance to external contractors, others prefer to handle it in-house. If you manage your own maintenance team, consider what service options the software offers.
Rent Manager’s Service Manager feature enables you to create, update, and resolve service issues. These can include regular maintenance tasks like carpet cleaning, emergency maintenance like HVAC or plumbing issues, or general office tasks. Your service technicians can even see their outstanding jobs through the app, rmAppSuite Pro, and can even document photos and updates on the go. This tool is ideal for inspections, general maintenance, and record-keeping—all from their mobile devices.
3. Marketing & Communication Features
Property managers often need to communicate with residents quickly and efficiently. Policy updates, late payment reminders, resident events, and more can easily be overlooked or lost in the shuffle of emails. Additionally, some residents may prefer to be contacted via mail or text, while others prefer email. A quality property management software can help you keep track of these preferences and streamline communication.
Marketing and advertising can also be time-consuming. If your business lists availably units on a website, you’ll need to update it frequently as units are rented or become available. If your property management software integrates with your website, you can save time and energy in updating unit availability.
Determine your communication and marketing pain points and ensure the software you choose can address them. Rent Manager has numerous features to make mass communication and marketing a breeze—from a vast library of custom letter templates that can be emailed directly from the software, to a mobile app that allows residents to pay rent, submit service requests, and more. Plus, Rent Manager provides custom and templated websites that link directly to your database, enabling seamless processes. When you update unit availability and add photos in Rent Manager, the changes automatically sync to your website, keeping prospective tenants informed in real time.
4. Customizability & Integrations
No two businesses are the same, so why should their software be? If you want to get the most value out of a property management software, one of your final considerations should be how you can customize the program to meet your unique needs. Do you want residents to be able to pay rent online? How about receiving tailored custom reports focused on your specific KPIs? Do you want to screen prospects before arranging a site visit? Or do you want your vendor billing and payments to be easily accessible within the software?
Choose the Best Property Management Software Carefully
The world of property management software is vast and can be overwhelming. To continue growing your business, be sure to weigh your options carefully and make a list of the top features that will best support your team and operations. And if you want a comprehensive solution with endless features and an ever-expanding range of integrations, Rent Manager is our top pick.. Learn more about how Rent Manager can elevate your business.
