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Property management software provides landlords, professional property managers, and members of self-managed homeowners associations a means of keeping track of all aspects of the business.
The software streamlines all of your property management tasks, including:
- Creating a budget and tracking spending
- Tracking tenants leases and rent payments
- Accepting online rent payments
- Running credit and background checks
- Advertising vacancies
- Receiving and processing maintenance requests
Property management software is available for residential landlords with just a few properties all the way up to major commercial property management firms. The software that is right for your business depends largely on the number of units you manage.
Types of Property Management Software
There are two basic types of software: on-premise and web-based.
- On-premise software is installed on your company's computers and integrated into your company's network.
- Web-based software is managed by an off-site company and can be accessed from any computer.
Larger companies with an in-house IT staff tend to opt for on-premise software because they want control over the system's operation. Smaller companies without those capabilities tend to prefer web-based software. However, there are exceptions, particularly as web-based software has grown in popularity over the last few years.
On-Premise Rental Property Software
On-premise property management software varies widely in price depending on the number of units you manage, the number of locations where the software is being used, and the number of employees using the software.
You'll pay a large upfront fee to have the software installed and then smaller annual fees for licensing, maintenance and support.
Web-Based Rental Property Software
Web-based software usually requires little or no money upfront. You'll be billed for the service on a monthly basis.
Monthly prices range from about $15 to upwards of $300, depending on the number of units you manage. Advanced features like online bill pay usually cost a little extra. You might also be asked to pay a one-time setup fee of up to $500.
Sometimes a discount is available if you agree to sign a multi-year agreement. Monthly payments for a one-year agreement might run $200. While, payments for customers who sign a three-year agreement could run $150.