Property management companies use software solutions like TurboTenant, Appfolio, and Buildium to organize their jobs’ tasks, including rent collection and tenant screening, into a single location.
Because companies have unique needs, the brand of software they use depends on a number of factors, including budget, ease of use, feature sets, communication tools, and accounting. We’ll review each category to give you an idea of what software property management companies use to complete the job.
Budget
Companies might choose one property manager software over another, depending on their budgets. A key aspect they consider is whether or not the software they choose forces them to pay a minimum amount per month to use the service.
Some vendors, like Appfolio, charge as much as $298 minimum per month, which can be high for many managers. Alternatively, Buildium starts lower at $55/month to manage up to 20 units. If there are more than 20, companies pay more.
Finally, TurboTenant offers a free tier that allows users to manage an unlimited number of units. While examining each type of software, property management companies must consider precisely what they need and avoid overpaying for it.
Ease of Use
One of the primary concerns for property management companies is ease of use. If their employees can’t use the software, it isn’t much help. So, finding intuitive software that makes work easier is critical.
Another concern is that the software will require extensive training time to learn it. If there’s a steep learning curve, and the software costs the company too many hours to learn, the investment will take a long time to pay off.
Regarding TurboTenant, Appfolio, and Buildium, each software is relatively easy to use. However, Appfolio might present larger problems for less tech-savvy employees than TurboTenant and Buildium.
Feature Sets
Feature sets are the bread and butter of property management software tools. The most critical include:
- Rent Collection: Enables property management companies to effortlessly collect rent payments, including those made by ACH, debit, and credit cards, and track them within designated payment dashboards
- Listing Management: Helps companies easily create, publish, and manage rental listings across various platforms to attract qualified tenants
- Online Applications: Allows potential tenants to submit applications effortlessly through online portals, freeing up company time
- Tenant Screening: Streamlines the tenant application process by conducting credit, background, and eviction checks without manually entering tenant information from a paper application
TurboTenant, compared with Appfolio and Buildium, offers the previous four features for free.
Communication Tools
If property management companies had to focus on communicating directly with tenants via emails, text messages, and phone calls, a lot could get lost in the shuffle. However, property management software centralizes tenant communications in a single location.
Of course, different solutions approach communication differently. Some enable companies to send their tenants text messages via the manager software. Others feature dedicated apps that enable landlords and tenants to talk directly through the app.
Appfolio and Buildium each offer tools that send text messages via their software, among other methods of communication. TurboTenant, on the other hand, allows landlords and tenants to communicate via the TurboTenant app or web portal to centralize communication to a single location.
Accounting
One of the most critical features of the best property management software is accounting tools. Accounting is the often forgotten job that rears its head every tax season. Companies use accounting tools mainly to streamline income and expense tracking.
Regarding income, when managers receive payments, they’re automatically added to the accounting software for easy tracking. For expenses, many software solutions like TurboTenant can snap photos of receipts and store them digitally so they don’t get lost.
Appfolio and Buildium include accounting functionality in their entry-level tiers, and TurboTenant features REIHub integration, a paid accounting add-on. It’s charged per unit up until 15 units (everything over 15 units is the same pricing), so managers can pay for exactly what they need.
Once you’ve chosen an accounting platform, you can generate reports, analyze financial data, and complete Schedule E forms faster than ever.
Conclusion
So, to answer the question, “What software does property management use?” The answer is that is dependent property management company’s needs. Companies must consider their budget, how easy the software is to use, feature sets, communication tools, and their accounting needs to make the best decision for themselves.
Many property management companies find that TurboTenant provides critical tools at an unbeatable price. Sign up for a free TurboTenant account today and see how our cloud-based software enables you to get more done with no credit card required.