Managing a multifamily investment property comprises several services and processes necessary to keep the revenue stream constant. This is where multifamily property management software comes in. These softwares make managing properties easier to store all of your information in one place. They involve tenant information and communication, accounting features, and simplifying property maintenance. Features also include tenant screening, leasing processes, tracking of tasks, vendor assignments, etc. Overall, multifamily management software is great for real estate investors to take advantage of, and get the most out of their properties. If you’re searching for a more personal-touch from a property manager, click here to learn more about our property management services. If you’re searching for softwares this article will outline the top four management softwares along with their features.
The first software that will be explored is PropertyWare by RealPage. This platform is simple to use and is easily accessible for first time property managers. The features include full maintenance management, reports on relevant data, reminders, a portal for tenants, and budgeting capabilities. With no complicated features, this streamlined software is perfect for first-time owners. However, one drawback is users have often reported issues with their account settings. Pricing information is not public and one would need to directly contact the company for prices.
The second platform is LeaseHawk, which focuses more on automating the leasing process by using several AI-based programs. With this specificity comes the drawback of fewer general management features being offered such as maintenance management or in-depth accounting features. On the plus side they offer an AI chatbot to automatically collect contact information and follow-up on it. Their capabilities also include basic accounting, leasing, and onboarding processes. Their pricing also isn’t listed, but they provide the option to sign up for a free demo.
Entrata is the third management software that will be discussed. This cloud-based solution provides a good balance of maintenance and accounting management. It was designed to be very accessible and convenient for users. Their features include maintenance management, basic accounting features (invoice creation and banking reconciliations), and lead generation tools. A drawback is that when issues arise current users have stated the support team is slow to fix their concerns. The pricing is unavailable to the public thus requiring contact with a sales person. They do however, offer a free demo when signing up.
Finally, Propra is a local Calgary start-up which offers property managers an accounting software. This all-inclusive accounting solution includes a chart of accounts, maintenance billing requests, and more. The other features cover automated maintenance coordination, tenant communication portal, mobile inspection processes, and property operations. Propra’s pricing isn’t public knowledge although they allow potential clients to sign up for a free demo. For more information check out Propra’s website by clicking here.
All in all, property management software provides a place for real estate investors to store all their necessary information in one place. It is advantageous for first-time building owners and can create a more secure income stream. To gain professional advice on real estate investments contact Kamil Lalji, an established real estate agent for over 17 years, or visit our property management page to learn more about our services.