Top 5 Property Management Software Companies to Watch

Property management software is a game-changer, enabling you to automate, simplify, and enhance your operations. From tenant screening to maintenance requests, rent collection to financial reporting, this software can handle it all, becoming your ultimate digital assistant.

A study shows, In 2021, the international market for property management software was worth USD 3.04 billion. It's projected to grow at a compound annual growth rate (CAGR) of 5.6% between 2022 and 2030.

In this blog post, we'll guide you through the landscape of property management software companies in 2023. You'll discover, what to look for when choosing a platform, and which companies are leading the pack this year. Whether you're a seasoned property manager or a landlord just starting out, you'll find actionable insights to help you select the right software for your needs.

What are Property Management Software Companies?

Property management software companies develop and provide software solutions designed to streamline the management of properties. These software solutions can help property managers handle a variety of tasks such as tenant tracking, rent collection, maintenance requests, and financial management.

Criteria for Choosing the Best Property Management Software Company

When selecting a property management software company, it's important to consider your specific needs and how different platforms can meet them. Here are some key factors to keep in mind:

1. Functionality

• Does the software have all the features you need? This could include tenant screening, rent collection, maintenance requests, financial reporting, and more.
• Is it customizable to fit your specific needs?

2. User-Friendly Interface

• Is the software easy to navigate? You don't want to spend hours figuring out how to use a tool that's supposed to save time.
• Does it offer a mobile app for on-the-go access?

3. Cost

• Is the software priced reasonably for the features it offers?
• Does it have different pricing tiers depending on the number of properties you manage?

4. Customer Service

• Does the company offer prompt and effective customer support? Remember, this software will be an integral part of your operations, so reliable support is crucial.
• What do other customers say about their support experience?

5. Scalability

• Can the software grow with your business? As you add more properties to your portfolio, you'll need software that can handle the increased demand.

6. Integration

• Can the software integrate with other systems you're already using, such as accounting software or payment platforms?

By carefully considering these factors, you can choose one of the best property management software companies that not only meets your current needs but can also adapt to your future growth and changes.

Top 5 Property Management Software Companies in 2023

There are several prominent property management software companies that offer diverse solutions to help property managers streamline their operations. Here are some of them:

1. AppFolio

AppFolio is a comprehensive property management software suitable for a wide range of property types, including residential, commercial, and community associations. It offers a robust set of features such as online rent payments, maintenance requests, online applications, leasing, financial reporting, and property inspections.

Unique Selling Points: AppFolio’s AI-powered leasing assistant, 'Lisa', automates the leasing process, handling inquiries, and scheduling showings. Its data analytics feature provides valuable insights to optimize your properties.

Pros: User-friendly interface, extensive features, excellent customer support.

Cons: Some users find it more suitable for larger portfolios and might be expensive for smaller property managers.

2. Buildium

Buildium is one of the best property management software companies designed specifically for residential properties, making it an ideal choice for landlords and property managers of apartments, residential homes, and affordable housing.

Unique Selling Points: Buildium provides efficient accounting and financial reporting, tenant and lease tracking, and board and resident portals. It also offers a fully mobile-responsive site, making it easy for you to manage properties on the go.

Pros: Great for residential properties, user-friendly, and strong customer service.

Cons: Additional costs for premium features can add up.

3. Rent Manager

Rent Manager is a scalable property management software that can serve the needs of both small landlords and larger property management companies. It's a comprehensive platform covering accounting, leasing, work orders, marketing, and more.

Unique Selling Points: Rent Manager stands out for its customizability. Its open API allows you to integrate with other software and even create your own apps.

Pros: High level of customization, good for companies of all sizes.

Cons: Steeper learning curve due to the extensive features.

4. Yardi Voyager

Yardi Voyager is one of the best property management software companies for large real estate businesses managing multiple property types. It is an end-to-end platform covering leasing, rent, maintenance, accounting, and compliance.

Unique Selling Points: Yardi Voyager stands out for its capacity to handle large, diverse portfolios. It also offers advanced reporting and business intelligence capabilities.

Pros: Comprehensive features, great for large portfolios, advanced reporting.

Cons: Can be complex for beginners, and high cost for small businesses.

5. Cozy

Cozy is a free property management software designed specifically for independent landlords. It allows landlords to accept rental applications, screen tenants, collect rent, and manage maintenance requests.

Unique Selling Points: Cozy is user-friendly and cost-effective, making it a great choice for small landlords who are just starting out or only have a few properties to manage.

Pros: Free for landlords, easy to use, good for small portfolios.

Cons: Limited features compared to other platforms.

How to Decide Which Company is Right for You

Deciding which property management software companies are right for you boils down to understanding your unique needs and how different platforms can meet them. Here's how you can approach this decision:

• Assess Your Portfolio: Consider the size and type of your properties. Some platforms cater specifically to residential or commercial properties, while others are designed for large or small portfolios.
• Identify Your Needs: What tasks do you want to automate? Do you need help with rent collection, maintenance requests, tenant screening, or financial reporting? Make a list of your needs.
• Consider Your Budget: While some companies offer advanced features, they may come at a higher cost. Balance your needs with your budget.
• Test Drive the Software: Most companies offer demos or trial periods. Use this opportunity to see if the software is user-friendly and meets your requirements.

Remember, the right property management software can save you time, reduce errors, and help you manage your properties more effectively. It's worth taking the time to make the right choice.

The Future of Property Management Software Companies

The future of property management software is exciting, with technology continually evolving to make property management even more efficient and user-friendly. Here are a few trends to watch:

• Artificial Intelligence (AI): AI can automate routine tasks, provide predictive analytics, and even interact with tenants through chatbots, enhancing efficiency and customer service.
• Internet of Things (IoT): IoT devices, like smart locks and thermostats, can integrate with property management software, enabling remote property control and real-time maintenance updates.
• Virtual Reality (VR): VR can offer virtual property tours, making the leasing process easier and more convenient.

These advancements promise to further transform the industry, offering more opportunities for property managers to streamline their operations and improve tenant satisfaction.

FAQs:

Q1. What property management software does?

Property management software is designed to help property managers organize, manage, and oversee their properties. These can range from residential properties to commercial real estate, and even student housing. The software usually provides the following functionalities:

• Tenant Management: track rent payments, manage leases, and record tenant information.
• Maintenance Management: track repair issues and routine maintenance.
• Accounting: keep track of income and expenses, and generate financial reports.
• Online Payment: Allows tenants to pay rent online.
• Vacancy Management: Advertise vacancies, manage applications, and assist with tenant screening.
• Communication: Enable communication between property managers and tenants.

Q2. What is CRM property management?

CRM, or Customer Relationship Management, in property management, is a system that helps property managers maintain positive relationships with their tenants. It helps manage interactions with current and potential tenants. CRM software can help track tenant inquiries, manage tenant issues, and ensure high levels of tenant satisfaction. It may also facilitate marketing efforts to fill vacancies more quickly.

Q3. What is COSY software?

It’s not Cosy, it’s Cozy software, a property management solution utilized by more than 50,000 landlords across the country. Although there is no charge for access to the platform, fees apply for tenant screenings and credit card transactions. The software streamlines processes like rent collection and distribution of property listings.