What is property management software?

Property management software provides a way to consolidate, track, sort, and record all of the information needed to successfully manage a property or portfolio. Ranging in price from free to over $1,000, property management software can be chosen depending on budget, the number of units managed, the complexity of the portfolio and so on. These property management tools are specifically designed to help manage single or multiple properties by consolidating all the informational aspects of management into a single program.

Property management software provides a wide array of services ranging from simple organizational tools and printable forms, to tracking options and a selection of reports. Indeed, these software systems contain some or all of the following features: accounting options like tracking rent, paying bills, and consolidating property account information for taxes and insurance; organizing personal or historical information by tenant, unit, building, or property; organizing income and expenses by tenant, unit, building or portfolio; tracking work orders and contract histories; creating forms for rental and lease agreements, notices and letters; and generating a wide range of reports from background checks and tenant information to accounting, cash flow, expenses, work orders, rent rolls, and financial overviews. Most of these programs also boast tracking and reminder systems, sorting options, and extensive ways to group information by the preference of the user.

Property management software programs are designed to make the management process easier and smoother, and allow property managers more time for other commitments, or the ability to take on more properties. Programs like these have all of the necessary information in one place to run a successful property or portfolio, and moreover, the tools and features to run it in an organized and efficient manner.