What is rental property management software?

Rental property management software enables property managers to streamline their office work and paper files by recording, organizing, consolidating, and tracking information concerning the rental property. Rental managers can keep track of tenant and building information easily, prepare taxes and owner reports, and free up time that can be spent working on other management tasks.

Property management software provides several services ranging from simple organizational tools and printable forms, to customizable tracking screens and multiple reporting options. Indeed, most software systems contain some or all of the following features: accounting tools for tracking rent, paying bills, and consolidating property account information for taxes and insurance; forms for organizing tenant, financial, and historical building information by tenant, unit, building, or portfolio; tracking tools for current work orders and contract histories; programs and templates for creating rental and lease agreements, notices and letters; and report generation tools for presenting information from background checks and tenant information to accounting, cash flow, expenses, work orders, rent rolls, and financial overviews. Additional tools might include tracking and reminder systems, sorting options, and extensive customizable ways to group information by the preference of the user.

Rental property management software is fast becoming a requisite tool for all property managers. Not only does it streamline most, if not all administrative systems, but enables a manager to better oversee a property and maximize its success.