Property management software streamlines and automates the day-to-day responsibilities of landlords and property owners or managers. The core functionality of property management software revolves around the management of real estate, either in terms of physical space, tenants, leasing, or accounting. The best property management software supports a variety of residential and commercial property types and can scale up or down, depending on property portfolio size.
Property management software can range from simple point solutions to a comprehensive enterprise resource planning (ERP) platform. Consequently, the capabilities of a property management solution can be amplified when integrated with rental payment software, lease administration software or lease accounting software, or community association management software.
Real estate activities management software or brokerage management software can be useful to real estate agents or an agency for back-office operations management while facility management software helps users manage the operations and physical assets of industrial-specific properties.
Products in the property management category must tailor their functionality to one or more of the following sectors: commercial, industrial, retail, or mixed-use, residential, or multifamily. Commercial property management facilitates the management of any income-producing properties and commercial spaces. Industrial, retail, or mixed-use property management supports a specific subset of commercial property management—industrial (manufacturing, warehouses, etc.), retail, or mixed use. Residential property management facilitates the management of any property used for residential purposes, including single-family homes, multifamily properties, or both. Multifamily property management supports a specific subset of residential property management—residential buildings that have more than one housing unit and tenant.
To qualify for inclusion in the Property Management category, a product must:
Track and monitor the financials of a real estate property
Be used by property owners, property managers, or landlords
Automate the daily operations of a real estate property
Provide a portal or method of communication between tenant and property manager
