As a property manager, do you often juggle multiple tasks, such as rent collection, maintenance scheduling, and tenant communication? Manually handling these tasks can be time-consuming and challenging. Therefore, turning to software solutions for assistance becomes crucial.
However, the market offers a variety of software options, each equipped with different features designed to address specific needs. Property managers must be well-versed in identifying key features that align with their unique requirements to make an informed purchase.
This article highlights five key property management software features based on the ratings given by verified software users. We also include the highest-rated property management software solutions for each feature.
1. Rent tracking
Rent tracking allows property managers to monitor and track rent payments easily. They can track when payments are due, received, delayed, or missed. Automated rent tracking features can send reminders to tenants about upcoming rent payments, helping reduce late payments.
What business problem does rent tracking solve?
Late rent payments can create cash flow concerns for property managers and landlords, impacting their ability to cover mortgage payments, maintenance, and utilities. Additionally, manual tracking of rent payments can lead to errors, discrepancies, and missed payments, resulting in financial inaccuracies and disputes.
The rent tracking feature eliminates such issues by monitoring payment timelines, sending automated reminders, and calculating late fees, reducing the likelihood of late payments and improving cash flow predictability.
Ideal users of rent tracking feature
Property managers, rent administrators, and landlords managing their rental properties can use the rent tracking feature to keep track of tenant payments, assess financial performance, and maintain accurate records for tax and financial planning purposes.
Top 3 products with the highest ratings for rent tracking
To present the most up-to-date information, the product information below shows the latest real-time ratings, which may differ from the ratings values at the time this report's analysis was conducted, since new reviews may have been left in the meantime.
Trial/Free Version
- Free Trial
- Free Version
Rent tracking feature rating
Device compatibility
Trial/Free Version
- Free Trial
- Free Version
Rent tracking feature rating
Device compatibility
Trial/Free Version
- Free Trial
- Free Version
Rent tracking feature rating
Device compatibility
2. Tenant portal
A tenant portal provides a secure online platform for communication and interaction between landlords or property managers and their tenants. This feature allows homeowners to perform tenant screening and tenants to pay rent online through the portal, via a convenient and secure transaction method. Some portals allow tenants to set up automatic recurring payments, reducing the risk of late payments and ensuring a consistent and timely flow of rental income for property owners.
What business problem does a tenant portal solve?
Ineffective communication between tenants and property managers can lead to misunderstandings, delays in addressing issues, and tenant dissatisfaction. The tenant portal is a centralized communication hub, allowing tenants to easily communicate with property managers, submit requests, and receive important announcements.
Additionally, tenants can submit maintenance requests through the portal, providing property managers with detailed information to address issues promptly and efficiently.
Ideal users of tenant portal feature
Property management firms that oversee multiple properties on behalf of owners and owners of multi-unit buildings or properties can utilize tenant portal functionality to streamline communication, automate rent collection, oversee maintenance requests, and efficiently manage maintenance requests across their portfolios.
Top 3 products with the highest ratings for tenant portal
To present the most up-to-date information, the product information below shows the latest real-time ratings, which may differ from the ratings values at the time this report's analysis was conducted, since new reviews may have been left in the meantime.
Trial/Free Version
- Free Trial
- Free Version
Tenant portal feature rating
Device compatibility
Trial/Free Version
- Free Trial
- Free Version
Tenant portal feature rating
Device compatibility
Trial/Free Version
- Free Trial
- Free Version
Tenant portal feature rating
Device compatibility
3. Online payment
Online payments in property management software allow tenants to make rent payments conveniently through an electronic payment-processing platform, eliminating the need for physical checks or visits to a property management office. This feature supports various payment methods, including credit/debit cards, ACH transfers, and other e-payment options, providing tenants with flexibility
What business problem does online payment solve?
Manual processing of paper checks and cash transactions can be time-consuming and resource-intensive. Additionally, traditional payment tracking methods through paper records can result in errors and inefficiencies.
Online payment systems automate the payment process, reducing the administrative burden on property managers and streamlining financial workflows. Online payments also come with digital record-keeping features, providing accurate and easily accessible payment histories for tenants and property managers.
Ideal users of online payment feature
Individual property owners can leverage the online payment feature to simplify the rent collection process, improve cash flow predictability, and reduce administrative overhead, such as fee collection costs that may be associated with manual payment processing. Property management firms overseeing multiple properties can benefit from the online payment feature to automate and centralize rent collection across their portfolio, improving efficiency and reducing the risk of errors.
Top 3 products with the highest ratings for online payment
To present the most up-to-date information, the product information below shows the latest real-time ratings, which may differ from the ratings values at the time this report's analysis was conducted, since new reviews may have been left in the meantime.
Trial/Free Version
- Free Trial
- Free Version
Online payment feature rating
Device compatibility
Trial/Free Version
- Free Trial
- Free Version
Online payment feature rating
Device compatibility
Trial/Free Version
- Free Trial
- Free Version
Online payment feature rating
Device compatibility
4. Property database
A property database in property management software serves as a central repository for storing and organizing essential information related to rental properties. The property database includes detailed information about each rental property, such as addresses, property types (residential and commercial), and unique identifiers.
What business problem does a property database solve?
Property details, tenant information, and related documents scattered across various files, emails, or physical paperwork lead to disorganization and difficulty retrieving crucial information. A property database centralizes and organizes information, providing a structured and easily accessible repository for all relevant data.
Moreover, the property database feature automates financial tracking, allowing property managers to monitor rent payments, view payment histories, and generate accurate financial reports.
Ideal users of property database feature
Individual property owners can use the property database to manage and organize information about their rental properties, including tenant details, lease agreements, and financial records. Companies or individuals managing multiple properties on behalf of property owners can leverage the property database to centralize information, streamline communication, and efficiently oversee their property portfolio.
Top 3 products with the highest ratings for property database
To present the most up-to-date information, the product information below shows the latest real-time ratings, which may differ from the ratings values at the time this report's analysis was conducted, since new reviews may have been left in the meantime.
Trial/Free Version
- Free Trial
- Free Version
Property database feature rating
Device compatibility
Trial/Free Version
- Free Trial
- Free Version
Property database feature rating
Device compatibility
Trial/Free Version
- Free Trial
- Free Version
Property database feature rating
Device compatibility
5. Lease tracking
The lease tracking feature allows property managers to store digital copies of lease agreements within the software. This eliminates the need for physical paperwork and provides a centralized location for all lease-related documents. Property managers can input and track important lease details, including start and end dates, renewal options, rental amounts, security deposit information, and special clauses or conditions.
What business problem does lease tracking solve?
Maintaining lease expiration dates can sometimes have oversights, missed renewal opportunities, or challenges in managing vacancies manually. Lease tracking provides automated notifications and alerts for upcoming lease expirations, allowing property managers to address renewals or find new tenants proactively.
Ideal users of lease tracking software
Individual property owners can use lease tracking to manage and monitor lease agreements, track lease expirations, and receive notifications for upcoming renewals or vacancies. Investors with a portfolio of rental properties can use lease tracking to stay informed about lease expirations, manage renewals, and optimize the leasing process for their real estate investments.
Top 3 products with the highest ratings for lease tracking
To present the most up-to-date information, the product information below shows the latest real-time ratings, which may differ from the ratings values at the time this report's analysis was conducted, since new reviews may have been left in the meantime.
Trial/Free Version
- Free Trial
- Free Version
Lease tracking feature rating
Device compatibility
Trial/Free Version
- Free Trial
- Free Version
Lease tracking feature rating
Device compatibility
Trial/Free Version
- Free Trial
- Free Version