Best 7 Cloud Property Management Software for Property Managers in 2019
In the past, property managements used paper, email and spreadsheets to record trust accounting transactions and write down inspection notes, tenant requests and tasks. Nowadays, with the growth of information technology, property managers use specialized software for property management with the application of cloud computing to handle their property and everyday tasks.
The software they commonly use to increase productivity is simply called cloud property management software.
What is Cloud Property Management Software
Cloud property management software is a program designed on the application of cloud computing (also called Software as a Service, or SaaS) to help property managers manage residential and commercial properties on behalf of their owners.
In short, it combines all the functions of property management into only one platform that helps property managers save the time and cost as well as increase the productivity of their workflow business including accounting, maintenance, inspection, communication and reporting. As these tasks are supported by reliable software, users can get more done and focus on other competency tasks such as generating leads, growing rent roll and develop better service to clients. Additionally, cloud property management software helps maintain a clear digital paper trail for compliance purposes. For this feature, the auditor can easily check balances and view all activity in and out of the trust account.
With the application of cloud computing on property management software, resource computing (for example, processing power, memory, and disk storage) are maintained in remote data centers so that manager can access data of the program on web browser, tablet or mobile device from anywhere, any time without any installation as long as being connected with the Internet.
Benefits of Cloud Property Management Software
#1 Reduced costs
Cost efficiency is the greatest benefit of cloud property management software. In other words, the data will be stored in large, physical servers that not only cost thousands of dollars but also involve the employment, maintenance, and upgrading of an IT team.
Instead of spending money on IT personnel or extensive hardware, providers will take care of maintenance and upgrades. And the initial set-up is simple. You’ll also see additional savings by taking services like tenant acquisitions and rent payments online, increasing efficiency and accuracy, and cutting out the paperwork.
#2 Greater accessibility
As the data is stored in “the cloud” – a secure network of servers, users can access as long as you have an internet connection. Additionally, clients will be able to access their data in real-time, whenever and wherever they want.
#3 Easier collaboration
With greater accessibility comes easier collaboration, your team can not only access all work-related files from anywhere and on any device, but they can also easily work off the same master document.
#4 Increased security
Security is an important advance of cloud property management software. When data is stored in the cloud, it is encrypted and stored virtually behind multiple layers of security such as authentication gateways, physical security measures and sophisticated firewalls. You can rest assured that these security layers are frequently audited and updated to keep up with the latest security advances.
#5 Scalability
Modern software solutions suit all types and sizes of properties. They’re built to grow with your business, so you can easily expand and upgrade as necessary. Cloud-based property management solutions are modular, so you just use what you need.
Top 7 Cloud Property Management Software
Property management tools have come a long way since they first came out. What used to occur in the form of costly on-site applications has developed into inexpensive cloud-hosted devices. And with the constant increase in the rental market, the demand for property management services has also increased.
Hopefully, the list of 7 Cloud Property Management Software below will help you find the solution that really addresses your current needs. These include the quality of support for when you need one, along with how the software constantly incorporates useful technologies as they come along.
1. Buildium
Buildium is a cloud property management solution that enables managers of residential and association properties to take complete control of every aspect of their business, including the rent, vacancy and maintenance cycles.
Description:
Buildium streamlines management of the rent cycle with key features such as tenant and lease tracking, full general ledger accounting, automated rent and late fee reminders and on-demand reports. Additionally, rent collection can be automated; and property managers can receive online payments via Buildium’s tenant portal.
Management of the vacancy cycle begins with syndicating vacancies to Buildium’s listing partners. When applicants fill out Buildium’s customizable online rental applications, the information is saved instantly to the Buildium tenant database. Buildium also offers online tenant screening services for running background checks.
Features:
• Online Rental Applications
• Tenant Screening
• Free Marketing Website
• Rental Listing Syndication
• E-payments
• Full General Ledger Accounting
• On-Demand Reporting
• Charges and Payment Tracking
• Tenant and Lease Tracking
• Steamlined Maintenance Requests
• Tenant and Rental Owner Portals
• Mailings and Forms
• Easy-to-Use Interface
• Expert Customer Care
• Reliability and Stability
• Text Notifications & Communication Inbox
• Log and Track Violations
2. TenantCloud
TenantCloud is a cloud-based property management system designed to meet the needs of landlords, property managers and real estate professionals. The system offers property management, tenant management, accounting management and marketing functionality.
Description:
TenantCloud provides a dashboard that allows users to add new transactions, tenants, properties, work requests, messages or applications. This screen also shows total occupancy, lease expirations, recent property listing, payments and outstanding rent payments. Users can also view properties in a list form, with images and financial information for income, expenses, net cash flow and outstanding balances.
TenantCloud enables users to view rental applications, which shows contact information and status of each rent amount. Property managers can also directly message tenants to address questions. Support is provided through an online portal to all its users. The solution is priced on a per month subscription basis for a specific number of users.
Features:
• Expense management
• Late fee calculation
• Lease management
• Tax management
• Vacancy tracking
• Property management
• Online rental application
• Tenant matching technology
• Visual maintenance requests
• Move in/move out photos
• Joint & split rent payments
• Multiple deposit accounts
• Invoice printing
• Payment processing
• Activity management
• Activity tracking
• On-demand reports
• Automatic reminders
• Landlord database
• Tenant database
• Contact import
3. AppFolio
AppFolio Property Manager is an all-in-one property management solution for residential, commercial, student property and community association management. Features include marketing, leasing, maintenance, accounting, and reporting to enable property managers to modernize, automate, and grow their business. AppFolio’s web-based solution is also fully mobile, accessible on any device.
Description:
AppFolio provides property management software that allows apartment, residential, commercial, student housing and community association property managers to market, automate and manage their business.
With AppFolio, property managers can manage their accounts, list vacancies, screen tenants, collect rent, schedule maintenance, and run marketing campaigns in the office or on the go. AppFolio’s real-time vacancy dashboard enables property managers to manage all of their vacancies from one location. Listings for vacant units can be added and updated across multiple websites – including the property manager’s own.
Features:
• Online applications
• Online rent collection
• Vacancy Posting
• Accounting
• Prospect tracking
• Insurance
• Vacancy dashboard
• Tenant screening
• Rent comparison tool
• By-the-bed rental management
• CAM tracking & reconciliation
• Holding deposits
• Guest card tracking
• Activity Dashboard
• Activity management
• Activity tracking
• Applicant Workflow
• Applications Management
• Audit Trail
• Auditing
• Automatic Notifications
• Balance Sheet
• Online renter portal
• Contact Database
• Credit Card Integration
• Customer Database
• Document Storage
• Electronic Payments
• Email Notifications
• Expense Tracking
• Mobile Integration
• Partial Payments
• Portfolio Management
• Real Time Data
• SMS integration
4. Propertyware
Propertyware is a cloud-based, end-to-end property management software that helps property managers and operators scale their businesses with several different property types, including mixed portfolios.
Description:
Propertyware’s platform allows users to post and market vacancies and includes lead-to-lease functionality along with integrated tenant screening. The system also offers tenant and owner portals that allow online payments, cash and accrual accounting, instant access to custom reports and statements, and ability to add custom fields.
Propertyware also offers mobile-responsive websites, as well as a leasing and maintenance contact center that includes automated vendor dispatching for emergencies.
Features:
• Propertyware accounting module
• Offers an audit trail of data
• Automatically notified via email
• Set automatic tracking and reminders
• Social Collaboration
• Customize online application form
• Generate custom reports
• Document management feature
• Property management
• Online lead capture
• Integration with QuickBooks
• Recognize critical trends occurring in real-time
• Sync Prospect Scheduling
• Manage work orders
• Create custom workflow
• Call tracking feature
• Receive work order alerts
• Export data to Adobe PDF, or MS Excel
• API
• Highly configurable dashboards
5. Avail
Avail is a cloud-based property management that allows independent landlords to find tenants, view their credit history and collect rent. Key features include affiliate syndication, social sharing tools, lead management, automated reference checks, applicant communication and digital signatures.
Description:
The solution allows landlords to create a rental listing and publish it across the web. They can also request rental applications with information such as residence history, employment verification and contact information. The solution provides credit checks, criminal verification and eviction reports for applicants as well. State-specific lease templates can be customized by adding or editing clauses, rules and attachments.
Landlords can also use the Avail platform to generate leases and contracts, by customizing the pre-built, state-specific templates, and add in any custom clauses, attachments, or rules. The electronic signature capture functionality allows tenants to sign contracts online, and payments can also be processed online within Avail for fast and secure rent payments. Day-to-day operations such as maintenance and tenant communications can be managed within Avail, with tools for tenants to report issues, request maintenance, and track progress on repairs.
Features:
• Application Management
• Background Checks
• Contract Management
• Credit Check
• Customizable Templates
• Electronic Payments
• Electronic Signature Capture
• Lease Customization
• Listing Management
• Maintenance Management
• Online Payments
• Owner Portal
• Payment Processing
• Pre-Screening
• Property Advertisements
• Rent Management
• Rental Listings
• Renter Profile History
• Showing Scheduling
• Tax Management
• Tenant Management
• Vacancy Management
6. Truerent
TrueRent is a cloud-based property management solution designed for use by owners, third-party property managers, tenants and applicants. It helps users manage tenants and accounts as well as track and analyze the financial performance of properties. Key features include tenant screening, online rent collection, alerts and reminders, reporting, investment analytics and tenant and owner portals.
Description:
TrueRent helps users gain insight into income/expenses, and generate reports based on transactions and accounting details. The platform comes with a tenant and owner portal, which gives users quick and central access to information such as outstanding rent payments and transaction history. Users can communicate and share this information with stakeholders.
Features:
• Budgeting & Forecasting
• Commercial Properties
• Credit Check
• Customizable Statements
• Expense Management
• Landlord Database
• Late Fee Calculation
• Lease Management
• Maintenance Management
• Notifications
• Online Payments
• Owner Portal
• Payment Processing
• Rent Tracking
• Residential Properties
• Tenant Database
• Tenant Management
• Tenant Portal
• Tenant Screening
• Tenant Self Service
• Tenant Tracking
• Vacancy Management
• Vacancy Tracking
7. Hemlane
Hemlane is a cloud-based property management solution that caters to small businesses. The key features of the solution include property marketing, applicant screening, lease tracking, rent collection and maintenance coordination.
Description:
Hemlane enables users to market listings on over 40 websites, track leads, set automatic late fees, store documents, coordinate maintenance and communicate with tenants. It also helps tenants to apply for properties online and set up automatic online rent payments.
Hemlane helps users keep track of the leases and their renewal dates through a system of alerts and notifications. A cloud-based storage is also provided for property and tenant-specific documents. Instant bank verification and income and expenses reporting are some of the other financial features provided by the solution.
Hemlane offers services on a monthly subscription basis that includes support via email, phone and through an online knowledge base.
Features:
• Landlord database
• Late fee calculation
• Lease management
• Maintenance management
• Rent tracking
• Tenant database
• Vacancy tracking
• Tenant management
• Tenant portal
• Owner portal
• Credit check
• Vacancy tracking
• Payment processing
• Accounting integration
• Applications management
• Automatic reminders
• Client database
• Digital signature
• Document storage
• Electronic payments
• Expense tracking
• Financial management
• Secure data storage
• Automated billing
• Chat functionality
• Event scheduling
• Maintenance scheduling
• Applicant screening & background check
• Online booking integration
• Booking management
The bottom lines
Cloud property management software helps landlords get done many property tasks through the entire process of marketing, renting, and maintaining their rental property. Those list of software above are popular applications coming up with high review from many property managers in this industry. When evaluating the best property management software providers for your business, there are 5 criteria needed to be looking at before making decision.
The criteria we used to evaluate the best property management software providers include:
- Pricing: Structure and detail options
- Features: What is offered at each tier
- Property types: What they specialize in, such as single-family homes or apartment complexes
- Who they’re right for: Landlords and/or property management companies
- Number of units: How many units they can manage
- Customer reviews: Ratings and what they do well and don’t do well
Based on all of the above criteria, we hope you will find the most appropriate cloud property software that can scale as large as your business demands.
