The Best Multifamily Property Management Software Features

Managing a property is a big responsibility. There's a lot to keep track of, from rent payments and maintenance requests to keeping an eye on the budget. Multifamily property management software can help make your job easier by automating some tasks and giving you tools to stay organized.

Here are some of the top features to look for in multifamily property management software:

Secure Online Payments and Processing

First and foremost, you have to find a software that offers a secure way to process and store payments online. This is important because you want to make sure that your tenants' personal information is protected. The last thing you want is for their credit card or bank information to be compromised.

Additionally, online payments make it easier for you to collect rent. Rather than having to wait for a check to come in the mail, you can have tenants pay electronically. This speeds up the rent collection process and gives you more flexibility in how you collect rent (i.e., you can set up automatic payments).

As such, look for a software that uses industry-standard security protocols (e.g., SSL encryption) to protect online payments. Also, make sure that the software offers an easy way for tenants to pay rent online. The last thing you want is a convoluted payment system that makes it difficult for tenants to actually pay you what they owe.

Comprehensive Reporting and Analytics

The best multifamily property management software provides comprehensive reporting and analytics features to help you track performance and make informed decisions. Look for a solution that offers a variety of reports, including financial, leasing, occupancy, and maintenance reports.

This way, you can track KPIs, identify trends, and benchmark your property’s performance against others. The best software solutions also offer customizable reports so that you can tailor them to your specific needs.

It should also give you the ability to export reports into various formats (PDF, Excel, CSV, etc.) for easy sharing and analysis.

All-in-One Amenity and Facility Management

Whether you manage a single building or an entire portfolio of properties, you need a multifamily property management software solution that can help you keep track of all your amenities and facilities. The best software will offer an all-in-one amenity and facility management module that includes everything from online reservations and bookings to maintenance requests and repairs.

The tool should, at the very least, allow you to post and manage amenities and facilities online, let residents book and reserve amenities and facilities 24/7, and help you track and manage maintenance requests and repairs.

Seamless Resident Communication

Look for property management software with a variety of ways to communicate with residents. This includes online portals, smartphone apps, and in-person support. The best software will allow you to manage all communication in one place so you can quickly respond to resident needs.

Communication is crucial between property owners or managers and tenants. Incomplete or lack of communication can result in frustrated tenants who may move out or not renew their lease. You can avoid that with a comprehensive property management software, such as ExactEstate, which has a resident portal feature to keep everyone up-to-date and informed.

Useful Accounting Tools

A good property management tool should help you keep track of your finances, and make sure that you are making a profit. You should be able to see how much money you are making, and where it is coming from.

Additionally, if you'll be processing payments online, you'll want to make sure that the software you choose integrates with your chosen payment processor. This will make it easier to keep track of payments and ensure that they are processed correctly.

Centralized Document Library

A centralized document library is one of the top features in PMS. This allows you to keep all your important documents in one place so that you can easily find and access them. This is especially helpful if you have a large number of documents or if you need to share documents with others.

With ExactEstate, you can also create and store custom templates and housing files in one place. This way, you won’t have to waste time searching for the right document or format every time you need it. It boosts your productivity and helps you stay organized.

Easy Automation

Of course, one of the top property management software benefits is automation. However, it's not just about automating tedious tasks (although, that's a great perk). The best property management software will automate your workflows so you can focus on the important tasks, like generating leads and growing your business.

From online rent payments to automatic work order generation, the best multifamily property management software will take care of the busywork for you. Look for one that integrates with the other software you use, like your accounting and marketing software, to make things even easier.

Complete User Permissions

If you have a team that manages your properties for you, the software you choose should let you set user permissions within the platform to give each person access to only the information they need. You can also control what actions they can take, like creating work orders or changing rents.

User permissions are important for two reasons. First, you want to make sure that your team members only have access to the information they need to do their job. Second, you want to be able to control what actions they can take within the platform. This way, you can prevent mistakes or unauthorized changes from happening.

Online Tenant Screening

With online tenant screening, you can easily and quickly check potential tenants. This is a great way to make sure that you are getting quality tenants who will pay their rent on time and take care of your property.

Avoid late payments and costly evictions by using a multifamily property management software that offers online tenant screening. This feature will help you quickly check the backgrounds of potential tenants so that you can make an informed decision about who to rent to.

With online tenant screening, you can quickly gather information about potential tenants and make informed decisions about who to rent to. This can save you a lot of time and hassle in the long run.

Reliable Technical Support

As with any other software, you want to look for a company that provides reliable technical support. There will be times when you have questions or run into technical problems and you'll need to know that someone is there to help you.

ExactEstate Property Management's technical support team is available 24/7 and they have a wealth of knowledge to help you with any issue you may have, big or small.

Moreover, the platform is end-to-end encrypted, which means that your data is always safe and secure. It's also updated regularly to ensure that you’re always using the latest version.

Takeaway

Now that you know the top property management software features to look for, it’s time to find the best multifamily property management software for your business. ExactEstate has the most comprehensive and user-friendly solution in the industry, with a wide variety of features to streamline your property management operations.

Schedule a demo today to learn more about how our software can help you run your business more efficiently.