Property management software is a boon as it helps to keep businesses organized. The software solution is critical in organizing payments, tracking vacancy, delay in rent payment, insurance management, and developing custom property websites. Property management software has effectively solved business problems, allowing seamless organization across a handful to as many as fifty different real estate properties. There are a plethora of real estate management tools. We have done the hard work for you and sorted the most popular real estate property management software solutions.
360Workspace for Commercial Real Estate by Accruent
360Workplace features a number of advanced functionalities such as lease administration, facility maintenance management, space management, and more. It offers real estate managers with multiple solutions through single software.
Pros
360Workplace can be accessed by multiple users from anywhere with an internet connection. The software solution has a secure data system that’s routinely scanned for potential threats. In keeping with the latest technology trend 360Workplace is also cloud-based. 360Workplace helps real estate managers to stay on top of assets and inventory management, estimate expenses, ensure collaborative vendor interactions, monitor construction schedules and goals and ensure tax compliance.
Cons
It is exclusively designed to benefit corporate real estate owners. Therefore, small business owners in need for more customized solutions should look elsewhere.
Buildium Property Management Software by Buildium
Buildium Property Management software is used global by hundreds of thousands of owners and property managers. Buildium makes it easy to lease, tackle business operations and accounting.
Pros
Buildium is a comprehensive real estate software solution as it facilitates submission of rental applications, screening prospective tenants, storing documents in cloud, processing maintenance requests, making and accepting online payments, etc. You can leverage Buildium to develop your own website to host rental listings, monitor expenses and file tax returns.
Cons
The setup process of Buildium is somewhat extensive. Since the software is in-depth and customizable, there is an initial learning curve.
Palnon Real Estate Management by Palnon
Palnon Real Estate Management software caters to a wide scale of businesses, with a focus on mid-range sized and up, and global clientele. The software structures data in a comprehensive manner.
Pros
Palnon’s real estate software provides an opportunity for better organization of data through centralized dashboards that are user-friendly and effective for better management. The interfaces allow for the elimination of spreadsheet dependency and improvement of overall efficiency. Palnon real estate management software offers the ability to evaluate scenarios for more efficient financial planning through forecast potential costs, transaction management, identifying probable saving opportunities, property lifecycle costs, and more.
Cons
Palnon’s real estate software is not ideal for small businesses as it caters to medium and large businesses. For the smaller scale property managers, there is no need to for such intricate features.
Property Operations Workspeed by MRI Software
MRI’s Property Operations Workspeed software is a very popular solutions provider with thousands of clients worldwide.
Pros
Workspeed real estate management solution allows managers and property owners to handle different aspects of multiple property management. It offers tools for visitor management, business analytics, and risk management. Workspeed management solution maximizes the lifespan of property assets through timely inspections and maintenance. Furthermore, the service request tool empowers tenants, managers and vendors to submit request and work orders. The software solution is available as app on iPhones, Android, and Blackberry.
Cons
Workspeed software is unfortunately quite rigid and does leave much room for customization for businesses that can afford to do so.
TRIRIGA Real Estate Manager by IBM
TRIRIGA Real Estate Manager from IBM is a major player in this niche and IBM’s standing as a tech giant serves it well.
Pros
TRIRIGA Real Estate Manager from IBM comes with automated lease payment reconciliation and pre-built lease accounting tools. Additionally, it can automate the creation of lease contracts, automate payments schedules, and set notifications for important events such as contract expiration date etc. As expected TRIRIGA the brain child of IBM goes one step further by including tools that allows balance sheet and income statement analysis, side-by-side comparison of different transaction scenarios – both past and present, listing lease accounting rules along with different clauses, etc.
Cons
TRIRIGA real estate manager is expensive and is more suited for conglomerates and business giants. It is highly specialized for offering enterprise-level performance.
