The best software solutions to grow your property management portfolio in 2024

Even the most basic software can help you automate the redundant but important tasks such as rent collection, lease renewals, maintenance requests, and accounting. Instead of putting the burden on your staff—and your business’s bottom line—you can let the software save you resources so you can focus on building your business.

There are three big ways in which the right property management software can help you do that:

How much time and money, and how many resources, could you save if you didn’t have to pore over your chart of accounts, reconciling each transaction, filling out 1099s, and looking for unnecessary expenses?

Property management accounting software can automate all of that for you.

And you won’t have to worry about keeping track of rent and fee payments, either. Automated invoices and payments are tracked in your accounting software without you having to enter them manually.

Communication between tenants and property managers shouldn’t happen only when there’s an emergency—and that goes for communication between owners and property managers, too.

Whether it be a notice of scheduled maintenance, upcoming events, or a simple check-in, property management software can help you facilitate conversations between owners, tenants, and your team to make sure everyone is in the loop.

Speed and accuracy are integral in the lead-to-lease process. Every day a unit sits vacant, it costs owners money and forgoes management fees. Lead-to-lease automation can help you fill your vacancies more quickly. For example, website builders can help promote your brand while syndication services can list your vacant property to multiple websites at once.

Getting someone to move from applying to the apartment, to running a background check, signing legal documentation, collecting deposits, and handing over the keys is painstakingly long. Software can help streamline the process by keeping all your documents and communication in one simple portal instead of getting lost in convoluted email chains.

To grow your property management portfolio effectively, you need to measure, test, and optimize your business performance. Accessing key insights such as turnover, revenue, average day-to-lease, repair and maintenance costs, and tenant feedback enables you to make informed decisions instead of relying solely on intuition.

Property management software empowers PMs to provide valuable advice to owners for expanding their business and exploring additional revenue sources.