It’s expected that the property management market will reach a value of USD $28.21 billion in 2028. Property management solutions help real estate professionals and landlords to manage properties, tenants, leases, maintenance, and more.

But how do you find a property management solution that fits your needs? What should you look for in property management software?

These are the essential tips you need when searching for property management tools.

Payment Solutions

Collecting rent each month is one of the most daunting tasks for landlords. You need to make sure each tenant pays on time, but what if they don’t?

You need to understand the laws regarding late fees and tenant rights. Otherwise, you need to have a management solution that handles that for you.

The best property management solution should handle payment processing. You should consider an online rent payment option, as this makes it easy for your tenants to pay on time. It also reduces the chances of a check getting lost.

Property management solutions might also have features that remind tenants about upcoming payments. This ensures they’re more likely to make payments on time.

The Management Fees

Does the rental property management software have any setup fees or onboard fees? What about ACH transaction fees?

Sometimes, the price is based on the number of units that you handle.

These are all factors you need to consider and budget for when selecting a rental property management solution.

Maintenance Coordination

When managing properties, you have to stay on top of maintenance requests. In fact, landlords are required to keep rental properties in a certain condition, according to landlord-tenant law. Part of those duties includes performing repairs to keep units in habitable condition.

It’s not an easy thing to do on your own, but the right property management solutions can help.

Maintenance coordination and tools to handle requests and repairs make the entire process a breeze. You and your maintenance team remain on the same page, and tenants have their requests handled in a timely manner.

Handling tenant maintenance requests is one of the features Yardi Voyager offers. Balanced Asset Solutions Voyager training is an industry-leading solution designed for handling many custom needs, including lease renewal workflows, payment processing, and more.

Analytics and Reporting

The right property management solution should have a feature that allows you to track operations, view reports, and more.

You’ll want to view revenue, commissions, net income, and taxes. These analytics should help you get a feeling for how your property is doing, identify places for improvement, and spot risks before they become an issue. You can also view maintenance requests and learn about the frequency of maintenance on parts of the building.

Integrating more technology into your management solutions allows you to view data that can help bring in more quality tenants and boost your revenue.

Find the Right Property Management Solution

Make sure that you find a property management solution that contains the above features. Doing so will make your job much easier and also make your tenants happier.

If you’re looking for more real estate and property management tips, be sure to check out some of our other posts.