What is Multifamily Property Management Software?
Some landlords might believe there is a difference between multifamily property management software and software aimed at the detached house rental market.
However, these solutions perform the very same work, so the difference is mostly imaginary. Your property management software can manage multifamily portfolios within your property mix.
Solutions such as ManageCasa™ do focus on your tenants and the financial performance of your properties. For maintenance of a building however, separate software is often a wise choice. A solution such as Upkeep is just one example. ManageCasa does help you manage assets, warranties, maintenance schedules and more.
Speak with our experts about whether an additional software is even necessary.
Here are some essential management features that can help you integrate some profitable multifamily properties in your region:
- lease administration, e-signing, editing
- rent payment automation, lease-based automated cost management
- maintenance ticket management (building maintenance and repairs)
- direct, dedicated tenant communications and retention tools
- dedicated accounting automation
- marketing listing and renter lead automation services
- convenient, care-free SaaS-based IT all managed by the software provider
Almost all of the management services you need to perform are built into the ManageCasa SaaS Platform. It’s software as a service, and you only need to subscribe to enjoy all its powerful features along with transparent, affordable pricing.
No IT admin and server issues to tackle, always online and updated, and more secure than a locally hosted service.
Some large multifamily property operators (large real estate investment firms) use software focused on asset or building maintenance and management. That function is largely separate from tenants since it involves electrical, plumbing, HVAC system, and mechanical related maintenance, unrelated to tenant unit problems.
Those solutions help property managers take care of the building.
A Better Solution to Focus on Your Multifamily Tenants
For property managers operating on a small to mid-sized scale, there is building management software which your maintenance team can use to complete inspections and conduct routine mechanical and HVAC maintenance.
What can be forgotten in Multifamily management is tenants, who must never become part of the machinery of operations. Tenants are the special focus of your rental property business. Buildings don’t pay rent, tenants do.
Core Services Create Exceptional Companies
This is why multifamily property management solutions must help deliver exceptional communications, automated rent payment, responsive tenant services, tenant account management, secure data protection, and help you keep tenants leased.
With more than 100 property management solutions available, it’s not easy to decide which might be the best for your multifamily portfolio. Many of the software solutions are designed for specific markets which might eliminate them for your use.
Find the Gaps in Service Coverage
It’s almost certain, there are specific gaps in your management solutions which might not be aided by some of the most popular multifamily software (out of date software).
5 Keys to Choosing Multifamily Management Solutions
The 5 keys to choosing multifamily management software is to select one you actually can deploy for your firm. Some of the key goals of your solution would be:
- eliminate repetition to cut administration and overhead costs
- grow real time knowledge of the condition of your properties, leases, and maintenance
- make tenant rental payment easy, manage cash flow better, and improve ROI
- optimize and personalize communication with tenants
- ensure your data integrity, security and regulatory compliance
Besides your own gaps in service ability, you may also need to consider these factors when choosing your next multifamily management solution:
- time to train your staff to use it
- time to setup and implement the solution
- how much technical support you’ll need to learn and operate it
- whether the software is scalable for your future business needs
- whether it is the most suitable for your particular multifamily housing portfolio
- will your portfolio ever be large enough to justify a soluton designed for 10’s of thousand of properties?
- which key service components do you actually need: online tenant rental payment, double entry property
- accounting, maintenance ticketing, tenant discussion, and invoice and bill payment.
Once you’ve precisely established where your property management business is not performing well, you can match it up with a multifamily software solution that’s most realistic for your needs. That might create some surprises about which software is best suited for you.
We’ve pointed out in many blogs how cutting costs, improving value for owners, being competitive, adopting digital bookkeeping, being on the cloud, being open to Proptech, planning for growth, and maximizing lease renewal can help you raise profitability.
Review ManageCasa’s powerful platform for managing your multifamily or mixed portfolio of properties.
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