If you manage commercial properties, you should strongly consider implementing a commercial property management system. However, there are a variety of solutions on the market, which can make it difficult to determine the best solution for your business. To simplify the process, here is a quick introduction to this type of software to help you decide which solution is best for you.
Table of Contents
- What is Commercial Property Software?
- How Much Does Commercial Property Management Software Cost?
- Key Questions for Starting Your Software Search
- What are the Key Features of Commercial Management Software?
- Example of Leading Commercial Property Management Software
What is Commercial Property Software?
Commercial property management software automates and optimizes various important tasks and streamlines day-to-day operations. This type of software includes features to help property managers collect payments, manage leases, track maintenance & inspections, monitor finances, and analyze property data. Commercial property management software is used for a variety of property types including retail stores, office spaces, and industrial properties.
How Much Does Commercial Property Management Software Cost?
Most non-enterprise commercial property managers can expect to pay between $5,000 to $10,000 per year for commercial property management software. In general, pricing is based on the type of portfolio and the volume of units managed. For example, AppFolio charges $1.50 per unit per month for commercial properties.
Key Questions for Starting Your Software Search
There are several commercial property management solutions on the market today which can make it difficult to identify your best option. To help get you started, here are a few questions to consider to determine what type of solution is best suited for you.
Do you solely manage commercial properties, or do you manage a mixed portfolio?
Certain solutions, like AppFolio, offer useful tools to manage a variety of portfolio types, including residential properties and HOAs. These solutions are ideal for those who need a versatile solution to manage a mixed portfolio. Other solutions, like Re-Leased, are built specifically for commercial portfolios.
Which features do you need the most?
A best practice for software research is to create a list of features that a solution must include for you to purchase the product. One must-have feature could be online payments because collecting and processing checks in-person is a major pain point for your business.
This best practice will help you sift through the variety of solutions on the market. For example, some solutions have built-in accounting tools. If your accounting team prefers using a third-party accounting solution, this is an unnecessary feature. Additionally, integration becomes a must-have feature because you will need your solution to seamlessly connect with the accounting software that you currently use.
Also, you may realize that you only need the core set of features found in most property management systems. These features typically include online payments, maintenance tracking, and tenant screening. If this is the case, you may want to consider testing non-commercial specific solutions that are often much more affordable.
What are the Key Features of Commercial Management Software?
Below is a table showcasing the features found in most commercial property management software. This table will help you decide which features are the most important for you.
|Scheduling tools||The best solutions offer robust scheduling tools that help property managers track and manage key events and tasks. Scheduling tools include interactive calendars where property managers can input important reminders like lease renewals.|
|Mobile applications||Mobile applications allow tenants and property managers to access key data and complete important tasks remotely. Mobile applications often offer a better user experience than accessing the solution through a mobile browser.|
|Online tenant portal||This feature allows tenants to log into an online portal through a browser. They can use the portal to send payments, submit maintenance requests, and view important documents.|
|Online owner portal||This feature allows property owners to log into an online portal through a browser. They can use this portal to track performance, communicate with property managers, view documents, and send contributions.|
|Texting and emailing||Texting and emailing tools create an open channel of communication between tenants, property managers, and property owners. The best solutions will offer two-way communication, so you can conduct full-length conversations in a single thread directly in the solution.|
|Automatic notifications||Automatic notifications are useful for sending rent reminders to tenants. Additionally, this feature helps keep property managers on track by alerting them of important tasks and events.|
|Maintenance management||The best solutions offer robust tools for maintenance request tracking, creating work orders, and sending & receiving quotes.|
|Online payment processing||This feature allows tenants to send rent and other payments electronically. Online payment processing is a must-have feature for this type of solution.|
|Accounting||Several solutions have built-in accounting tools to help property managers track important financial data.|
|Reporting||The best solutions offer robust reporting to help property managers quickly organize and analyze key data.|
|Analytics||Analytics tools offer data visualizations, so property managers can gain insight into critical events and performance.|
|Integrations||The best solutions offer seamless integrations with popular third-party applications such as Google Calendar, QuickBooks, and Xero.|
|Open API||Open APIs allow businesses to create custom workflows with third-party integrations.|
Example of Leading Commercial Property Management Software
To give you an idea of how this type of solution works, here is a breakdown of one of the best vendors in the market, Re-Leased. Re-Leased is a cloud-based property management system built specifically for commercial properties. For an in-depth look into Re-Leased, check out our full review.
When you log into Re-Leased, you will be directed to the dashboard. The dashboard offers a quick overview of important tasks and events in your schedule. The calendar helps keep track of upcoming maintenance, inspections, and important items like lease renewals.
The dashboard also includes an analytics module that provides insight into critical events and performance. Re-Leased offers visualizations of your property data like real-time cash flow and occupancy graphs. You can also use this module to monitor arrears by portfolio, property, and tenant.
When you click on the properties tab, you are directed to the primary hub where you manage all of your properties. You can access essential information including property details, contacts, leases, and important documents. You can also assign keys and add images & notes.
The property tab is also where you track rent & outgoing payments, manage budgets, and create invoices. In Re-Leased, you can create line items for rent and outgoing charges. Line items can be designated for costs such as CAM charges and assigned to specific accounts.
Re-Leased includes a maintenance hub where you can track maintenance, create work orders, and send & receive quotes. You can also add images, notes, assigned keys, and budgeted costs in this hub.
Re-Leased includes an inspections hub where you can track and manage property inspections. You can schedule new inspections in this hub, and pin inspection locations directly on the map.
With Re-Leased, you can generate reports that visualize property data to help you identify growth opportunities. Some particularly useful reports found in Re-Leased are:
- Income forecast report
- KPI summary
- Occupancy report
- Outgoings budget summary by lease
- Past due report
- Rent roll
If you're interested, you can schedule a Re-Leased demo today.