Updated: Mar 31, 2020
Managing your real estate portfolio entails time, orderliness, social competency, and keenness to details especially for different investment properties such as rental properties, apartments, land lease and even Real Estate Investment Trusts, among others. Fortunately today, people can effectively manage their real estate portfolio without hiring the services of portfolio management professionals. Here are 3 online tools that you can use to manage your property portfolio as an owner, manager and an investor.
Real Page is a property management and data analytics software for administering asset portfolio and increasing capital returns. The software has several modules for a comprehensive managing solution. It streamlines and automates regular accounting procedures and workflow. This included budget management and document management. It provides analytical insight across your all portfolio including the risk and opportunity detection for improving productivity. It has integrated apartment marketing and renting solutions that aids in reaching more potential clients and converting them into residents. This is supported by a resident screening solution that allows you to examine potential clients and ensure that they are good residents and good payers. It provides a single tool for expense management such as invoicing, purchasing and handling merchants. It provides your clients/ renters a portal conveniently submitting requests, renewing rentals, forming associations as well the expediency for online payment that supports different payment options. It offers eRenterPlan insurance that provides security for both lessee and lessor. It helps disclose concealed revenue, improve collection, and minimize delinquency for better revenue management. RealPage Solutions helps owners manage their real estate property for the whole leasing lifecycle by making the regular procedures for both prospects and residents easily manageable.
AppFolio Property Manager is a cloud-based software solution for automating, revolutionizing, and managing real estate property including multifamily, single-family residential buildings or apartments, commercial property, student housing, condominium, community associations or a mix of all these assets. Appfolio provides an all in one solution to support your entire business including the owner’s portal, maintenance, support, marketing, leasing and accounting and reporting. Through the owner portal, property managers can provide owners information about their property such as inspection reports and historical financial statements. It has an Owner & Vendor eCheck for secured and quick payment of owner, vendor, or tax authority bills. It allows owner to quickly send funds for emergency maintenance repairs and renovations. The software also has a mobile maintenance tool for receiving maintenance requests, providing maintenance contact center, managing work order and in house maintenance. The marketing tool included professional websites for your online presence, rent comparison tool to help clients compare rent rates against competitors, marketing campaigns and advertisements, vacancy dashboard and posting, as well as premium leads and guest card tracking. It also features a residents and leasing management tool for optimizing the leasing business and managing renter activities. This included rental applications and tenant screening, online leases and renter portal, insurance, task management, calendar, scheduling rent rate changes and rent by-the-bed options. It also integrates a solid accounting software system that automates the accounting process, provide real-time flexible reporting, facilitate online payments and tenant debt collections, expediting bulk tenant charges, CAM Tracking & Reconciliation, holding deposits, automating penalties and late charges, facilitating AP Approval Process and providing security.
Through Appfolio Property Manager, you can run your whole business with this single solution to attract new customers and retain loyal ones to help you ensure continued income and to grow your business. Its competitive and modern marketing tools help you expand your advertising reach and market while simultaneously helping you to get only the deserving clients who will not only take care your property as their own but has the capacity to pay regularly. It will help you deal with maintenance issues more effectively and address tenant requests more efficiently. It helps you to conduct the accounting procedures related in managing business from budgeting, spending to reporting. Finally, it helps your optimize your leasing business and renter management to succeed in the real estate industry.
The MRI Software is a pioneer and leader in providing innovative real estate software applications and hosted solutions. It has an all-inclusive and adaptable technology program paired with open and linked ecosystem from basic property management and accounting for local asset management to investment development and insights for global commercial and residential markets. MRI software has a wide range of products such as financials, residential, commercial, corporate real estate, investment and facilities management. The MRI Software for property management helps in managing facilities, residential leasing, accounting integrated with investment and property accounting, operations budgeting, forecasting, public housing and affordable housing compliance as well as reporting and analytics.
What makes MRI software different is that it provides specialized solutions for specific real estate portfolio unlike other software that provides a one product fits all solution. It has special solutions for affordable housing, condo & HOA, multifamily, public housing, commercial management, retail, construction & development as well as Office & Industrial because each segment has its own special needs. For instance, an asset portfolio under construction uniquely requires the development of feasibility and the tracking cost during development while a public housing asset requires compliance to complex regulations and multiple subsidy types, among others. The MRI software provides the right tools for the unique needs for each real asset type. And because the software caters to global market, it has special tools for more complex investment ventures such as investment modelling, investment and data management, performance and investment reporting, fund and debt management, analysis and reporting.
Real Page, Appfolio Property Manager and the MRI Software are 3 online tools to grow and manage your real estate portfolio. Each of these software solutions have their strengths and weaknesses but they are ultimately meant to simplify the management process for your real estate properties including collection of monthly rents, record and document keeping, property inspection, resolution of tenant grievances, and submission of financial reports among others. These real estate management tools will help you gain control and oversight of the operation of your property.
Jake Ammon is a Vice President with Addison Commercial Real Estate in Jacksonville, FL. He specializes in office and industrial sales and leasing. Contact him at email@example.com or call Jake at 1-904-834-9809.