26/04/2023

Checklist: 10 Property Management Software Features You Need

If you’re reviewing your current property management software or shortlisting a new system in the UK this checklist covers the 10 features that matter most.

ground floor shot of apartment buildings

There's a range of options available on the market, but for your software to have the most impact on your processes, it should have several key features.

We've compiled a property management features checklist to compare against your current solution, so you can determine whether it might be time for a change.

Tenant, User and Client Portals
Maintenance Management
Accounting and Finance Management
Built-In CRM
Automation
Powerful Reporting Features
Hosting Functionality
Customisation and Integration
Security Features
A Provider That Cares

1. Tenant, User and Client Portals

Your property management system should provide tenants, clients and users with an online portal that allows them to access important information, including lease agreements, payment histories and maintenance requests.

This can reduce administrative tasks and improve lines of communication with tenants and owners.

2. Maintenance and Repairs Management

Maintenance management features allow tenants to submit maintenance requests online, with property managers able to track and prioritise those requests.

Streamlining this process ensures the prompt and efficient handling of maintenance requests, offering improved communications, insight and analysis.

3. Accounting and Finance Tools

Your system should have robust financial and accounting capabilities for rent collection, financial reporting and expense tracking tasks. These features will help you keep accurate financial records and make informed financial decisions about the properties you manage.

Some property management systems allow you to leverage Bacs and Direct Debit tools to streamline your payments and make collecting payments an automated and straightforward process.

4. Built-in CRM and Contact Management

Customer relationship management (CRM) tools allow you to manage all communications in one place, giving you total visibility over your inbound and outbound communications.

CRM tools will strengthen your relationships with tenants, clients and suppliers by managing all communications effortlessly throughout the customer journey.

5. Automation and Workflow Efficiency

One of the main features you should look out for in a property management system is the number of daily tasks you can automate. This key time-saving function can allow you to focus on growing your business.

Examples of tasks that a property management system can automate are:

Service charge budgeting
Arrears chasing
Reminders
Workflows
Rent collection
Maintenance requests
Renewals
Tenant notifications

Automation is becoming a vital area of modern property management, so ensure your property management system fully supports you.

6. Reporting and Dashboards

Access to comprehensive reporting software can help your company make more informed business decisions, leading to business growth.

Key reporting features that can give you clear visibility over your data include:

Flexible, fully customisable report builder
Export to Word or Excel functionality
Report scheduler
Budget vs actual
Service charge analysis
Maintenance reports
Financial statements
Fixed asset and utility meters

Analysing your business performance with these tools could take your company to the next level, as you'll always be aware of the areas you should target for improvement.

7. Cloud, Access and Reliability

If your business relies on or wishes to offer remote working to your employees, then your property management software should support this.

Cloud-based software can modernise your company by offering remote work to those who are hands-on with property management software daily.

By hosting your property management software in a hosted environment, there is no longer a need to host the software in an on-premise server environment. Users can enjoy the benefits of a cloud-based model accessible from anywhere with an internet connection while maintaining a private server's security.

8. Integrations and Customisation

Your system should offer customisation options that allow you to manage the solution to suit your business needs. It should also seamlessly integrate with other software to ensure efficient and error-free working.

Your solution provider should work closely with your business to ensure the system is optimised to work as effectively as possible.

9. Security, Permissions and Compliance

Many older property management systems can leave you prone to compliance issues or cyber-attacks. As you hold sensitive information inside your property management system, you must have adequate security features to protect this data.

Modern security features include two-factor authentication, access control settings and encryption. The best software will have the most comprehensive security measures to protect your business from external threats.

10. Support, Training and a Provider You Can Rely On

Last but certainly not least, the support you receive from your software provider should continue after your integration.

Look for providers with dedicated account managers and a good reputation for providing excellent client support. This way, your questions will always be answered, preventing downtime and service disruption.

Need help choosing a solution?

Switching property management systems is a big decision and the wrong choice costs time, money and confidence.

Download The Property Management Software Switching Guide to understand what to look for, when it’s worth switching, and how to run a migration without unnecessary disruption.

Get your free copy below.