Top 5 Management Software for Modern Apartment Buildings

time to read article5 minutes

article date 2021-10-22

Each year, the property management industry generates revenue of about $88.5 billion in the United States. Due to a large amount of money fluctuating from real estate rentals, you shouldn't be surprised that so many software companies have emerged to help investors, landlords, and property managers. It helps them to stay organized, both for daily tenant communication and management and also for tax purposes.

Organizing your finances and managing your property's day-to-day has become obligatory for landlords, investors, and property managers. Furthermore, in the capacity of a modern apartment building's manager, you are juggling a wide range of tasks at once. In the world of endless to-do lists, bursting inboxes, and ringing phones, nothing ever seems to be finished. Fortunately, there are tools available such as Mailroom by PackageX to let you stay organized, stay on top of your workload, and streamline operations.

With the right property management software, you can attract, screen, and manage tenants, respond to their maintenance requests, and account for everything that goes into managing properties. We have outlined our five top-performing management software solutions to make your modern luxury apartments run smoothly and efficiently.

Top 5 Software for Your Modern Apartment Building

1. Mailroom by PackageX

Managing a modern apartment building means handling hundreds of packages incoming and outgoing daily. And for that, you need Mailroom by PackageX – one-of-a-kind software that one needs to have without a second thought. Using machine vision, Mailroom by PackageX automates the process of notifying, tracking, and distributing packages with the snap of a label. The software can scan up to 50 packages in a single go!

The software is not just for modern apartment complex plans. It is designed to work across all industries, including higher education, real estate, virtual offices, coworking spaces, hotels & resorts.

The process mechanism is so simple that you take a photo of the package. The remaining extensive work is controlled backend by the management software. It will do the following functions for you:

• Extract all relevant information

• Find the correct recipients

• Send notifications by using webhooks

• Automated reminders to recipients through multiple mediums

• Secure proof of pickups

• Keep track of every incoming and outgoing mail

A cloud-based software, Mailroom by PackageX is trusted by great teams and operated in 210+ cities worldwide. PackageX can also design, customize, and optimize workflows to create a strategy that will bode well for your modern apartment complex by putting your customers' focus on what matters most.

2. AppFolio

With the ability to handle residential and modern apartment complexes, it's one of the best options you can choose no matter what type of property you manage. You can post vacancies directly onto your website using this tool, and it syncs with third-party hosting sites to provide sleek marketing tools.

As well as quickly resolving maintenance problems and establishing rent increases based on the lease terms, you can use our leasing software to manage your properties.

The software provides all the features you need to manage residential properties, so you do not need a third-party app to screen tenants or financial software to handle accounting. It has been designed to handle complex leases, specialized reports, and reconciliations between CAM and other related data.

3. MRI Commercial Suite

Specifically designed for modern apartment complex plans, MRI Commercial Suite makes it easier to stay on top of centralizing all information on building, suite, and lease. Various businesses have implemented the software to reduce operating costs, improve strategic planning, and automate certain tasks. A powerful lease calculation tool from MRI incorporates clauses, breakpoints, offsets, and estimated payments as part of its commercial real estate management software. You can gain insight and improve your decision-making process with additional reporting and data visualization capabilities.

4. RealPage

A global leader in real estate software, RealPage was founded in 1998 to offer a comprehensive range of computer applications for real estate professionals. Especially for those working in a modern apartment building. In 2017, RealPage relaunched as RealPage property management software.

All essential features are available with RealPage PMS, such as property management, leasing, budgeting, and marketing. In addition to giving users enterprise-grade functionality, it can integrate with other RealPage products to provide facilities management, learning management, revenue and expense management, utility and waste management, and much more.

While it boasts an extensive feature set, RealPage presents key information in an easy-to-understand manner in the form of graphs and charts.

5. Condo Control Central

An established software platform for property management that has been operating for over 12 years. This particular solution is for condominium associations and modern apartment buildings managed by HOAs. While Condo Control Central provides property managers and employees with the necessary features to effectively manage a building, its real advantage does not come from its property management features. As a community management platform, the app serves to foster and build relationships between residents.

Condo Control Central is distinguished from other software platforms through features such as discussion forums, events calendars, adherence tracking, package scanning and tracking, security patrol, concierge, and others. Additionally, to its community-focused features, the software also offers a wide range of integration options.

Why Do Modern Luxury Apartments Need Management Software?

Dealing with Vacancies:

You should make sure to rent out all available units and not let empty units sit empty for longer than necessary to maximize return on investment. Additionally, most software can set up notifications when the lease expires 60 days from now, giving you enough time to renew with a current tenant or list that unit for rent.

Timely response to maintenance issues:

It is crucial to have software for modern apartment buildings to create work orders and represents an avenue of communication between tenants and landlords.

Improve retention rates:

A PMS can boost residents' engagement and provide valuable communication tools. Rent retention rates are higher when tenants are happy.

Automate processes to save time:

To reduce the amount of time you spend on these daily tasks, using property management software can be of great help.

Keep your modern apartment building records and accounts in one place: Managing your property with the software will allow you to collect important information in a central location. The best PMS is intuitive and easy to navigate.

Finance management:

One mistake in accounting can result in a lot of stress, time, and money. Management software can improve your bookkeeping, track spending, and store bank account information – all the crucial operations of a modern apartment complex.

Integrations with other Proptech:

Proptech tools can be integrated into your property management software. For instance, your PMS can be integrated with your intercom system or access control system.

Bottom Line

The first step to efficiently managing your modern apartment building business is finding property management software, irrespective of size. Your requirements will determine what type of property management software you need. We believe that these are among the best software applications on the market today, but in the end, you must choose based on your budget and requirements. You can schedule a one-on-one demonstration with most of these companies to learn more about how the software works. A system comparison like this can be helpful to assess what system is right for you.

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