May 21, 2024

15 Best Property Management Accounting Software in 2024

Chief Customer Officer - Second Nature

Kristin Johnson Founder & CEO of TripleTie

Property management accounting is a specialized branch of accounting that deals specifically with the financial management of rental properties. Property management accounting includes tracking rental income, managing expenses, handling tenant deposits, and producing financial reports. It helps property managers maintain accurate and comprehensive financial records for each property they manage.

In today's complex real estate landscape, managing single-family rental properties can be a daunting task, especially when it comes to accounting and finance management.

Understanding property management accounting, as well as the best property management accounting software to support it, can make this task significantly easier.

In this article, we're talking to a property management accounting expert. We’ll delve into the best property management accounting software available in 2023, and we’ll help you choose the right software that fits your property management needs. We'll also address frequently asked questions about property management accounting software, including aspects like ease of use, integrations, pricing, and support.

In general, property management accounting software serves to alleviate the time and effort that might be required to manage finances manually. It can also help plan for expenses, foresee any cash flow issues, and make better-informed financial issues. And perhaps most importantly, it helps property managers stay in compliance with requirements around tax calculations and reporting.

Note that there are two key components of property management accounting: corporate and trust accounting.

Corporate accounting involves the financial transactions and record keeping of the property management company itself and is generally the same kind of accounting you’d do with any business or corporation. This might include the company's operational expenses, income, taxes, payroll, etc.

Trust accounting, on the other hand, is unique. It concerns the financial management of clients' funds held by the property management company. This can include tenant rents, security deposits, and funds reserved for property maintenance or repairs. It's crucial to keep these funds separate and accurately tracked to comply with legal requirements and maintain transparency with property owners.

Because of the unique nature of bookkeeping with trust accounting – and its relevance for property managers – we’re mostly focusing today on trust accounting, or software that can manage both corporate and trust accounting.

So, whether you're new to property management or an experienced professional looking to upgrade your software, this article has something for everyone. Let's get started!

Meet the Expert: Kristin Johnson, Founder & CEO of TripleTie

Kristin Johnson founded and leads the property management accounting solution TripleTie, which is designed to help property management companies manage and conduct accurate trust accounting.

Related: Best Single Family Property Management Software

Best Property Management Accounting Software

Let’s go over some of the best property management accounting software solutions in 2023. After that, we’ll also share an extensive FAQ that we had with Johnson about the ins and outs of property management accounting.

Before diving into our list, we asked Johnson what good property management software should include.

“Having the ability to work within one system is huge,” she says. “Rather than having to parse out, for example, I do my screening over here, and I do my maintenance over here. Instead, you have it all integrated and built-in, and the system talks well with itself. You’re not having to import and export so much data. That’s crucial.”

She gives an example of a time when she was using a platform that didn’t have that capability.

“When we were working in New Mexico, we had to charge sales tax on services. So our management fees, our RBP, all of those things had to have sales tax added onto them. Our software at the time didn't have a function built where I could say, ‘This item is taxable, and this is the tax rate.’ I had to manually create recurring bills on every single one of those fees. And then, every year, when the state updated the sales tax rate, I had to go and update thousands of recurring bills. It was a nightmare!”

So, as we go through the list, keep in mind that different software has various degrees of customization, open APIs, etc. Cost is a big consideration, but looking for an all-in-one is also important.

1. Rentvine

Johnson’s top recommendation for accounting software is Rentvine.

“Rentvine is really dialed in on trust accounting,” Johnson says. “There’s no need for a lot of the workarounds that we see in some of the other trust accounting providers. At its core, it’s a true trust accounting platform, and then the beauty and usability are built on top of that piece.”

Rentvine is deeply customizable for property management tools and needs, with the ability to build your unique owner statements, custom management fees, custom late fees, etc.

“The other thing I love about Rentvine is that it does have an open API,” Johnson says. “So if you did want to integrate with an external maintenance company, for example, you can get a seamless integration through the API.”

Pros:

User-friendly design with an intuitive dashboard that simplifies property management and accounting tasks.
RentVine's accounting system is robust and includes automatic rent collection, workflows, real-time expense tracking, and detailed financial reporting.
Features like online tenant portals, CRM, maintenance request management, and built-in messaging make tenant communication more streamlined.

Cons:

Some users have noted that the mobile app lacks some of the desktop version's features.
While RentVine offers excellent features, the platform may be more expensive compared to other options, especially for smaller property portfolios.

2. AppFolio

AppFolio is an extremely popular property management platform that works well for both residential and commercial property management. It has a modern and intuitive interface but can be pricey with add-ons and complex to use.

What we like about AppFolio is the reporting ability, property management automation (late fees, smart bill entry, etc.), utility management features, etc. The drawbacks include the price and, as Johnson points out, it’s not as customizable as she would want for an accounting piece.

“It is not a super strong accounting platform and does require a lot of workarounds,” Johnson says.

However, if you’re willing to use a few workarounds and you like AppFolio for the other key features, it does have a solid accounting platform.

Pros:

AppFolio provides a comprehensive suite of accounting tools that include automated invoicing, ACH and online payments, financial reporting, and bank reconciliation.
It offers a CRM with excellent resident and owner portals for transparent communication, metrics, and easy access to financial data.
AppFolio supports both corporate and trust accounting, which is important for regulatory compliance.

Cons:

AppFolio is not as customizable as other software options and may require workarounds.
While AppFolio is feature-rich, it has a steeper learning curve which may be challenging for less tech-savvy users.
Pricing is based on a per-unit model, which could make it expensive for managers with a smaller number of properties.

3. Buildium

Buildium is a comprehensive property management software designed to simplify all facets of property management, including robust accounting features. It provides seamless handling of all property-related transactions, from tracking rent payments and vendor bills to handling maintenance costs and fees. The software also supports both corporate and trust accounting, ensuring legal compliance and transparency.

Pros:

User-friendly interface with a strong emphasis on accounting.
Automatic bank reconciliation, making it easy to manage multiple accounts.
Robust reporting, including balance sheets, cash flow, and income statements.

Cons:

The learning curve can be steep for those new to property management software.
Advanced key features may require premium plans, which could be costly for small businesses.

4. Yardi Breeze

Yardi Breeze is a cloud-based property management software ideal for smaller-scale PMCs. The platform offers a robust suite of tools, including strong property management accounting capabilities.

Pros:

Yardi Breeze provides in-depth financial reporting and accounting features, from tracking rent collection and expenses to generating financial statements.
It has a user-friendly interface and offers automated invoice processing and bank reconciliation, simplifying accounting tasks.
It supports both corporate and trust accounting, crucial for legal compliance and transparency.

Cons:

The software is feature-rich, which may result in a steep learning curve for those unfamiliar with property management software.
Some users have reported that customer service response times can be slow.
Its comprehensive features come at a higher price point compared to other options in the market, which may be a barrier for smaller businesses.

5. Hemlane

Hemlane is a cloud-based property management solution designed for small to midsize businesses, with a focus on facilitating the relationship between property owners and managers, residents, and service professionals.

Pros:

Hemlane's accounting features are comprehensive, providing the ability to track income and expenses, automate rent collection, and generate financial reports.
It supports both corporate and trust accounting, helping property managers maintain compliance and transparency.
User-friendly and intuitive interface, which is a big plus for those new to property management software.

Cons:

While it has a good range of features, some users report that it lacks the depth of more comprehensive management systems.
Some users have reported occasional system slowdowns and bugs.
Limited customer support hours can make it challenging for businesses that operate outside of these times.

download rental inspection checklist template

6. TenantCloud

TenantCloud is a cloud-based property management software solution suitable for landlords and property managers of all sizes. It offers a wide array of features, including a dedicated accounting module.

Pros:

TenantCloud’s accounting features allow users to track income and expenses, send invoices, collect online payments, and generate financial reports.
Its intuitive interface and ease of use are especially appealing for those new to property management software.
TenantCloud supports both corporate and trust accounting, facilitating legal compliance and transparency.

Cons:

Some users report that the system can be slow and occasionally glitchy.
While its basic features are on a free plan, advanced accounting functionalities come with paid plans, which might be a drawback for small businesses.
Some users have reported that the customer service could be more responsive and supportive.

7. Rent Manager

Rent Manager is a versatile property management software solution that provides a wealth of features tailored to property managers, including accounting.

Pros:

Rent Manager's accounting features are comprehensive, enabling users to track income and expenses, automate invoicing, and payment processing, and produce detailed financial reports.
The software offers both corporate and trust accounting, ensuring compliance and providing transparent financial management.
Rent Manager's open API allows for integration with numerous other software solutions, making it a flexible choice.

Cons:

Some users find Rent Manager's extensive features a bit overwhelming, leading to a steeper learning curve.
The cost can be high for small businesses or those with fewer units, as pricing is based on the number of units managed.
While Rent Manager offers comprehensive support, there are some reports of slower response times.

8. Propertyware

Propertyware is a cloud-based, end-to-end property management software that offers a range of features, including a strong accounting suite. They offer custom fields and automation for PMs, real estate investors, and residents.

Pros:

Propertyware’s accounting module is quite comprehensive, allowing users to track income and expenses, handle online payments, and generate detailed and customized financial reports.
It supports both corporate and trust accounting, important for maintaining transparency and legal compliance.
It includes an “owner portal” and maintenance request management features.

Cons:

The initial setup can be complex to get right, and there can be a steep learning curve for those new to property management software.
The pricing is not ideal for smaller PMCs with fewer than 250 rental properties.

9. Rentec Direct

Rentec Direct is a web-based property management software designed for “landlords” and property managers, offering a wide variety of features, including an extensive accounting system.

Pros:

Rentec Direct's accounting tools provide capabilities for tracking income and expenses, automating rent collection, and producing in-depth financial reports.
It supports both corporate and trust accounting, helping ensure legal compliance and transparency.
Features like owner portals, work order management, tenant screening, and SMSM services.

Cons:

The product and interface are older and less intuitive than others on the market.
The reporting feature, while robust, may require some time to understand and use effectively.
Some users have reported that the system can be slow at times, particularly during peak usage hours.

10. DoorLoop

DoorLoop is a property management software designed to streamline the management process for property managers with all sizes of portfolios. It comes with a robust accounting suite, among other features.

Pros:

DoorLoop's accounting features are extensive, allowing for the tracking of income and expenses, rent collection, and generation of financial reports.
It supports both corporate and trust accounting, ensuring legal compliance and providing transparent financial management.
The software has a user-friendly interface, making it an attractive choice for users with varying levels of tech proficiency.

Cons:

While DoorLoop offers many features, it may take some time to get used to all of its capabilities, and it is less customizable than other options.
Some users have reported occasional system slowdowns and bugs.
The cost could be high for those managing a smaller number of properties as the pricing is based on the number of units managed.

Honorable Mentions

The list above is not intended to be exhaustive, but we did want to make a brief mention of a few other software applications for property managers that incorporate some accounting features:

RealPage
RealPage provides a technology platform rather than a software application per se, with the aim of enabling “real estate owners and managers to change how people experience and use rental space."
ResMan
Tagline: “ResMan’s industry-leading property management platform helps multifamily and affordable housing managers operate more efficiently and deliver higher rates of return to investors.”
Entrata
Tagline: “The operating system built to help you focus on residents, not technology.”

A Note on Other Accounting Software

While this article focuses on software tailored to property management accounting, it's worth mentioning general accounting solutions like QuickBooks online.

QuickBooks, a well-known accounting software, is versatile and can be effectively used in a variety of industries, including the real estate business. It offers robust features like tracking income and expenses, invoicing, and generating detailed financial reports.

However, because it's not specifically designed for property management, it may lack specialized features like tenant and lease tracking or lease management, maintenance requests, or property-specific reporting. That's why it didn't make our main list, but for some property managers, especially those managing a small number of units, it might serve their needs adequately.

FAQ: Property Management Accounting

At Second Nature, we’ve been in the SFR property management space for a long time. We gathered up some of the most burning questions property managers ask about property management accounting.

Kristin Johnson helped us answer them.

What accounting should I use for property management business?

Kristin Johnson: The type of account property managers need is a true trust account – which very few banks actually offer. Many local banks or even big ones like Chase and Wells Fargo will give you a checking account and then label it a trust account. That is NOT a trust account.

In normal bank accounts, you have $250K of FDIC insurance. A trust account has FDIC insurance per owner that has funds in the account. So they each have $250K of FDIC insurance. The only bank that I’m positive offers true trust accounts is Enterprise.

How should you report rent in property management accounting?

Kristin Johnson: If a tenant pays early, it's considered prepaid rent. It needs to stay booked as prepaid rent until it gets actually booked against the rent charge, and only then should the funds be made available to the owner.

I know that some property managers use it to pay bills. But technically, it’s a liability until it's actually earned, so it should not be used to pay bills, and it should not be distributed to the owner. Those are funds that belong to the renters until there's an actual rent charge booked against them. That's piece number one to understand.

Then, getting to the end-of-year side of it, the IRS does lay out that prepaid rent is taxable in the year that it is collected. So it should be reported as part of the 1099 income.

What is the purpose of clearing accounts in property management?

Kristin Johnson: The clearing account really serves as an intermediary while the security deposit funds are essentially in transit.

When we're getting ready to move out a tenant, those funds get released from the holding account, and it goes into the clearing account where we are booking, say, cleaning against it or whatever move-out charges need to go against it before we do a final distribution to the tenant. So it's just kind of a quick intermediary place where it sits very temporarily before the security deposit gets released and then distributed.

Who is responsible for sales tax in property management?

Kristin Johnson: Well, it depends on the function of the sales tax. There are a couple of different instances where sales tax comes into place. For example, New Mexico is a sales-tax-on-services state. Everybody is responsible for sales tax, meaning if it's a management fee, the owner is responsible for the sales tax. If it's a tenant fee, the tenant is responsible for paying the sales tax. Ultimately, the PM is responsible for gathering that sales tax and remitting it to the state.

There are some states where rent is taxable. Similarly, in those states, the owner is ultimately responsible for the sales tax. But many times, the PM will collect the sales tax from the tenant and pay it to the state on the owner's behalf.

A lot of times, what we'll see is, for example, the rent may be a thousand dollars, and the state says we need 7% of that. So you would tack an additional 7% onto the rent. The tenant would pay the thousand dollars plus the 7%, which would come into a liability or holding account on the ledger. Then a lot of times, the PM would pay that to the state on behalf of the owner.

What should be the frequency of record keeping in property management?

Kristin Johnson: “Money in should be accounted for immediately as received. States will usually dictate how quickly receipts have to be deposited, but our recommendation is that they always get deposited same day with the bank or as soon as practical thereafter.

As far as record-keeping to the owner goes, most states actually mandate that at least monthly reporting happens to the owner.

Certainly, in trust accounting, record keeping should be looked at daily, weekly, and monthly to make sure that it's staying in line. Soft reconciliation should be happening at least weekly, if not daily, to ensure that all of the money is fully accounted for and that you're not going to have any issues when you're closing out the end of the month.

Why would a property management firm use classes in accounting software?

Kristin Johnson: Classes could be done by various categorizations: single family, multifamily, commercial – in other words, the type of property that you're managing if you wanted to keep records that way.

We always used classes in our company because we were in seven markets, and so we would use classes per market. If I wanted to track my Farmington location or my Denver location, or my Charlotte location, I had all of my income and expenses broken down in classes by location.

It could be location, it could be property class type, really whatever kind of granular level you want to dive down and break out could be done by classes.

Do PMs set up owners as vendors in accounting software?

Kristin Johnson: If you're working in a true property management software, owners will be set up as owners, and you would do owner distributions to them as owners.

It's possible that if someone's not using a trust accounting platform – if they're using something like QuickBooks – then probably yes, you would have them set up as vendors.

But if you're managing a true trust accounting software, I don't ever recommend setting up owners as vendors. It kind of convolutes end-of-year reporting. You have to issue 1099s to your owners, and you have to issue 1099s to vendors. If you have them set up both as an owner and as a vendor, you're theoretically sending out two different 1099s – which wouldn’t necessarily be proper.

How much should a property management company spend on accounting?

Kristin Johnson: Accounting is one thing in property management that you don't want to skimp on. The most important function of a property manager is to be a good steward of other people's money.

I don't know that there's a range, but I will say that it very well may end up being your largest expense. But worth the money.

Conclusion

The software you choose for property management accounting can significantly streamline your operations and contribute to the growth and success of your business. Each option has its strengths and potential drawbacks, so it's vital to select a solution that fits your unique needs and portfolio size.

By equipping yourself with the right tools, you can streamline your accounting processes, ensure accuracy and compliance, and ultimately, drive your property management business toward greater success.

If you want to get more input on your property management software, check out our Triple Win PM Community on Facebook. Or, see more of our studies on property management best practices and services like our Resident Benefits Package.

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Benefits of Outsourcing Property Management Services

Property management services have changed by leaps and bounds over the past 5-10 years. And property management outsourcing services have grown along with it. While the traditional approach to property management simply provided the basics – maintenance, rent collection, etc. – entrepreneurial PMs saw a massive gap in that value proposition and have transformed the real estate industry. Now, property management services are increasingly seen as a way to generate value for residents, real estate investors, and property management companies. PMCs are delivering resident benefits like credit reporting, renter’s insurance programs, pet guarantees, and more. And each of these services acts as a value add for everyone involved. But that can also add extra burden and cost to your property management business when your team is already spread thin. One of the best ways to offer value without overextending your team is to outsource some of those PM services to PropTech products, contractors, or a fully managed solution. Today we’re going to talk about this option in more detail. Whether you’re just getting started in property management or a seasoned pro, we hope you’ll find something here to help. Key Learning Objectives: What is outsourced property management? What services add the most value to the resident experience? What property management services are most easily outsourced? What are the costs associated with outsourcing PM services? What are the benefits of outsourcing PM services? What is Outsourced Property Management? Outsourced property management refers to the practice of paying for a third-party company or product to handle certain tasks or operations for your property management company. This could include tasks such as tenant screening, resident benefits, renters insurance programs, rent collection, maintenance and repair coordination, lease enforcement, financial reporting, and more. Property management is, in itself, an outsourced service for real estate investors/property owners. Just as property owners often choose to outsource their property management to save time, reduce stress, and ensure they stay profitable – property management companies may outsource several of their services for the same reasons. Property management outsourcing services, whether PropTech products or fully managed solutions, allow property management companies to build efficiencies and focus on quality and growth. Outsourcing certain services can give residents more of what they need and investors more value for their dollar. What Services Can Property Management Companies Outsource? Advances in technology and innovation within the property management industry have given PMCs greater flexibility in terms of outsourcing key services. As a property manager, you may outsource for a range of reasons. Maybe you’re still building up your team and need cost-effective expertise in a certain area. Maybe you have core products you want to focus on and want certain services to take less of your time. Maybe your investors or residents are asking for out-of-scope services that you can offer for an additional fee. Overall, outsourced property management services can help PMCs save time, reduce stress, and maximize the profitability of their company. So, what are some of the most commonly outsourced property management services? They can be grouped into a few categories: A single-family property management software and integrations that enable all kinds of business operations. Maintenance and repair. Many PMs outsource things like plumbing, HVAC, and other contractor work. Resident benefits and ancillary services. Property managers often outsource value-driving products like an RBP and other services that investors want, and residents will pay for. Let’s dig into the services that might be included within each of those larger categories. Rent collection Third-party payment processing companies can handle the actual collection and processing of rent payments for the PMC. The property management company will provide the payment processing company with the necessary information and details about the residents and the property, including lease terms, payment due dates, and amounts owed. The process may involve various payment methods, such as online payments, credit card payments, ACH transfers, or other payment options. Some popular outsourcing solutions that help collect rent include Buildium, Propertyware, and AppFolio. Second Nature provides a fully managed service that helps ensure your residents pay rent on time. Repair and maintenance Many PMCs outsource repairs and property maintenance. We’ve spoken with experts like Bob Preston, who run their own maintenance companies separately as another source of income and an added value to their clients. When a property management company outsources repair and maintenance, it typically involves hiring third-party contractors or service providers to handle the actual repair, upkeep, and maintenance tasks required for the property. Outsourcing repair and maintenance can offer several benefits for property management companies. You can access a broader range of specialized skills and high-quality expertise, which may not be available in-house, and save time and resources by avoiding the need to recruit and manage in-house staff to handle repair and maintenance tasks. Marketing and advertising Marketing isn’t everyone’s strong suit, and that’s okay! When a property management company outsources marketing and advertising, it typically involves hiring a third-party marketing or advertising agency to handle the promotion and advertising of the rental properties. The agency will work closely with the PMC to develop a comprehensive marketing strategy that aligns with the property's unique selling points and target audience. The marketing agency may use a variety of advertising channels and mediums to promote the property, including social media marketing, search engine marketing, online advertising, email marketing, print advertising, and other marketing channels. They may also create engaging content and visuals, such as videos, images, and virtual tours, to showcase the property's features and amenities. Legal Most PMCs outsource their legal services to a third-party law firm or attorney to provide legal advice and representation on various matters related to the property or properties. Legal services that may be outsourced can include lease agreements, evictions, compliance with local and federal laws and regulations, dispute resolution, and other legal matters that may arise in the course of managing the property. Outsourcing legal services helps minimize legal risks and liabilities, ensure compliance with applicable laws and regulations, and protect the property investor’s interests. Accounts and finance Many PMCs outsource to an accounting firm or financial service provider to handle the financial management and reporting. The outsourced firm will work with you to manage financial records, provide financial reporting, and ensure compliance with accounting standards and regulations. Accounting and financial services that may be outsourced can include bookkeeping, financial statement preparation, tax planning and compliance, budgeting and forecasting, and other financial reporting and analysis. Overall, outsourcing accounts and finance can help property management companies to operate more effectively and efficiently and achieve their financial objectives while minimizing financial risks. Insurance PMCs often work with a third-party insurance broker or agent to provide insurance coverage and manage insurance-related issues for the property or properties. The insurance coverage that may be outsourced can include property insurance, liability insurance, workers' compensation insurance, and other types of insurance coverage that may be necessary or recommended for the property. Another way to outsource insurance is to find a service that provides a renters insurance program like Second Nature’s. Ensuring that residents have insurance coverage is a priority for 90% of property managers, but only 41% of residents maintain compliant coverage. At Second Nature, our renters insurance program has 100% compliance. You can learn more about our coverage and fully managed Resident Benefits Package in our 2023 Resident Experience Report. Safety and security Many PMCs outsource to a security company to provide safety and security services. The security company will work closely with the property management company to assess safety and security needs, design and implement safety and security protocols, and provide safety and security personnel and equipment as needed. Security services that may be outsourced can include security personnel, security systems and equipment, safety training and education, emergency response planning and execution, and other safety and security-related services. Costs of Outsourcing Property Management Services? The cost for a PMC to outsource some property management services can vary depending on a number of factors, such as the scope of services required, the complexity of the work, the location of the service provider, and the level of expertise required. Some service providers may charge a flat fee, while others may charge an hourly rate or a percentage of the property's rental income. The cost of outsourcing property management services can range from as low as $1 per property per month to as much as hundreds of thousands of dollars annually, depending on whether it’s a full-service tech solution, simple maintenance services, a Resident Benefits Package, etc. It's important to note that while outsourcing property management services can come with a cost, it can also provide benefits such as increased efficiency, reduced workload, and access to specialized expertise. Before outsourcing any services, it's important to carefully consider the potential costs and benefits and to choose a service provider that offers high-quality services at a reasonable price. Benefits of Outsourced Property Management Services Outsourcing property management services can have a massive impact on your return on investment per door and per client. Outsourcing also helps with scaling when you can’t afford to run every service in-house. With the ability to outsource, you can offer more value to your clients without skyrocketing your operating costs. You can also drive secondary sources of revenue through outsourcing. Not convinced? Let’s go over some of the real-life benefits we’ve seen PMCs leverage with outsourcing select services. Cost savings Outsourcing property management services can save property management companies significant costs associated with hiring and managing in-house staff, as well as investing in technology and infrastructure. Outsourcing can also help to minimize overhead costs, such as office space, equipment, and supplies. Let’s think even bigger. Outsourcing value-generating services like a Resident Benefits Package has multiple benefits: boosting resident satisfaction, incentivizing on-time payments, and reducing vacancy rates. Talk about a cost-saving win! Increased efficiency We’ve seen PMCs use outsourcing to streamline their operations, reduce administrative property management tasks, and increase productivity. This can free up time and resources for property management companies to focus on core business functions and strategic planning. Instead of using your own team for time-consuming tasks, you can outsource them. Access to expertise Outsourcing property management services allows PMCs to access specialized expertise and skills that may not be available in-house. This can include legal, accounting, marketing, and maintenance expertise, among others. Outsourcing can also provide access to the latest technology and software, which can improve efficiency and effectiveness. Better risk management Property management inherently involves risk. You’re managing people’s lives on the one hand (residents) and investments on the other (owners/investors). Outsourcing can help better manage risks associated with property management, such as legal liabilities, compliance issues, and safety and security concerns. This can help protect your company from financial and reputational damage. Improved resident satisfaction You can more seamlessly and reliably improve resident satisfaction by providing better maintenance and repair services, more efficient rent collection, and faster response times to tenant concerns and requests. This can help to increase tenant retention and attract new tenants. Higher employee satisfaction Outsourcing services to a third party is a direct way to impact your employees’ satisfaction. How? Outsourcing helps reduce workload, gives access to better training and development, improves working conditions, and provides a better work-life balance. Often, outsourcing means that your employees get to focus on the core functions that they love instead of getting bogged down in tasks they don’t love or don’t feel equipped for. Factors to Consider When Outsourcing Property Management Back Office Services Selecting the right property management outsourcing services provider is a crucial decision that can significantly impact the efficiency, profitability, and overall success of your property management operations. Here are key factors to consider: 1. Range of services Evaluate the range of services provided by the outsourcing company. Check to make sure they offer the specific services you need, such as rent collection, maintenance, legal support, marketing, financial management, and resident benefits. A comprehensive provider can handle multiple aspects of property management, which can streamline your operations. 2. Industry experience Look for a provider with extensive experience in property management and a proven track record of success. They should have expertise in the specific types of properties you manage, whether residential, commercial, or mixed-use. Experienced providers are more likely to understand industry-specific challenges and deliver effective solutions for various situations. 3. Reputation Research the provider’s reputation within the industry. Check online reviews, testimonials, and case studies to gauge client satisfaction. A provider with positive feedback and strong references is more likely to deliver high-quality services. 4. Cost Evaluate the cost structure of the provider’s services. Compare their fees with the value they offer, as well as review how they bundle these services. While cost is an important factor, it’s essential to consider the overall value and benefits the provider brings to your property management operations. The goal is to achieve a balance between cost-effectiveness and high-quality service. 5. Customer service Effective communication is vital to successful outsourcing. Assess the provider’s responsiveness, transparency, and customer service quality. They should offer multiple channels for communication, ideally with a main point of contact, and provide timely updates on important matters. 6. Technology and innovation Assess the technology and software solutions the provider uses. Advanced property management software can enhance efficiency, improve communication, and provide valuable insights. Ensure the provider leverages the latest technology to offer seamless and efficient services. 7. Compliance and legal expertise Ensure the provider is well-versed in local, state, and federal regulations related to property management. They should be able to navigate legal complexities and ensure compliance with all relevant laws. This reduces the risk of legal issues and ensures smooth operations. How Thousands of PMCs Are Outsourcing Services for Better Resident Experiences Property management companies are always looking for new ways to generate value for themselves, their residents, and their investors. One of the quickest ways to scale and increase return on investment is to outsource property management services. At Second Nature, we’ve pioneered the first-ever fully managed Resident Benefits Package in order to support PMCs with just that goal. Our RBP provides services that residents are proven to pay and stay for – and our team manages every part of the process so property managers can focus on strategy, growth, or work-life balance. We’ve helped thousands of property managers transform their services and their operations with a customized RBP providing services they couldn’t do alone. Our goal is to make property management easier for PMs, residents, and investors – and drive value that benefits all three. We call it the Triple Win.

October 2, 2024

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9 Best Property Management Podcasts to Follow in 2024

As incredibly busy single-family and multifamily property managers, staying informed on the latest industry trends and resources on top of your ever-increasing list of to-dos can feel near impossible. But thankfully, there is now a wealth of excellent industry podcasts to do the hard work of staying up to date. All you have to do is tune in. Property management industry podcasts make it extra easy for you to gain insight, advice, and practical tips while commuting, cooking dinner, or working out. By listening to industry thought leaders and experts, you'll learn new ideas and perspectives on improving your strategies and ultimately growing your business. We've combed through all of the property management podcasts to find you the eight best ones. And we've made sure they meet the following criteria: The podcast's relevancy to your role as a single-family property manager – With so much information tailored to multi-use property managers, it can be hard to find industry insight into your particular challenges and industry issues. The caliber of the hosts and their guests – we looked for those run by reputable sources endorsed by trusted associations, organizations, and professionals in the property management business. Content quality and diversity of topics – We wanted to see that the podcast covered a wide spread of topics—from real estate investing to leasing challenges to tips like building your cash flow—and provided a well-rounded perspective on the industry. Actionable insights – We looked for podcasts that provided practical tips, strategies, and advice you can readily implement in your day-to-day work as a property manager. Length and accessibility – We all know how tiring it can be for a podcast to drone on and on. We looked for ones that were under an hour and were accessible, engaging, and even entertaining. 1. Triple Win Podcast The Triple Win Podcast is hyper-focused on the needs and challenges of single-family property managers. With each topic it addresses, The Triple Win Podcast looks at how property managers can create and monetize value for their company while also building strong working relationships. Its core focus is finding solutions that are a win-win-win for everyone involved—residents, real estate investors, and property managers alike. The Second Nature team hosts the podcast and invites experts across the industry to discuss topics such as using Practical AI for property management, turning customers into superfans, and tips for revenue building, annual goal planning, and more. The Triple Win Podcast is released twice a month and can be listened to here, and for more insights, subscribe to one of these property management newsletters. 2. Owner Occupied with Peter Lohmann Owner Occupied is an interview-style podcast. Each week, Peter Lohmann invites experts from across the industry to discuss the business side of property management. Lohmann covers super granular topics (like competing with the 3% management fee) and ones that look at the big picture (like how to know which opportunities to pursue and which to let go). Lohmann interviews experts such as Michael Girdley of the Complete HoldCo Course, Todd Ortscheid of Always There Repair, and Brandon Scholton of Key Renter Denver. The best part of this podcast is that Lohmann lists the time stamps in the description. So, if you don't have time to listen to the full interview, you can easily skip to the parts that most interest you. Find Owner Occupied on Spotify here and tune in weekly for valuable information and insightful interviews. 3. Property Management Business with Marc Cunningham Marc Cunningham of PM Build works tirelessly to help property managers build their people, profit, and processes. And he shares a wealth of industry tips in his podcast Property Management Business. Each episode is less than 30 minutes, making it incredibly accessible and easy to fit into your day. Marc brings an optimistic and grounded perspective to the industry, inspiring property managers to build strong working relationships with property owners, tenants, and realtors. He also encourages property managers to simplify maintenance and discover the industry's exciting future. Tune in for new episodes each month and be inspired to grow your business here. 4. The Profitable Property Management Podcast Do you love to hear success stories of non-stop go-getters? Well then, The Profitable Property Management Podcast is for you. The host, Jordan Muela, has worked in the industry for over ten years, started three businesses, hiked the Grand Canyon to raise money, launched two podcasts, and released the industry's first financial benchmarking study. And he brings all of that energy and expertise to his interview-style podcast. "This podcast is dedicated to the property manager entrepreneurs that refuse to settle in life and business," says Muela. And it's clear he's walked the talk. Tune in to his weekly podcasts on Apple, Spotify, or wherever you like to listen. He'll inspire you to find meaning at work, boost your profit margins, and stay resilient as you navigate the daily challenges of property management. 5. 300 to 3,000 300 to 3,000 is hosted by Matthew Whitaker and Spencer Sutton of Evernest. The episodes vary from 30 minutes to over an hour and a half, but because they are chock-full of tips for adding new properties to your portfolio, we decided to include it in our round-up. Evernest is a national property management company that grew out of necessity. When the 2008 economic crisis happened, Matthew Whitaker owned 30 investment properties he was desperate to sell but couldn't. Using all of their creativity and gumption, Matthew and Spencer launched their property management company. They have grown from the rockiest start to a thriving property management business that oversees 15,000+ properties across the U.S. Every week, Matthew and Spencer provide industry insight from an incredibly thoughtful perspective. They cover interpersonal dynamics (Episode 82: Trying to Build a Great Team? How Trust and Conflict are Essential), the emotional strain of property management (Episode 61: How to Find Clarity in the Middle of Painful Problems), and practical business tips (Episode 55: How to Grow Your Maintenance Department). Tune in here. 6. NARPM Radio The industry's most trusted association is the National Association of Residential Property Managers (NARPM). NARPM hosts conferences and trade shows, provides courses and webinars, advocates for policies that affect property managers, and offers ample networking opportunities for PMs. It's no surprise that their podcast is also an excellent resource. Twice a month, host Pete Neubig interviews different industry experts and provides invaluable insight into the various aspects of property management. Learn how to identify your business's core values, stay focused while growing your business, navigate property management taxes, and more. Connect with the organization on social media and catch the latest episodes here. 7. The Property Management Mastermind Show Like The Triple Win Podcast, The Property Management Mastermind Show focuses on single-family property management and is thus a valuable resource for those in that specific sector. Host Brad Larsen owns RentWerx, one of the fastest-growing property management companies in Texas. Brad brings his own hands-on experience to each episode and provides listeners with insight into the latest trends, best practices, tips for vendors, and more. Catch his weekly episodes here and take your property management strategies to the next level. 8. Property Management Brainstorm This podcast focuses primarily on maximizing your property value and raising your income while maintaining strong relationships with your tenants. Host Bob Preston brings his experience as a Silicon Valley technology executive to the property management space, guiding PMs on using the right technology and implementing effective operations to streamline and scale their businesses. Every week, Bob interviews other industry experts to help property managers think through business strategies and operations. Earlier this summer, Bob re-released our conversation on pest control in rental properties. It was such a delight to chat with Bob and I'm honored they have dubbed it one of their best episodes ever. Tune in to the full Property Management Brainstorm podcast here. 9. The Property Management Show The Property Management Show podcast, created by Brittany Stephens and Marie Liamzon-Tepman of Fourandhalf, Inc., breaks down the keys to business success with insights from industry experts. Launched in 2015, the podcast covers topics such as marketing strategies, industry innovations, and best practices for running a successful property management business. All content is based on the expertise of the folks at Fourandhalf, a marketing agency specializing in helping fee-based property management companies grow through services like website design, SEO, content creation, and online advertising. Catch show episodes here. Alright, there you have it—our nine favorite industry podcasts. We would love to hear which ones you enjoy the most and which ones you would add to the list. Happy listening!

September 30, 2024

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