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What to Consider When Investing in Property Management Software

September 26, 2024

Managing property and housing can feel like wading through quicksand. Setting up invoices, sending receipts, and creating financial reports manually can take up a lot of your time and energy.

This often leads to burnout, taking your focus away from tracking every last penny. That’s where property management software swoops in to save the day.

For estate agents with big portfolios, the challenges are real:

Market ups and downs
Fierce competition
Juggling time
Meeting sky-high client expectations
Staying on top of finances

What you need is a tool that does the heavy lifting—automating the boring, repetitive work so you can keep your eye on bigger things. In this article, we’ll get into what makes Property Software stand out and how it can fit your business like a glove.

Main Focus for Estate Agents When Picking Property Management Software

When real estate owners are on the hunt for property management software, they’re looking for more than just basic features. They want a powerful tool that can:

Track tenant details, manage lease agreements, and send renewal alerts without missing a beat
Make submitting maintenance requests a breeze
Keep rent collection and expense tracking on point, with no room for errors

But that’s not all—good quality property software should also come with:

Mobile App

In today’s fast-paced world, real estate agents are constantly on the go. Remote working is no longer a luxury, but a necessity. With tenant demands and market dynamics changing at the drop of a hat, staying glued to your desktop at the office is simply not an option!

This is why think-tanks at successful property management businesses incorporate mobile apps into their software. Having instant access to your property portfolio can significantly boost your workflow. This lets you handle maintenance requests, track rent payments, or update lease agreements even on a coffee break.

Rex Software takes this need to the next level with its all-purpose mobile app. Whether you’re on-site at a property or in between meetings, you can have your business running smoothly. With Rex Software’s mobile app, you’re not just keeping up—you’re staying ahead of the game.

Software Dedicated to the Property Market

When estate agents use generic software, they often run into problems because these tools aren’t designed specifically for real estate.

These one-size-fits-all solutions might be okay for other industries but in real estate. Because they often lack features like tracking properties, managing client relationships, and marketing. This can be confusing and inefficient because agents end up juggling different tools just to handle basic tasks.

Additionally, generic software often doesn’t work well on mobile devices, which is a big drawback for real estate agents who need to stay in touch with clients. This can lead to missed opportunities and lower productivity.

Unlike those watered-down systems, Rex is designed specifically for the real estate industry. It offers specialised tools for tracking properties, managing client relationships, and automated marketing. Plus, its mobile app lets agents handle tasks on the go.

AI Integration for Smarter Operations

Industries need AI tools because it’s like having a supercharged assistant that keeps you ahead of the game and ready for whatever comes next.

Smart Ad Text: Automatically creates property descriptions by pulling details from existing listings, saving time and ensuring accurate marketing.
Smart Filters: Makes it easy to find properties by letting agents search with simple filters, improving efficiency.
Smart SMS & Email: Helps agents send personalised messages by understanding the context, leading to better client engagement.
Data Utilisation: Uses CRM data to provide insights that help with marketing and communication, supporting better decision-making.
Integration and Usability: Allows agents to use everyday language for commands, making the AI tools more accessible and easy to use.

Established and Proven in the Market

When choosing property management software, estate agents should look for tools that are reliable and offer good support. Rex Software stands out because of its:

Proven Track Record: Rex Software had kick-started its way into the market in 2010 with only $100,000 in capital and just 15 users. After 7 years of brainstorming, Rex came up with unique features that set it apart. After stepping into the UK market in 2018, Rex now has 38% users in that region.

Positive Reviews: Rex Software has many success stories, like with Spicerhaart. Five years ago Spicehaart chose us for their sales CRM. Fast forward to present day, they rely on us for an end-to-end software solution for Sales, Rental Settings, and Property Management.

AI Integration: Rex Software uses advanced AI features like Smart Ad Text and Smart SMS to automate tasks and improve communication, letting agents focus on more important work. It’s powered by OpenAI, ensuring high-quality results.

Ongoing Support: Rex is always updating its features based on user feedback. Rex has an online voting platform named UserVoice where you can vote for your favourites and add suggestions.

Comparing Leading Property Management Software Solutions

When estate agents search for property management software, they’re after a tool that can streamline their workflow, eliminate the hassle, and offer real peace of mind. Let’s do a quick comparison.

Rex Software

Best for: Real estate professionals looking for advanced AI-driven marketing and CRM integration.

Features: Property listings management, CRM, automated email marketing, AI-generated content, task management, mobile app.

Pricing: Scales with agency size. Clients need to have one-on-one conversations about their industry-specific designs to know the approximate price.

Support: Strong customer support and training. Has online voting services to learn customer preferences.

Buildium

Best for: Larger agencies managing multiple properties, especially those needing solid financial management tools.

Features: Tenant and lease tracking, online payments, maintenance management, accounting.

Pricing: Starts at $450/month, more suited for larger operations.

Support: Extensive support with live chat and knowledge base.

DoorLoop

Best for: Smaller agencies or individual landlords looking for ease of use at a lower cost.

Features: Tenant tracking, rent collection, maintenance, and reporting tools.

Pricing: Starts at $59/month, affordable for smaller setups.

Support: Positive feedback on customer service.

RentRedi

Best for: Individual landlords or small property managers who need simple automation tools.

Features: Rent collection, tenant screening, property listings, eSignatures, repair tracking.

Pricing: Very affordable at $12/month.

Support: Solid support through various channels.

Conclusion

A good quality property management software should stand out with AI integration, scalability, and strong marketing tools. By understanding the clients’ vision, they should build solutions tailored to your industry.

Although Rex offers a wide array of business features, real estate agents are recommended to explore their options and choose what works best for them.