Best Top 6 Commercial Property Management Software (Reviewed and Ranked)2023

Features of Commercial Property Management Software

Manage commercial properties owned by several people via the owner portal. Give owners access to financial documents and reports on unit and property inspections through an owner portal. allows owners to give property managers money for necessary repairs and upgrades. Send owners ACH payments without delay.

Tenant Portal: Provides online access to information as well as the option to sign leases, pay rent electronically, request maintenance, and submit payments.

Marketing: Post open positions online and decide what kind of rent to charge. Monitor lead follow-up to give higher-value opportunities priority. keeping an eye on marketing expenses and ROI. Promote your brand locally to strengthen it.

Maintenance: Keep up with common area maintenance (CAM), which enables you to keep tabs on the expenses related to the upkeep of the common areas of your commercial properties. Allowing tenants to submit maintenance requests online, maintaining a thorough history of requests, generating work orders for your personnel and support staff, and archiving inspection information including reports and images are all features.

Accounting: Review your financial information in detail using a general ledger, examine your expenses, and look for additional revenue streams. Reports are shared with decision-makers and stakeholders after performance comparisons among properties..

Benefits of Commercial Property Management Software

You must be well-organized if you want your commercial rental property business to succeed. The following advantages can be easily accessed and streamlined with the aid of user-friendly commercial property management software.

Enhance Long-Term Cash Flow with the Help of Reliable Tenants

Quality tenants can be rewarded with simple ways to pay their rent online, submit work order requests, review and sign leases, and more thanks to commercial property management software.

Finding quality tenants is one of the main objectives of every property management company. Commercial vacancies can take longer to fill than residential ones since vacant properties don’t generate any income. This does not imply, however, that vacant positions should be filled by anyone who can write a rent check.

For property managers and owners, the most reliable source of income is from tenants who consistently pay their rent on time, experience few problems, and are willing to break their leases. Finding the ideal business renter might result in long-term benefits because they can develop into a reliable source of income. Commercial leases can last for longer periods of time, making it even more crucial to choose a top-notch tenant who is financially stable.

Software for commercial property management can do tenant screening and evaluate prospective or current renters by looking at things like their history of leasing, how frequently they experience problems, how timely they are with payments, and other factors. This can reduce past-due bills, giving you more time to concentrate on raising the standard

Handle Common Area Maintenance (CAM) Fees With Ease

Common area maintenance fees, or CAM, are specific to commercial property management. In a triple net (NNN) lease, this is one of the net charges that renters are responsible for. A part of your operating expenses that are included with taxes and insurance is CAM. The building’s occupants all contribute to these costs. Each year, tenants pay an estimated expense based on the budget and their fair part according to the amount of space they occupy in a building. These costs aid owners and landlords in defraying the overhead expenses for the shared areas.

These costs will be tracked by commercial property management accounting software, which will also determine the percentage owed by each renter. You can enter the gross leasable space of a building into the software and subtract that amount from the square footage of a tenant. This informs you of the overall portion of the building that the renter is in charge of. To calculate a tenant’s CAM costs, multiply this percentage by the total expected CAM.

Quick Reaction To Required Maintenance

You must make sure you are truly performing the required maintenance services when the problem arises now that your maintenance payments have been paid. Using commercial property management software can help you keep tenants happy and guarantee that your buildings are performing to their maximum potential.

Most commercial real estate software includes maintenance capabilities, such as work orders that may be allocated to specialists and added to a timetable or workflow that your personnel can follow. The software can determine which members of the maintenance team are efficiently following up on maintenance and how productive they are at their jobs.

Even more, sophisticated maintenance routines, such as preventative and predictive maintenance, can be implemented in your company. You may monitor and scan a variety of your assets at these commercial sites for performance trends, which can help you make timetables, keep track of processes, establish maintenance schedules, balance workloads, and more.

Property management software for businesses versus homes

The purpose of residential property management is to oversee both single-family and multifamily dwellings. The management of commercial businesses is typically more complex than tracking these properties. The software that corresponds to each sort of property is the same.

Additionally, there are considerably more residential units than business units in the world that need to be handled. Due to this, the vast majority of property management software programs available are designed for use by residential property owners and managers

Some property management firms, however, might manage both residential and commercial properties, or they might only manage commercial properties. Does your commercial real estate management company find these standardized property management solutions to be effective?

Using a domestic system while operating in a commercial setting is not advised. The various kinds of commercial leases that are offered are specific to commercial properties (more on this below). The complexity of these leases can be handled by a commercial system. Commercial property managers should keep an eye out for characteristics particular to the commercial sector, such as but not limited to:

How to Use Software to Manage Leases in the Commercial Real Estate Industry

For a variety of various commercial leases, commercial property management software can include both lease administration and lease accounting functions. Financial estimates can be guaranteed to be correct with proper management of commercial real estate leases. The procedures used to determine rent are fundamental to commercial real estate leases:

Net: Low base rent; expenditures are the tenant’s responsibility.

Gross: Tenant makes a single payment; the landlord is in charge of all costs

Taxes, insurance, maintenance, utilities, and cleaning services are a few examples of expenses.

Net Leases”There are more varying costs associated with net leases. In addition to the minimum rent, the landlord may impose additional fees to cover routine management costs. The most frequent type of lease for commercial premises is a triple net lease or NNN lease. The three “nets” that a renter is accountable for are referred to as the “triple net” (property taxes, insurance, and common area maintenance). Fees that a landlord may impose under a triple net lease include the expense of maintaining common areas (such as the electric bill for the lobby) and hiring an attendant or janitor. NNN leases are typically regarded as being favourable to landlords.

Net Leases

In a gross lease, the tenant pays the landlord a set amount. Then, the landlord uses the money from this fixed rate to cover any subsequent costs. Since the landlord assumes the greater risk for possible expenses, these leases are viewed as being friendlier to the renter. The lease agreement may, however, contain a provision allowing the landlord to raise rent to cover any unanticipated rise in taxes or insurance

In commercial property management software, how are these costs and leases handled? In addition to handling all billing kinds, including CPI hikes, percentage rent calculations, recovery billing, late fees, recurring charges, and straight-line rents, a competent lease accounting tool will send alerts of rent increases. Software for commercial real estate will also offer lease management, which includes the ability to add new leases, modify existing ones, view the history of previous leases, and create custom fields for particular circumstances.

Which accounting program is ideal for managing rental properties?

The tool that performs all you need it to do—and more—is the best accounting software for managing rental properties.

What device can make your life simpler while resolving your issues?

What tool can you use to simplify your operations while enhancing productivity and cash flow?

What tool, then, feels more like an asset than a liability?

Finding the right fit may be challenging, as we well know.

We as property managers’ advisers were unable to come up with the answer we desired for ourselves.

That is DoorLoop, a full-service property management program that comes with everything from:

• a tenant and owner portal accounting suite
• Convenient possibilities for in-app communication
• Work order administration
• Tools for screening and marketing
• plus a lot more.

The accounting program that works best for you and your property management company is the one you use.