If you own one office and rent it out, you’re probably fine managing your assets with basic digital tools installed on your mobile device. However, if you own multiple malls or manage the rental leases for hundreds of office spaces in a skyscraper, you’ll need much more than a PDF reader and spreadsheet app. Your business may require some type of commercial property management software.
The commercial property management software market is predicted to reach USD 3.88 billion by 2032 (up from 2.43 billion in 2023). With the commercial real estate sector still recovering from the aftermath of COVID-19, large commercial property owners and management companies are looking to streamline processes and increase efficiency.
What are Commercial Property Management Software Solutions?
A commercial property management software solution, also called Commercial Property Management System (cPMS), is a software platform or cloud-based service designed to simplify, automate, and streamline the various complex tasks in managing commercial properties. Commercial properties are also defined as non-residential properties and include structures like office and retail spaces, hotels, industrial facilities, and even stadiums and theatres.
A subset of a broader category of Property Management System (PMS) solutions, commercial property management software caters specifically to the needs of commercial property managers, landlords, real estate agents, and owners. It includes capabilities and modules like:
- Tenant communications
- Maintenance ticketing and tracking
- Lease tracking and document storage
- Payment processing
- Accounting and financial reporting
- Space utilization management
- Smart utility management (like water and energy usage optimization)
Benefits of Commercial Property Management Software Solutions
1. Enhanced Operational Efficiency
Commercial property management software boosts operational efficiency by streamlining financial operations, centralizing property management, and automating task scheduling. It integrates maintenance ticketing, offers user-friendly dashboards, and improves data tracking and reporting. The software may also connect with water management platforms and online payment services.
2. Improved Tenant Satisfaction
These solutions can help improve customer satisfaction by providing tenants with improved communication channels with the property management teams. In addition, online payments and tenant portals make it easier for tenants to streamline lease renewals, use electronic signatures, and submit maintenance requests.
3. Compliance with Regulatory Requirements
Even if you’re not renting your property out to defense contractors, you must comply with some data privacy and security regulations if you store and process customer information, especially payment information. Commercial property management software comes with regulatory compliance features, providing the necessary documentation and reports for compliance management and audit readiness.
Key Features to Look For in Commercial Property Management Software Solutions
The features you need from commercial property management software depend on your business location, size, and existing systems like CRM, utility metering, or energy management. For example, a solution for a hotel or hospital may not work for an office building or industrial complex. However, there are key feature categories to consider in any cPMS you choose.
1. Out-of-the-Box Compliance with Relevant Regulations
Consider the laws and regulations you must comply with and how your chosen software supports your compliance management strategy. Look for built-in compliance report templates and documentation, tax reporting, utility contracts, and other relevant documentation.
2. Smooth Integration with Other Business Systems
Unless you’re starting a commercial property management business from scratch, odds are you already have some software systems and online services you use in your industry. Consider migration and integration costs, and avoid solutions that lock you into their suite of services with expensive modules and add-ons.
3. Extensive Automation and Customization
Since the primary goal of a cPMS solution is to save time and streamline processes, it’s essential to choose a tool that can be honed to your needs and do some of the work for you. Look for customizable templates, integration with automation tools, and other features that simplify communications and task execution.
4. Usability and Accessibility
A good cPMS platform will offer a user-friendly interface for PCs and mobile devices, with tenant portals and intuitive UX for you and your teams. Employ a software solution with a proven track record of providing training and support.
5. Scalability and Flexibility
Your property management company may change direction, grow, or scale down. You may adopt new technologies you want to integrate with other software. Consider a solution with a reputation for listening to its customers and developing the features that serve them best.
Top 10 Commercial Property Management Software Solutions
1. AppFolio
AppFolio aims to be a jack of all trades with a solution that integrates marketing, accounting, leasing, CRM, and online payment processing to streamline commercial property management on the go. It features an efficient mobile application interface, a clean dashboard design, and streamlined communication with tenants and maintenance teams.
While the feature-rich solution offers an all-in-one experience for property managers, it is limited in customization, lacks API connectivity, and can be one of the more expensive options for medium portfolios.
Best for: Property management companies that manage a mix of commercial and multifamily residential spaces with a minimum of 50 units.
Users say: “I liked the leasing area as it tracks almost everything, including tenant Insurance. Customer Service is not readily available. Your problems usually have to wait, and they do not have every situation in their help files.”
2. DoorLoop
Doorloop is explicitly designed for commercial property management, addressing the needs of property managers with mixed portfolios that include retail centers, industrial structures, and office spaces. One of the key features of Doorloop that makes it especially attractive for retail and office property owners is the triple net lease tracking option, which syncs the data from these leases with the financial reporting module.
Best for: Medium retail and office rental portfolios.
Users say: “As a one-employee company that relies on contractors to subcontract work to, it feels like DoorLoop is handling a lot of the “back office” work while I can ensure that the key functions are being done to move the business forward.”
3. Buildium
Designed for smaller property managers and asset owners, Buildium offers a cost-effective solution for managing small portfolios. It is easy to use and offers unique features like compliance tracking. However, it lacks integration options or support for smart building capabilities like smart lighting, automatic HVAC controls, and specialized features for managing systems like cooling towers, which are essential for large or complex properties.
Best for: Small commercial property management companies
Users say, “This is the best bang for your buck. You get full accounting, great tenant and property management, and great customer service, all for an excellent price.”
4. MRI Property Management
MRI Property Management is an all-in-one platform for enterprises managing large and complex portfolios. It features advanced automation features, centralized tenant, space, and leave management in one database, and comprehensive visualization capabilities. That said, the initial setup of such an extensive framework is often time-consuming, and the advanced features require purchasing additional modules for the software, which may lead to higher-than-expected expenses.
Best for: Enterprises managing complex and large portfolios requiring a tailored and customized solution.
Users say, “It does the job; however, we wanted more flexibility and functionality. To date, we have been disappointed. We thought it would be easier, but it is not intuitive.”
5. RealPage
RealPage features a robust document storage and management system that is designed to be compliant. It also includes maintenance operations and advanced trend analytics, integrating with products like call centers and investment management for a unified stack. As a premium solution, RealPage has relatively high pricing, and the add-on modules can be expensive if you need extensive customization or specific features.
Best for: Developers and property managers handling large portfolios emphasizing compliance and data-driven decision-making.
Users say, “It’s a 1998 2-door Ford Escort. It won’t win any awards for its looks, but it gets you from A to B just fine.”
6. Sage Construction Suite
As the name suggests, Sage Construction Suite is not geared for commercial property managers but for construction companies and developers. As such, it offers an end-to-end digitalization solution with construction pre-planning and financing. It enables builders to track labor costs, materials, equipment, work orders and subcontracts as the project progresses.
Best for: Construction firms with 5-500 employees and $1M−$250M in revenue.
Users say, “It covers the basics of what we need but has not raised the level of service we provide through technology. Sage 100 seems to have a good base but needs a lot of development to make it stand out.”
7. TheOfficeMonk
TheOfficeMonk is a comprehensive commercial property management software developed by Monk Tech Labs. It is designed to streamline operations for coworking spaces, managed offices, and office parks. It offers features such as lease management, accounting automation, maintenance scheduling, visitor management, and community engagement tools, all integrated into a single platform. This integration enhances operational efficiency and tenant satisfaction.
Best for: Residential property management.
Users say, “The platform has helped solve the problems of ticketing, communication, asset management, and many others in a structured manner for easy decision-making.”
8. RentHQ
RentHQ offers a comprehensive suite of tools for property managers, including tenant screening, lease tracking, maintenance management, and financial reporting. Primarily accessible through its mobile apps, RentHQ enables property managers to efficiently manage their tasks, ensure compliance with local regulations, and enhance operational efficiency and tenant satisfaction.
Best for: Small to mid-sized property owners, real estate investors, and property management firms.
9. Loftyworks
LoftyWorks is property management software designed to streamline operations for UK real estate agents, letting agents, and landlords. Focusing on marketing and accounting, it features automated rent collection, a CRM system for marketing and client communication, and tools to manage property compliance and maintenance tasks.
Best for: CRE businesses based in the UK.
Users say, “We have been using LoftyWorks for over a year, and the offering is superb. I would have no hesitation in recommending LoftyWorks.”
10. Re-leased
Re-leased is a cloud-based property management and accounting software for commercial and mixed property management. It focuses on automation and tenant experience optimization, offering superb user support, data-driven insights, and extensive integration options with popular tools like Xero and QuickBooks Online.
Best for: Property managers, owners, and investors.
Users say, “Our ability to work with investors to manage multiple portfolios and multiple trust accounts has been made easy. The information is presented in a clean, user-friendly format.”
The Role of Water Management in Commercial Property Management
Juggling the multiple aspects of commercial property management is no easy feat for a human, let alone for software. There’s no shortage of commercial property management software solutions, each with strengths, weaknesses, and target audience.
When choosing your cPMS, consider not only the solution’s features and cost but also its potential to scale and grow with your business as you adopt new technologies (like Wint Water Intelligence) and its fit for the specific needs of commercial property managers.
Discover how water intelligence and AI-powered leak detection and mitigation can contribute to your business goals – schedule a demo of Wint’s platform for commercial property and facility managers.
