The property manager's toolbox: Exploring the essential tools every property manager should have

Hello property managers and industry professionals!

We are excited to bring you the latest edition of our newsletter, focusing on the indispensable tools that every property manager should have in their toolkit. 

In the ever-evolving world of property management, leveraging technology and effective tools can make a world of difference in streamlining your operations, enhancing communication, and improving overall efficiency. As property managers, you know that overseeing multiple properties can be a complex and demanding task. From marketing and guest screening to maintenance management and financial tracking, the responsibilities can quickly become overwhelming. However, with the right tools at your disposal, you can optimize your workflow, minimize stress, and deliver exceptional experiences to both tenants and property owners.

In this edition, we will delve into the essential tools that can revolutionize your property management game. So, without further ado, let's dive into the world of property management tools and discover how they can revolutionize your operations. We hope that this newsletter empowers you to take your property management to new heights!

Development of new technologies and its impact on property management

Due to the rapid pace of technological development, we are constantly seeing new and emerging technologies being introduced into various industries. In the field of property management, these new technologies have had a profound impact on the way properties are managed and operated. Innovative solutions have streamlined operations, enhanced efficiency, and improved guest experiences.

Additionally, property management software has simplified tasks like rent collection, maintenance requests, and reservation management, reducing administrative burdens and saving consuming-time. These advancements have revolutionized property management, providing greater convenience, cost savings, and a more seamless overall experience for both property owners and guests.

10 Key tools for professional property management

Property management is a multi-faceted field that is constantly evolving. With the advent of new technologies, there are now countless tools available to property managers that can simplify their daily tasks and improve overall efficiency.

These tools range from software applications and its key features have streamlined communication with guests, booking management, automated workflows, payments and complex financial processes. The implementation of these tools in the last few years, has transformed property management processes and improve landlord experience.

In this context, it is essential to examine and be aware of the key tools available for property management, their benefits and how they contribute to the success of property management operations.

1. Channel manager:

A Channel Manager is a crucial tool for property managers in the vacation rental industry. Essentially, a Channel Manager simplifies the process of managing listings across multiple channels by allowing property managers to update rates, availability, and restrictions from one centralized location.

Ensuring that all listings remain accurate, consistent, and up-to-date across all channels, get the maximum visibility and reduce effort by avoiding the need to manage each listing and platform separately.

With a Channel Manager in place like Hostify, Rentals United or SiteMinder, property managers can benefit greatly reaching a wider audience, save time and avoid double bookings. This allows them to focus on other important tasks such as guest communication, property maintenance, and guest experience.

2. Unified Inbox

The Unified Inbox has emerged as a key tool that every property manager must have. This innovative solution consolidates all communication channels into a single interface. Property managers can efficiently handle and prioritize incoming messages, ensuring timely responses and effective guest communication.

This tool eliminates the need to juggle multiple platforms and reduces the risk of overlooking or miss important messages. Moreover, the Unified Inbox offers customization options, enabling property managers to categorize and tag messages, assign tasks, and collaborate with team members seamlessly.

By centralizing communication, the Unified Inbox enhances productivity, improves customer service, and streamlines operations, making it an indispensable tool for modern property management professionals.

Some platforms and softwares that can help you leverage this feature and make the most of it, are Enso Connect or Duve.

• Enso helps property managers streamline their communication efficiently tracking and responding to inquiries, maintenance requests, and other communications from guests, owners, and service providers. Simplifying management process, improving responsiveness, and enhancing overall communication efficiency for property managers.
• For the other hand, Duve is a software solution that provides features like automated message sorting, tagging, and intelligent routing, improving organization and response times. Duve streamlines communication processes and enables effective management of property-related interactions.

3. Multi-Calendar

Multi-Calendar is another important tool that enables property managers to manage and optimize their pricing and rental calendars. With this tool, property managers can track, adjust, and synchronize their property rental reservations across multiple online travel platforms in one easy to see dashboard.

This feature makes it easier for managers to avoid conflicting reservations, double-bookings, or ambiguous check-ins.

Some tools that can help you leverage this feature and make the most of it to maximize your revenue are Pricelabs or Beyond. These platforms aids property managers optimizing their pricing strategies. When integrated with the Multi-Calendar feature, property managers gain access to advanced functionalities such as synchronized bookings, real-time availability updates, and automated pricing adjustments across multiple channels.

Another tool to streamlines the management process, reduces double-bookings, ensuring competitive pricing, maximizing revenue, providing accurate availability information, and simplifies the overall coordination of reservations for property managers, leading to enhanced operational efficiency.

4. Payment processing

Payment processing is an essential tool for property managers to effectively process rental payments and streamline financial processes. With payment processing solutions, property managers can offer multiple payment options to guests, including online payments, credit card transactions, and automatic recurring payments.

This convenience enhances guests satisfaction and reduces delayed payments. Eliminates the need for manual labor, reduces the risks associated with human error, and ensures that all payments are accurate and up-to-date.

By leveraging payment processing tools, property managers can streamline their financial processes, improve cash flow, and enhance overall efficiency in managing property finances.

Among the tools and platforms that can help you leverage this feature and make the most of it are Stripe, Paypal, Charge Automations, etc.  

• Stripe: is a payment processing tool that provides seamless online payment solutions for property managers. With Stripe, property managers can securely accept various payment methods, including credit cards and digital wallets. Stripe offers features like recurring billing, automated invoicing, and customizable payment forms, simplifying the payment process for property owners and guests.
• Paypal: a popular payment processing platform that offers convenient online payment solutions for property managers. By integrating PayPal into their payment systems, property managers can accept payments from guests and property owners securely. PayPal supports various payment methods, including credit cards and bank transfers. It provides features like invoicing, recurring payments, and buyer/seller protection, ensuring smooth and reliable transactions. PayPal simplifies the payment process for property managers and helps facilitate secure and efficient financial transactions.
• Charge automation: is a tool that automates the billing and invoicing process for property managers. It eliminates the need for manual intervention by automatically generating and sending invoices to guests or property owners at specified intervals. Charge automation streamlines the payment process, improves efficiency, and helps property managers stay organized by automating the generation and tracking of payments, ultimately saving time and minimizing errors.

5. Smart automations 

Smart automations are vital tools for property managers that help streamline processes and improve productivity. By harnessing property management automations, property managers can streamline operations, reducing manual effort, improving productivity, and provide exceptional service to their customers.

From automated payment links; automate communications with guests, such as sending reminders, check-in instructions, and any updates or promotion, improving overall guest satisfaction; automated review management; tasks automations and workflows.

Some softwares and platforms that can help you to save time and automate your process are:

• Breezeway: a smart automation tool designed to assist property managers in streamlining their operations and automate various tasks and workflows, such as scheduling cleanings, inspections, and maintenance. Breezeway helps property managers save time by automatically assigning and dispatching tasks, sending notifications, and generating reports, ensuring consistency, improves operational efficiency.
• Remote access: by integrating an app like Remotelock, Baintex or Raixer into their systems, property managers can remotely manage access to properties using smart locks. It enables property managers to automate tasks such as check-in and check-out processes, granting temporary access to guests or service providers, improves security, enhances operational efficiency, and provides a seamless experience for both property managers and guests by eliminating the need for physical keys and allowing remote access control.
• Turnoverbnb: a smart automation system designed to assist property managers in efficiently managing property turnovers. It streamlines the process of preparing a property for the next guest by automating tasks such as cleaning, restocking supplies, and coordinating maintenance. And helps property managers save time, improves efficiency, minimizes errors, and enhances the guest experience by providing a seamless and organized system for managing properties.

6. Online Check-ins

Check-in online has become an indispensable tool that every property manager must have. This technology enables a seamless and contactless check-in process for guests.

Online check-in systems often integrate with property management software, allowing property managers to easily verify guest information, track arrivals, and manage reservations.

Online check-in platforms help property mangers and owners to simplify aund automate guest arrivals. It offer the possibility to get guest details, verify ID, send guest data to local authorities, ensuring compliance with legal requirements and enhancing safety measures.

By adopting online check-in tools, property managers can streamline operations, improve guest experiences, and prioritize security and compliance in the check-in process. Among the tools to leverage your check-ins online are:

• Superhog: this platform offers additional security measures for property managers, including ID verification and background checks, to ensure your properties are protected from fraudulent activity. Superhog's tools allows property managers to authenticate guest identities, screen for potential risks, and provide a secure check-in experience, enhancing trust, reducing liability, and helping property managers maintain a safe and secure environment for their guests and properties.
• Chekin: another online check-in tool that assists property managers in streamlining the check-in process for guests. It allows guests to complete their check-in procedures online, eliminating the need for manual paperwork and physical key handovers, collecting guest information, verifying identities, and sharing important details like access codes and house rules digitally.
• Safely: Safely focuses on ensuring a safe and seamless check-in process for property managers and guests. It offers features such as digital guest registration, identity verification, and contactless key exchange. Safely's check-in tool enables guest satisfaction, improves operational efficiency, and prioritizes safety and security in the check-in experience for both property managers and guests.

7. Booking website

Booking engines are a powerful tool for property managers that enable them to manage their online bookings and reservation processes efficiently.

With a booking engine, property managers can offer a user-friendly online platform where potential guests can search for available properties, and accept direct bookings.

By having a reliable booking engine for short-term rentals in place, property managers can increase their online presence, boost their bookings, and maximize their return on investments. Hostify is one of those systems that offer this tool to help owners to process payments easily and receive direct bookings, providing a seamless experience for guests.

If you already have your own website and want to maximize your conversion, then you should rely on:

• Revyoos: a tool to empowers your website collecting and displaying your guest reviews. It allow property managers to showcase authentic guest feedback and ratings from the main channel (Airbnb, Boooking.com and others) to potential customers. Revyoos helps build trust and credibility, as well as improve conversion rates, enhancing their online reputation and providing valuable insights to potential guests.

8. Advanced Reporting

Tools that provide advanced reporting are essential for property management. This tool enables property managers to generate comprehensive reports on a wide range of key metrics, such as occupancy rates, rental income, maintenance requests, and financial statements.

These tools streamline reporting processes, provides valuable insights, and helps property managers optimize their operations and make data-driven decisions by identifying trends, patterns, and areas for improvement.

Among some of the tools available to help you get the most of your reports are:

• Keydata: a reporting tool designed to assist property managers in gathering and analyzing data related to their properties. It provides comprehensive reporting and analytics, to track key performance indicators such as occupancy rates, revenue, or average nightly rate.
• Airdna: it helps property managers gain insights into their local rental market by providing comprehensive data on rental rates, occupancy rates, demand trends, and competitor analysis. Airdna's reporting tool assists property managers in understanding market dynamics, identifying opportunities, and maximizing their revenue potential in the vacation rental industry.
• Transparent: helps property managers gain transparency into their financial performance by providing detailed reports on revenue, expenses, and profitability. Transparent's reporting tool enables property managers to track key metrics, identify trends, and generate customized reports for stakeholders, empowering property managers with valuable insights for better business management.

9. Owners portal

The owner portal is another key tool for property managers as it provides a centralized portal for owners to access and easy overview their property performance. With an owner portal, property managers can show the efficiency of their management providing real-time access to property owners to financial reports, rental income statements, or payment history.

This tool helps to improve transparency and streamline communication between property owners and managers, reducing the administrative burden that often characterizes property management. By utilizing an owner portal, property managers can enhance the overall customer experience for their property owners.

10. Invoicing tools

These systems simplifies financial aspects of rental property management and streamlines the invoicing process for guests and owners alike. Invoicing tools help property managers to track rental income, monitor expenses, process taxes, and identify areas for improvement.

Furthermore, invoicing helps landlords avoid disputes with tenants over payment records, allowing the managers to provide accurate financial information to their property owners.

Some tools available to help you with your invoicing are:

• Xero: an invoicing tool that simplify the invoicing process for property managers, ensuring efficiency and accuracy in their financial transactions. It allows to create and send invoices to guests, owners, and providers, automate invoicing processes, track payments, and get real-time updates on outstanding invoices to streamline billing operations.
• Quickbook: Another invoicing tool that provides comprehensive accounting and financial management solutions for property managers. It allows to easily create and send invoices and maintain accurate financial records, improving cash flow management, and simplifying the overall invoicing workflow for efficient property management operations.

The world of property management is constantly evolving, and the use of indispensable tools is crucial for success in this industry. Property managers now have a wide range of tools at their disposal to streamline operations and enhance the guest experience. By leveraging these tools, property managers can streamline processes, improve efficiency, deliver exceptional experiences to both guests and property owners, and stay ahead of the competition.

Are you missing any of them in your property management?

Best regards,

Hostify Team