The list of challenges as a property management company is not a short one. From fostering tenant retention, overseeing maintenance and repairs, managing finances, collecting rent, ensuring meticulous accounting practices, generating financial reports, paying vendors to making sure the business is profitable, stable, and more, the list is as lengthy as Santa Claus'.

Despite its many challenges, 85% of companies have reported portfolio growth in the last two years (the most ever), and 92% of the survey's respondents announced intentions to expand their portfolios throughout the next couple of years according to a survey in the 2024 State of the Property Management Industry Report.

To help overcome the obstacles of a flourishing industry is an all-in-one solution that hits most, if not all, of the pain points of the industry. From accounting to tenant communication, Pickspace offers a holistic ecosystem that simplifies and automates everything from the macro to the micro-operations for property management companies.

Property Management Companies' Essential Management Ecosystem 

Pickspace's comprehensive features encompass every aspect of property management and are making an impact not only in the United States but across the globe, including in Canada, Europe, and Asia. From financial functionalities such as accounts receivable and payable management to automation of tenant communications, Pickspace ensures automated and seamless operation from tenant onboarding to ongoing management. It also elevates property management software with unmatched flexibility, supporting various real estate types like commercial, residential, coworking spaces, shopping centers, and mixed-use properties. 

Pickspace is fully customizable allowing managers of all types of properties to adjust terminology, unit configurations and features according to the specific needs of each property. Importantly, it also offers customizable reports and accounting codes designed for different property types, improving the accuracy and significance of financial tracking and reporting. This holistic approach guarantees a smooth and effective management process.

Pickspace's founder and CEO Maor Cohen, explains, "We do everything, from A to Z for any type of property you manage, from leasing available units and spaces, sending contracts to sign, collecting rent and managing tenant requests."

Pickspace provides comprehensive accounting and reporting capabilities as well, including full accounts receivable and payable management with accounting codes, vendor management, budgeting, CAM reports, and reconciliation, and it provides essential financial reports such as Rent Roll, Operating Statements, P&L, Actual vs. Budget, General Ledger, and Balance Sheet. Pickspace also integrates with QuickBooks and Bill.com to facilitate vendor management with double approvals on bills and enable online payments through the system as well. Cohen adds, "Our platform also automates rent collection, controls late payment fees, and helps lower processing fees on ACH and credit cards." Additionally, Pickspace offers analytics, dashboards, chargebacks, bank reconciliation, and the ability to print checks. 

Maintenance requests and work orders are also handled by the Pickspace software and mobile apps. Property managers must effectively communicate with tenants, coordinate with vendors, and ensure regulatory compliance while implementing preventive maintenance. Handling tenant turnover adds further complexity and requires seamless coordination between teams. In essence, property managers navigate multiple challenges to maintain property upkeep and operations efficiently. Fortunately, Pickspace provides all the tools needed to streamline the processes. Cohen explains, "We allow them to manage all their maintenance requests, to manage work orders from the web or mobile, and to assign vendors to tickets so they can escalate everything to their contractors with an auto-reply."

Pickspace also efficiently handles all potential tenants and their applications and contracts using its internal Customer Relationship Management (CRM) system. This allows users to monitor updates, review statuses, upload agreement templates and organize all documents in one centralized location. Pickspace also streamlines contract management by allowing property managers to create, edit, and electronically sign contracts within the platform, automatically integrating tenant information, rent terms and service agreements, thus reducing errors and manual data entry in the leasing process. 

Moreover, they provide both owner and tenant portals for easy access to relevant information. Tenants can view statements, make online payments, and submit maintenance requests through their portal. Owners, on the other hand, can access reports specific to their property and view a detailed summary of their portion of the property. In addition, they offer amenities scheduling to enable tenants to reserve meeting rooms, parking spots, storage lockers, and event rooms with zero hassle. 

Cohen adds, "Property managers can also screen potential tenants and run the background checks through our system partners. They can list and market their inventory through us, but it also sends vacancies to Zillow, Trulia and other partners." Cohen elaborates, "With Pickspace, they can also do all their tenant communications by sending auto sms messages, emails and letters. They can chat. Everything is in one place, in one system."

Pickspace Outperforms the Competition

Another of Pickspace's many competitive edges lies in its unparalleled market positioning. While other solutions may offer more complicated and extensive functionalities, Pickspace stands out by tailoring its features precisely to the needs of property management companies. With a client-centric approach and a consolidated suite of solutions, Pickspace ensures affordability without compromising quality.

"We identified a gap and need in the market for more flexible and tenant-focused UX/UI and the added benefits of flexible rental options. We win against competitors by offering better and easier to use software and a mobile app, white label options, cost effective and easy online payments solutions, cost-free migration and onboarding services, superior customer service, tailor made reports and more affordable pricing."

Cohen adds that the decision to integrate direct payments into the Pickspace solution was a smart one that has given the company an additional edge over its competitors, streamlined processes, and reduced fees for property management clients. "It wasn't easy, but that decision has proven fruitful, allowing us to capture a substantial market share before potential acquisition by larger companies. We've observed the success of similar acquisitions in our industry and recognized the vast market potential for our improved solution. By addressing common client dissatisfaction with existing options, we've rapidly expanded our client base and grown our company's Annual Recurring Revenue (ARR) throughout 2023."

What truly makes Pickspace special is that the clients, the property managers, always come first. By identifying industry-specific needs and offering tailored solutions, including the intuitive consolidation of 3–5 software solutions into one, they save not only time but also money (Pickspace costs approximately 50% less than other software with all the same services). Perhaps most importantly, they allow property managers to provide exceptional service.

Cohen asserts, "Unlike those traditional systems, Pickspace streamlines operations and minimizes the need for multiple software solutions. Equally important, Pickspace offers a comprehensive migration service, seamlessly transferring clients' property management data within 14 business days, with clients only needing to verify data accuracy."

"Even better, Pickspace has complete white-label capabilities." Cohen proudly adds, "It's the only system of its kind that allows clients to fully brand their company, including their logos, on their tenants' app."

Pickspace isn't just a software platform; it's a transformational tool that redefines property management, making it more efficient, less prone to error, and significantly more aligned with the demands of a rapidly evolving industry. Whether you're part of the 92% looking to expand your real estate portfolio or seeking to streamline your existing operations, Pickspace offers a tailored, efficient, and innovative solution for every facet of property management.

Explore the property management possibilities with Pickspace.