What Is Property Management Software? Everything You Need to Know
New to landlord software? Understand what property management software does, key features to look for, and how it can transform how you manage your rental portfolio.
The Latch Team
Editorial
Property management software is a digital tool designed to help landlords and property managers organise, automate, and streamline the day-to-day tasks of running rental properties. If you have ever struggled with spreadsheets, lost receipts, or missed a compliance deadline, property management software is built to solve those problems.
This guide explains what property management software does, the key features to look for, who it is designed for, how it differs from general accounting software, and how to get started. Whether you own one property or fifty, understanding what these tools offer is the first step toward running a more efficient property business.
What Does Property Management Software Do?
At its core, property management software centralises everything related to your rental properties in one place. Instead of juggling spreadsheets, email, paper files, and your memory, you have a single system that handles:
- Rent tracking: See who has paid, who is late, and how much is outstanding at a glance
- Expense management: Record, categorise, and store receipts for every property-related expense
- Tenant management: Store tenant details, lease terms, and communication history
- Property records: Keep all property details, documents, and certificates in one place
- Financial reporting: Generate profit and loss reports, tax summaries, and portfolio performance data
- Compliance tracking: Monitor certificate expiry dates and receive automated reminders
- Tax preparation: Produce reports formatted for HMRC Self Assessment and Making Tax Digital
Key Features to Look For
Bank Feed Integration
Automatically imports transactions from your bank account and matches rent payments to tenants. Eliminates manual data entry and ensures nothing is missed.
Essential feature
Automated Rent Tracking
Tracks expected rent against received payments, flags late payments, and can send automated reminders to tenants.
Saves hours monthly
Expense Categorisation
Automatically categorises expenses into HMRC-approved categories for tax reporting. Separates repairs from improvements.
Tax-ready records
Compliance Alerts
Tracks gas safety, EICR, EPC, and deposit protection deadlines. Sends reminders before certificates expire.
Avoid fines
Receipt Scanning
Photograph receipts and attach them to transactions. No more shoeboxes of paper receipts to sort at tax time.
Go paperless
MTD Compatibility
Submits quarterly updates directly to HMRC under Making Tax Digital requirements from April 2026.
Legal requirement
Who Is Property Management Software For?
Property management software is designed for anyone who owns or manages rental properties:
- Individual landlords: From one property to a large portfolio, software scales with you
- Accidental landlords: Those who inherited a property or could not sell and need help managing it
- Portfolio landlords: Managing multiple properties requires systems that scale
- Property investors: Track performance, yields, and returns across your investments
- Self-managing landlords: Those who have moved away from letting agents and need tools to replace agent services
Common misconception: Property management software is not just for large portfolios. Even a single property benefits from automated rent tracking, expense categorisation, and compliance reminders.
How It Differs from General Accounting Software
General accounting software like Xero or QuickBooks is designed for businesses broadly. Property management software is built specifically for landlords. The differences matter:
| Feature | General Accounting Software | Property Management Software (Latch) |
|---|---|---|
| Property-specific views | No (tracks by client or project) | Yes (per property, per unit, per tenant) |
| Rent tracking | Manual invoice matching | Automated rent vs payment matching |
| Tenant management | Not included | Full tenant records and lease tracking |
| Compliance tracking | Not included | Gas safety, EICR, EPC, deposit reminders |
| Landlord tax categories | Generic categories | HMRC property income categories built in |
| SA105 tax reporting | Not available | One-click Self Assessment reports |
| MTD for landlords | Generic MTD (if available) | Landlord-specific MTD submissions |
| Void period tracking | Not available | Automatic void tracking and cost allocation |
| Yield calculations | Manual calculation | Automatic per-property yield tracking |
Getting Started: A Step-by-Step Guide
Setting up property management software is straightforward. Here is how to get started with Latch:
- Create your account: Sign up for a free 30-day trial. No credit card needed.
- Add your properties: Enter the address, type, purchase price, and mortgage details for each property.
- Add tenants and leases: Enter your current tenants, lease start and end dates, and monthly rent amounts.
- Connect your bank: Link your bank account via Open Banking to automatically import transactions.
- Set up compliance tracking: Enter your certificate expiry dates (gas safety, EICR, EPC) to activate automated reminders.
- Start recording expenses: From now on, expenses are either imported automatically or added with a quick receipt scan.
- Review your dashboard: Your portfolio overview shows rent status, compliance, and financial performance at a glance.
Most landlords complete the initial setup in under an hour per property. After that, the software runs largely on autopilot, flagging items that need your attention.
What Does Property Management Software Cost?
Pricing varies by provider, but most landlord software costs between 15 and 50 pounds per month depending on the number of properties and features included:
Latch Free
0
per month
Basic features for getting started
Latch Pro
20
per month
Up to 8 properties, all core features, MTD submissions
Latch Enterprise
40
per month
Unlimited properties, priority support, advanced reporting
At 20 pounds per month, Latch Pro costs less than a single hour of accountant time. The time saved and errors avoided typically repay the subscription cost many times over.
Common Questions About Property Management Software
Do I need software if I only have one property?
Yes. Even one property requires compliance tracking, expense recording, and tax reporting. Software ensures you never miss a gas safety renewal or forget to claim an allowable expense. The cost of a single missed deduction or compliance lapse far exceeds the annual subscription.
Is property management software difficult to learn?
Modern platforms like Latch are designed for landlords, not accountants. If you can use online banking and email, you can use property management software. Most landlords are fully set up within an hour.
The Verdict
Should You Use Property Management Software?
If you own one or more rental properties in the UK, property management software is one of the best investments you can make. It saves time, reduces errors, improves compliance, and prepares you for Making Tax Digital. The cost is minimal compared to the value delivered.
Best for: Every UK landlord, from first-time single-property owners to experienced portfolio investors. Especially important for anyone approaching MTD compliance deadlines in April 2026.
Get Started with Latch Today
Join thousands of UK landlords who have switched to smarter property management. Automated rent tracking, expense management, compliance reminders, and MTD-ready reporting. Start your free 30-day trial. No credit card required.
Ready to simplify your property management?
Create your free account today and see how organized financial tracking can streamline your portfolio.
Get Started with LatchDisclaimer: Features and pricing described reflect Latch as of February 2026 and may change. Making Tax Digital requirements apply from April 2026 for landlords earning over 50,000 pounds gross. Always verify your specific obligations with HMRC or a qualified accountant. Last updated February 2026.
