In the post-recession business world of today, it’s more important than ever for multifamily C-level executives and property owners to manage their resources efficiently and effectively. Unfortunately, the more multifamily properties you own or manage,it becomes increasingly difficult to manage multiple projects, remain on task and on target, and either generate revenue or save money on pesky expenses.

For many multi-unit executives, there is a solution though. Cloud-based project management tools, like those below, can help you monitor expenses and track progress at the same time in order to operate the most lean apartment rental business possible.

1) WorkZone

WorkZone is beautiful because it’s so simple to use. Unlike other project management systems that are overly complex, WorkZone is simple enough for people of all technical proficiencies to use effectively. At the same time, cloud-based project management software WorkZone packs a powerful punch when it comes to features that are easily adaptable across many industries.

For instance, multifamily owners are able to create templates for similar projects in multiple apartment complexes and buildings. This not only saves time, but also keeps all the pertinent expense and tracking reports with a similar format. This makes it easier to spot potential problems or discrepancies and correct them early,  in order to save cash.

2) ProWorkflow

The built-in invoice and time tracking tools alone make ProWorkflow a powerful tool for multifamily apartment owners to utilize in their businesses. The time tracking tools help you track the efficiency of people on particular projects as well as the cost-effectiveness of the projects overall. Many business owners and freelancers also appreciate the easy configurability ProWorkflow offers.

Additionally, the more aspects of your business operations you can automate, the less time — and costly labor —  you’ll need to dedicate to these tasks in the future. This saves time and money in the long term. The ability to generate reports for almost any conceivable topic, makes it infinitely beneficial to multifamily owners who are interested in tracking expenses, income, and other important information.

3) Apollo

This cloud-based project management tool fosters an atmosphere of accountability with the assignment of milestones and progress tracking features. Through Apollo, project managers are able to create new projects or tasks and assign access to these projects to those who will be working on them. Finally, Apollo allows project managers to create interactive timelines and track the progress at various stages.

4) Basecamp

Basecamp is a no-nonsense cloud-based project management tool that helps businesses track very specific things. Multifamily owners with multiple projects can use it as a highly effective communication tool. Forever end the “who’s on first” mentality you see in many projects where no one is taking care of important tasks because they all assume someone else is handling them. Delays caused by this are often costly. Eliminating the problem, which is sadly common, can help save apartment owners money and generate revenue faster.

It also ensures that different employees or contractors aren’t focusing on the same tasks in a double coverage capacity that is a waste of time and money. Add-on features for Basecamp, like LessAccounting and TeamWeek make it easier to track expenses or to help managers keep up with changes in real time.

5) Action Method

This project management tool is all about taking action and delegating, which C-level multifamily executives strive to do day-in and day-out. The creation of actionable tasks and assignments helps you manage tasks and keep them from going over the prescribed timeline or budget, which is definitely helpful when you’re monitoring expenses.

The ability to sync with mobile devices in the cloud means that the project management protocols are completely portable so that employees working in different cities, different parts of the city, or in different apartment buildings on a property with several multifamily units are all on the same page.

What’s the takeaway?

Keep in mind, these are just 5 project management tools available for C-level executives looking to manage projects more efficiently — and monitor expenses more closely. There are many others and some cloud-based project management software platforms that deserve more than an honorable mention, including Syndicit,Tenrox, Milestone Planner, Zoho Projects, and Planbox.

Regardless of which fits your needs the best, these tools are easily adaptable for project management across multiple properties, making them real winners for multifamily apartment executives looking for better control over their projects and even better results in terms of their bottom line from their efforts.

Do you use any of these project management software platforms? Are there any others that are worthy to be added to the list?