Using Property Management Software

Property management isn’t always the easiest career, but it can be incredibly rewarding and made easier with the right tools.  There is software available to help property managers stay organized.  Have you found yourself buried in a mountain of scribbled notes and paperwork?  Consider property management software.  Property management software is designed to keep you organized and help your property management company grow.   Software costs can range anywhere from $100-$10,000.  Yes, that's a pretty big range!  With such a wide range available any property management company can utilize software at a cost that is most comfortable.  Here are some things to think about before you decide to purchase property management software:

(1) What’s out there: Before you purchase property management software look into all the different alternatives and what each product can offer your property management company.  Choosing the cheapest alternative might not be the best route.  Look into what pricey products will give you and what the less costly products will give you. 

(2)Assess your needs long before you purchase: Long before you purchase you should fully evaluate your property management company’s needs.  What are the most important qualities your property management software must have?  Why buy software that is complete overkill?  There is no reason and you will end up paying a lot more for features you will not even use.  The software you choose should do the following as far as the basics go:

            -Post rent, management fees and late fees

            -Deal with bank checks and deposits

            -Can easily update your information

            -Has a good interface

            -Maintain a separate ledger for tenants and owners

(3) Watch out for hidden costs: Hidden costs are out there so buyer beware.  If you purchase software that is not user friendly you may find yourself paying for support you never planned on needing in the first place.  Hidden costs can potentially break your budget, so make sure you know exactly what you're paying for and how much you're paying before you purchase.

(4) Features: Don’t be fooled into thinking that you need the latest and greatest software on the market today.  There may be cheaper alternatives that get the job done perfectly, but it all depends on the features.  Do some research on what each product provides and compare that with the needs we mentioned assessing in tip #1.  See where the products stack up. 

(5) Be wary of technical support: While most property management software companies do not offer support some do.  However, you must be wary of any property management software companies that do offer technical support as there might be big conditions attached.  Some companies offer free support for a short period of time then charge begin charging a certain dollar amount per minute and that’s where support can really get expensive.  If you know you would like technical support for your product, look for a company that will provide support you can utilize and afford.  

Looking for more tips related to using or buying property management software?  Comment below or contact us.