Over 10 million Americans earn income from rental properties, which explains the need to search for robust software. Using the software is a great way to stay organized and manage multiple properties stress-free. But with so many options, it isn’t easy to know which software is best for your business. That may be why you’re here; you’re on the hunt for software and aren’t sure how to find one for your needs.
Sounds like you? No worries; we’ve got you! Here’s how to choose property management software.
Understand Your Needs
Before comparing options for software, it’s important to outline your needs. For instance, if you’re dealing with 10 properties and your portfolio is expanding, find one that accommodates that. To ensure you’re on the right track, write what you want from the software and go from there.
Choose a Cloud-Based Solution
As a general rule, find a property management software provider that supports cloud-based technology. It lets you store all your valuable information in the cloud, so you can access it from any device and have peace of mind knowing it’s safe. A bonus is you save a fortune in backing up your information and protecting it.
Prioritize Ease of Use
Aside from offering regular software updates, the program should be easy to use. Its key function is to save you time, so choose a platform that automates tasks and can integrate into your current devices. Also, only invest in mobile-friendly software, so you and anyone working at your property management company can use it when they’re on the move.
Look Out for the Core Features
Another huge consideration is the property management software features available. A major one is rent collection, so you can receive rent digitally and in real-time. It is a lifesaver as you needn’t worry about running back and forth between banks or visiting each property in person. Also, if you’re stressed about late payments, you can use software to assess and enforce them automatically.
Further, you want software that supports tenant screening, as it’s a critical aspect of the renting process. Never overlook the screening process because if you don’t thoroughly assess each candidate, you could end up with tenants that cause problems, such as not paying rent or even trashing your property.
And when considering this feature, find a customizable one, especially if the default property type differs from yours. Moreover, check that the software lets you manage and sign documents digitally as you compare options. It saves a huge amount of time, minimizes the risk of human error, and lets you access important information from anywhere in the world.
The beauty of digital document management is it lets you secure leases quickly, which is great if you’re overseeing multiple properties. Property managers should also choose software to track and schedule maintenance work on each unit. These solutions let you record data and manage property documents. Also, this nifty feature lets you note and schedule repairs using calendars, so you’re always organized.
Consider the Cost
Next, compare software costs, especially if you still have an extensive list. Know that there are different pricing programs available. For instance, a popular one is unit-based pricing, where you’re charged depending on how many units you’ve submitted. It can be expensive when you’ve reached over 20 to 50 units. Instead, you may want to buy a monthly subscription, which is the most popular layout.
You pay a fee every month to access the software. Or, you may prefer software that offers feature-based pricing, so you only pay for features you need. It can fall into a monthly, annual, or one-time fee.
Further, it’s possible to find software that offers a freemium pricing structure. It lets you test out the program before paying for it, which is great if you’re unsure whether it’s the right fit. For instance, you may be offered a free trial where you can get full access to the platform for a specific timeframe.
Read Online Reviews
Like with any purchase, reading online reviews is a must. Ideally, you want software with an extensive collection of glowing reviews with minimal complaints. Note, if there is a recurring theme of negative comments about the software, take this on board, as it could indicate a major flaw with the program.
Also, focus on the most recent reviews, especially if the program has regular updates. It is because a five-star review won’t hold the same power as one posted yesterday, so consider this.
Ask Around for Recommendations
Property managers should also ask their network for recommendations. It’s no surprise that word-of-mouth is one of the most effective forms of marketing, so ask colleagues or anyone you know in the industry. As you quiz each person, ask about how the software has improved their work-life and if there is anything they dislike about it.
Find a Software That Offers Technical Support
Please don’t invest in software unless it provides around-the-clock technical support. Although you may never need it, it gives you peace of mind knowing that you can call an expert about any issues you’re dealing with. Also, find out whether technical support is a hidden fee or part of the package.
Choose Property Management Software Today
Hopefully, after reading this post, you know how to choose property management software that aligns with your business needs. There are many factors to consider in your searches, such as buying software with rave reviews and the core features you need. Finding one that offers technical support and is within your budget is also important.
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