Choosing property management software takes careful consideration and can be a difficult task to navigate. Here are some answers to commonly asked questions to help you get started.
What Is Property Management Software?
Property management software is a specialized software solution designed to help property managers and property owners oversee and streamline the various tasks and responsibilities associated with managing residential or commercial properties.
The best property management software typically offers a comprehensive set of tools tailored to make the property management process more efficient, organized, and user-friendly.
Once in place, the software can quickly become a go-to solution for many of the challenges property managers face, including handling maintenance, collecting and tracking payments, storing paperwork and other documents, communicating effectively with tenants and owners, and speeding up the lead-to-lease process. The goal of property management software is ultimately to make as many tasks as possible more efficient and less time-consuming for everyone involved.
Do I Need Property Management Software?
If you’re a property manager that needs a better way of tackling your workload, working with owners, finding new leads, or growing your business, then the right property management software can almost certainly help.
Some specialized software can help with a particular challenge such as making inspections easier, while other, more comprehensive software can help you run your entire business more efficiently and even open the door to new service offerings (rent reporting, for example) and the additional sources of revenue that come with them.
What Features Should I Consider When Choosing Property Management Software?
As we touched on earlier in this guide, there are several features you should look for in property management software. These include:
- Property Management Accounting and Tax Filing Tools
- Lead-to-Lease Tools (everything from listing syndication to electronic signing features)
- Operations Tools (payments, document sharing, business analytics, etc.)
- Tenant and Owner
- Communication Tools
- Marketing Tools
What Drawbacks of property Management Software Options Should I Be Aware Of?
One of the biggest drawbacks to some property management software (but not many of the top solutions listed in this guide) is a steep learning curve, especially for advanced features. In order to get the most out of any set of property management tools, you need to know how to use them, so make sure the platform you invest in prioritizes ease of use and customer support.
On the other hand, you don’t want to settle for software that only offers basic functions, without tapping into the valuable time-saving features and deeper business insights that a comprehensive solution offers.
You also don’t want to be over-reliant on a specific piece of software, so check to be sure you can integrate other tools easily over time and as your needs evolve.
Finally, cost may also become a barrier for many property management companies. Remember, property management technology is an investment in the health and future growth of your business. Choose a solution that fits your budget and that meets both your current and potential future needs, so that you can get the most ROI.