In the past decade, there has been a revolution in the property management industry. Like any other industry, it's been exploiting technology to improve workflow. Software systems are now available that perform tasks once regarded as the most challenging aspect of property management, payments and collections (especially effective for managing distant locations). However, shopping for property management software has turned into a gruesome task by itself. Here are a few things to consider when searching for your ideal property management software.
1. Is it a cloud-based system? Installed software systems are out-dated and virtually obsolete (should be if they aren't), a system needs to be in place that allows you manage your properties anywhere at any time (preferably comes with a mobile app, which they mostly do).
2. Does the property management software accept online payments? The rapid lifestyle of the Millennial Generation finds it more convenient to make payments online. Your software should be managing rent-collections and allowing users, to monitor their tenant payments, track lease agreements for renewals and so on. Some property management software systems also send email notifications to tenants reminding them of overdue payments.
3. What are the product support options? No matter how user-friendly property management software systems get throughout the years, you can still find it challenging (initially) to navigate and manage through your software. You'll need to consider the availabilities of support and whether it's a phone support, a support ticket system or a general inquiry system, and whether it’s free or paid.
4. Can it distribute my listings to sites like Craigslist and Zillow? A blessed feature that in-turn will save you plenty of time performing the repetitive task of posting rental listings on popular websites.
5. The software's cost. Pretty straight forward, though you should be considering whether the price marked is per unit or user and if there are any hidden fees. If the software system is priced per-user, you should be asking how many users will be included in the initial cost, how much is it per user licence, and are there any multiple user packages. Remember additional licences can be expensive)
6. Is my data secure? A common question for any cloud-based system. Learn more about the online software providers security set-up and back-up procedures.
7. Can I grant my tenants and owners limited profile access? Such a feature will save plenty of time for property managers allowing round the clock full self-service, of achieved information such as, maintenance issues, inspection times, contract details, payment records and so on.
8. How successful is the property management software system provider? Client inquiries always help the provider company better their product. Therefore, the more clients the company has you could expect a more reliable software.
9. What sort of accounting features are included with the software? Is there an accounting functionality built-in or can it be integrated with another accounting program? This is an essential feature to any property management software.