December 17, 2019
Choosing the Right Property Management Software
For PM firms on the hunt for property management software, there can be the question of which one to buy. How do you choose the solution that is right for your company? Here are X key considerations to factor in when looking for property management software.
1. It’s Purpose-Built
Property managers face distinct challenges whether or not they’re managing commercial or residential properties. Having a software solution that is specifically designed to support property managers is mission critical. Property management software helps you in screening potential tenants, collecting rent, maintaining properties, scheduling inspections, marketing properties, handling move-ins and move-outs, and many, many other tasks that are under a PM’s purview.
2. It Grows with You
Look for property management software that will grow with you. You want software that can help you run your 100 properties more efficiently today, and easily scale to meet 500 or 1,000. (Or more!) A good solution can easily scale from where you are now to meet the future needs of your company. It will also support you as your company grows, with the ability to centralize and automate complex structures. From maintenance to owner reporting, your solution should be modularized, so that you can take advantage of features as you need them.
3. It’s User Friendly
If you want everyone on your team to be as productive as possible, you need property management software that just works – one that is intuitive without a learning curve. Before making a decision, consider how much time and effort it takes to learn the software. Your teams need to be able to easily run reports, access information, collaborate and interact with tenants. Does it work for all skill levels and non-tech people? It’s got to be easy for your admin and property people to use, so they can instantly dive in and you start to realize your ROI more quickly by saving your company time and money.
4. It Plays Well with Others
Opting for a software solution that integrates with all the other apps and tools you already use (or want to use) will save you annoyance down the road. When assessing property management software, pay close attention to how well it will integrate with your social media accounts, accounting software and other key programs you currently rely on. Leading solutions are designed to be flexible; they’re able to easily integrate with other common software, and adapt to your workflows. (Here at Property Vista, we’re staunch supporters of customers having free rein over their data, doing whatever they wish with it. We keep it secure, but not locked away from other software you wish to use because, let’s face it, organized, centralized data is only as good as it is useful!)
5. It Increases Revenues and Lowers Your Costs
The purpose of any investment in property management software is to make your business smarter, faster and more profitable. The solution you choose must offer strong ROI. If you are evaluating PM software, be sure to ask about how it will not only improve productivity but also increase revenue and lower costs. It needs to be backed up with tangible stats and outcomes. For example, within the first 3 months, companies that adopt the Property Vista platform experience an average increase in online payments by over 70%. Just think about what that can do to vastly increase on-time payments, reduce collection efforts and put money in the bank more quickly.
6. It Gives You Real-Time Insights
A rearview mirror view of important financial and operational data isn’t good enough. In the dynamic, constantly changing world of property management, you need to be able to see real-time reports on your properties and see KPIs. For example, which properties have the most amount of collections, which tenants are overdue, or which portfolios have the most amount of maintenance requests, etc. This type of detail gives you decision-making information and helps you to evaluate the value of your assets.
7. It Improves Collaboration
A company is only as strong as their teams. Property management software should enable better collaboration between people and better coordination of tasks. It needs to be mobile friendly and accessible 24.7. At-a-glance dashboards, communications tools, and a centralized knowledge repository … all of these tools play a strong role in managing your business more efficiently and effectively.
Book Your Demo
Take a look at our three popular plans, and book a demo here. Property Vista can help you increase efficiencies, reduce costs and transform how you manage your business.