March 13, 2018
How to Choose the Best Property Management Software for Landlords
Evaluating property management software? In today’s fast-paced, digital world, customers across all industries expect quick, convenient service. To be competitive, property managers and landlords need to enlist technology so they can be as efficient and effective as possible.
As a property manager, owner or landlord, it’s not a question of whether you need property management software – that’s a given. The question is, how do you determine which software is right for your business?
With so many market choices, it can be a challenge to hone in on which property management software offers the best solution for you.
Property Management Software Must-Haves
- Dynamic & Industry-Specific
Property management software must respond to the industry’s needs and demands. It should be customer-centric, making processes easy and appealing for new prospects and current residents alike. And it must reduce vacancies, delinquencies and paperwork, while improving cash flow and productivity. Your software should also be dynamic enough to meet your requirements, regardless of whether you own residential properties, are part of a condo board or homeowner’s association, or deal exclusively in commercial properties.
- Easy to Use
You and your team need to be able to work well with whatever property management software you choose. Before making a decision, consider how much time and effort it takes to learn the software. You want an intuitive, user-friendly solution – one that works the way you’d expect it to.
Today, residents and staff expect to be able to perform transactions and access information on the go. Onsite personnel need system access when they’re showing a unit to a prospective tenant or overseeing maintenance issues. And renters want to be able to pay rent or request repairs from whatever device they prefer. Your property management software should enable users to connect to the system, from anywhere and at any time.
- Integrates Well
Finding a software option that integrates with other apps and tools you already use (or want to use) will save you a lot of hassle down the road. When evaluating property management solutions, take into account how well it will integrate with your social media accounts, accounting software and other key programs you currently rely on. Leading cloud-based systems tend to be versatile; they’re able to easily integrate with any other existing systems, and incorporate business structures and data, like workflows and vendor information.
- Scalable & Comprehensive
A good property management software solution should give you the insights you need to grow and scale your business. If it doesn’t offer the key reporting features you need to expand your portfolio, you should ask yourself whether it’s really the right fit for your business. When evaluating options, consider which reports you need it to generate, and what tasks it must be able to perform – for example, tracking maintenance requests and work orders, and processing online rent payments. Property management businesses require a solution that has easy-to-add modules and can grow as they grow.
Of course, in business, pricing plays a role in every decision you make. Companies must look for a software solution that meets their operational needs while fitting their budget – and they’re out there.
- Strong ROI
Last but certainly not least, property management software must make your business smarter, faster and more profitable. The solution you choose must offer strong ROI. Ask yourself whether the money you invest in a particular software solution will be returned through productivity improvements, more leads generated, better lease management, improved automation and security, etc.
Property Vista offers online property management software solutions that can help streamline operations and boost your bottom line. To learn more about what we can do for your business, sign up for a free demo today or give us a call.