So you’re shopping for property management software. Where do you start? Today’s software solutions offer a range of features and pricing models, each with individual strengths and weaknesses.
Property management software should fulfill your personal needs, improve the tenant experience, and prove worth its cost in the long run. But with so many options to choose from, it can be difficult to weigh costs and benefits.
If you’re wondering where to start, here are some tips to help you find the best property management software for you.
Look for Key Features
Not every software option offers the same features. Most companies will offer core features like online rent collection, tenant screening, and online lease signing, but others might not be available. Do your research to determine whether a software solution has the specific features you’re looking for.
Many property management software companies also offer great secondary features. These include a mobile app, renter’s insurance management, multi-user management, and rental advertising with listing syndication.
Finally, it’s also a good idea to choose software with responsive support. If you have a problem or question, be sure the company will answer your queries promptly and helpfully.
Check Reviews
Reviews are also a great way to learn about a software tool before making a purchase. When consulting a reviewing site, be sure you consider recency, quantity, quality, and platform diversity.
Recency refers to the presence of reviews from the last year or month. Are users actively posting reviews? If so, it’s a good indication that the software is still attracting customers and that other landlords approve. Look for recent trends: is the company fixing bugs? Are the complaints mainly minor issues, or are there larger structural issues?
You should also consider the quantity and quality of reviews. How many total reviews have been posted? The more reviews, the more popular the software and the more likely its core functionality has been solidified. Quality pertains to the scores themselves (3.6, 4.9) as well as written reviews. Remember that scores are relative to others in the industry.
Finally, verify that reviews remain consistent across different platforms. Three you should always check are G2, Capterra, and TrustPilot.
Compare Pricing Models
Cost is probably a significant factor in your choice of software. Think about not only how much software will cost but also the style of payments—how frequently you pay, what you pay for, etc.
Property management software platforms typically use several different pricing models. Some have unit-based pricing, which gets more expensive the more units you add. For example, Yardi Breeze and Appfolio use this model. Other software, including Buildium, will charge a flat rate each month regardless of how many units you manage, or which features you use. A particularly common model is feature-based pricing, where you’ll pay separately for each feature.
If you’re looking to try out software, look for software with freemium pricing. Under this model, the software setup, registration, and basic features are free, but you’ll have to pay for anything after that. TenantCloud and Avail use this model.
Finally, if you don’t want to pay anything for software, you don’t have to. Free software is available from companies that only profit from small fees charged to your tenants, such as credit card transactions. One company that uses this model is Innago.
Consider Your Tenants
No one knows your tenants better than you. When you’re shopping for property management software, consider that you aren’t the only one who will be using it. Your tenants also need to easily navigate the software to submit payments, sign leases, and submit maintenance tickets. If you predict your tenants will have trouble with the software, it isn’t a good investment in the long run.
For instance, if you rent primarily to older tenants, consider that many won’t be as familiar with using computers. In this case, you’ll want to choose software that’s as simple as possible from the tenant-end. You should also verify that the software has responsive support in case any technology questions pop up.
Find the Right Software for You
Comparing many different software options can be confusing and exhausting. If you focus on these four factors, you will likely find software that works for you in no time. You are the expert on your business—you know better than anyone what will work for you and your tenants. Choose the option that best suits your rental business.