Choose the Best Software For Multifamily Housing Management
The multifamily housing market continues to be a great place for investors. National Multifamily Housing Council’s most recent quarterly survey of the national apartment market showed indexes continuing above the breakeven level.
The NMHC reported that markets were tightening, sales volumes were up, debt financing was better, and equity financing rose too.
With the Fed lowering interest rates, inflation low, employment high and wages rising, the outlook for the multfamily housing markets is bright.
With more than 100 property management solutions available, it’s not easy to decide which might be the best for your multifamily portfolio. Many of the software solutions are designed for specific markets which might eliminate them for your use.
Find the Gaps in Service Coverage
It’s almost certain, there are specific gaps in your management solutions which might not be aided by some of the most popular software (out of date software). And some potential choices are too big, too excessive, and time consuming to use. They basically want to take over your business and skew how you manage. That’s a disruption you may not want right now.
5 Keys to Choosing Multifamily Management Solutions
The 5 keys to choosing multifamily management software is to select one you actually can deploy for your firm. Some of the key goals of your solution would be:
- eliminate repetition to cut administration and overhead costs
- grow real time knowledge of the condition of your properties, leases, and maintenance
- make tenant rental payment easy, manage cash flow better, and improve ROI
- optimize and personalize communication with tenants
- ensure your data integrity, security and regulatory compliance
Besides your own gaps in service ability, you may also need to consider these factors when choosing your next multifamily management solution:
- time to train your staff to use it
- time to setup and implement the solution
- how much technical support you’ll need to learn and operate it
- whether the software is scalable for your future business needs
- whether it is the most suitable for your particular multifamily housing portfolio
- will your portfolio ever be large enough to justify a soluton designed for 10’s of thousand of properties?
- which key service components do you actually need: online tenant rental payment, double entry property
- accounting, maintenance ticketing, tenant discussion, and invoice and bill payment.
Once you’ve precisely established where your property management business is not performing well, you can match it up with a multifamily software solution that’s most realistic for your needs. That might create some surprises about which software is best suited for you.
We’ve pointed out in many blogs how cutting costs, improving value for owners, being competitive, adopting digital bookkeeping, being on the cloud, being open to Proptech, planning for growth, and maximizing lease renewal can help you raise profitability.
After you review ManageCasa’s features and benefits, you’ll see how it can adapt to your needs rather than vice versa. Grow with your multifamily portfolio and gain commanding control over your property management, maintenance, cash flow, and tenant relationship management. ManageCasa’s unique strength in accounting is worth mentioning.
Our double entry accounting system allows to you to keep detailed accounts for each property and keep finances separate from your business as a whole.
It’s all about ease of use, powerful features, and confidence that your software is giving you the best business performance possible.
Take a test drive of ManageCasa for multifamily housing portfolios. You’ll learn a lot more about your multifamily management needs.
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