6 Steps to Choose the Software You Need
Finding, comparing, evaluating, trying out and selecting the correct property management software is the most important process ahead of you in 2023.
Your software is vital. It’s the very foundation of your business helping you coordinate services, collect payments and manage your expenses. The more focused it is on easy, seamless workflow, task integration and reducing errors, the better your business will perform.
And there’s more. The software you choose must respond to the biggest challenges facing your business: retaining and training staff quickly, reducing workloads, minimizing cost of staffing, aid in building new revenues, achieving regulatory compliance, and optimizing operational efficiency.
Exploring the Features you Need
In this post, we explore a process on how to establish your real, actual needs in a dedicated property management software solution and help you prioritize them.
Let’s begin your purchase journey by prioritizing the essential features:
The Most in Demand Software Features
- simplified UX requiring less training and personal expertise
- comprehensive dashboard helping staff get more accomplished
- powerful, dedicated property accounting module with smart automation
- online rent payment and bill payment functionality
- marketing and vacancy listing advertising
- leasing management and improved turnover management
- easy management of online maintenance requests and scheduling
- online portal to enable tenant self-services
What Do Property Managers Not Like about their Software?
Top Complaints about Software for Property Management
- too difficult for staff to learn – intimidating, frustrating, deflating
- doesn’t fuse with company’s other software
- promising much but not delivering real-time and money-saving results
- software oversteps its true core competencies and thus creates more problems
- time-consuming migration and adoption process
- tenants, investors, and contractors not liking it
While software buyers want bells & whistles features, it’s the core services that get business done well.
As these screenshots show, ManageCasa is easy to understand, use, and helps your staff cut their tedium, rework, and ensure time sensitive tasks are automated.
How To Choose the Right Software
Making comparisons and assessments is time-consuming and customer reviews and ratings aren’t always honest or reliable. Which is why a process to evaluate and select what’s appropriate and idea for your specific business is wise. Reviews can be well meaning, but each landlord/property manager/HOA manager has unique portfolios and resources.
When you drill down, and trial a software product, you discover how important simplification and time savings are.
A good SaaS solution such as ManageCasa™ lets you re-invest more of your time and funds to your key business activities that actually help turn a profit. The end goal of any purchased software product is performance and profit. ManageCasa will help you reduce property management cost.
Let’s review what you actually do need. It’s the essence of smart management.
A 6 Step Review Process:
- establish what you need the software to do for your business such as those tasks that are mission critical and other services you’re not doing well now – lease management, double-entry accounting, lease based accounting, automation for bills, disbursements and reconciliation, online rent payment, and flexible insightful reporting, along with effective tenant communications
- determine whether it will work with your current software, partners, etc. and if it’s scalable for growth
- assess whether it’s easy to use, intuitive, and determine whether your staff will like it
- ascertain whether and how it helps you meet your state regulatory compliance and financial requirements
- determine its accounting capabilities and whether it can help you manage your expenses well for each individual property
- determine whether it will reduce your administration time or if it’s built to nickel and dime you out of money with escalating charges
Major Property Management Platforms
There are numerous software products for purchase, some designed for the large enterprise space, some for mid-sized property management companies and some is categorized as landlord software.
This list is not updated however companies introduce improvements and upgrades slowly and raise prices. In many cases, apps and services are available for extra fees. You’ll need to validate and verify each app included and what you’ll need to complete your solution.
Key Software Features to compare and evaluate:
|All-in-One Property Management Software||✔||✔||✔||✔|
|Global Time-Zone support||✔||X||X||X|
|Unlimited Properties||✔ (average $1 per unit. No monthly minimum)||✔(average $ 1.8 per unit. Minimum $ 48 per month)||✔ (average $ 1.25 per unit. Minimum $ 250 per month)|
✔ (average $ 1.5 per unit. Average minimum $ 350 per month)
|Single Unit Properties||✔||✔||✔||✔|
|Capture core lease dates||✔||✔||✔||✔|
|Lease history tracking/management||✔||✔||✔||X|
|Lease relationship based on lease terms||✔||X||X||X|
|Automatic lease expiration||✔||X||X||X|
|Contact Management All Users||✔||X||X||X|
|Contact related data points||✔||X||X||X|
|Logging/tracking maintenance issues||✔||✔||✔||✔|
|Notification of maintenance status||✔||✔||✔||X|
|Dedicated discussion around maintenance||✔||X||X||X|
|Historic tracking of status changes||✔||✔||X||X|
|Multi-media rich maintenance tickets||✔||X||X||X|
|Accounting & Reports|
|Full double-entry bookkeeping||✔||✔||✔||✔|
|Default and customizable charts||✔||X||✔||X|
|Support for Cash and accrual based accounting||✔||✔||✔||✔|
|Support for files & images in accounting||✔||X||X||X|
|1099 fillings||X||Extra Fees||Extra Fees||X|
|Online wire||From Fall 2018||Extra Fees||Extra Fees||Extra Fees|
|Multiple user types||✔||X||X||X|
|Discussion framework for:||✔||X||X||X|
|– Property related||✔||X||X||X|
|– Multi-unit announcements||✔||X||X||X|
|– Multi-building related||✔||X||X||X|
|– Maintenance related||✔||X||X||X|
|– Lease related||✔||X||X||X|
|Ability to add/remove users at any time in the discussion||✔||X||X||X|
|File Management System||✔||✔||X||X|
|Organize Files by property||✔||X||X||X|
|Organize by default folders||✔||X||X||X|
|Create folders and sub-folders||✔||X||X||X|
|Drag & Drop capability||✔||X||X||X|
|All files stored encrypted||✔||X||X||X|
*Competitive Data as of Dec 2017
Making your Choice of Property Management Software
It’s wise to list all of the features and services needed as you see listed the above features chart. Add in those custom features you would like to have. Bold all items such as accounting, maintenance, reporting, rent payments, inspections, mobile app and automation processes you absolutely need.
Inquire with our sales teams as to the specifics if you have any unusual needs.
Keep in mind our team is here to answer your questions, help you understand your needs, as well as advise on understanding your future needs and where you might achieve substantial work improvements. See the basic software service plan which is very affordable. Add additional items/apps as required to build the ideal property management software for your business.
More than an Accounting Software
Landlords and managers put an emphasis on property accounting when researching solutions. Not surprising. Accounting excellence adds significant value to budget management and property performance not to mention achieve continuous compliance and the accurate business performance information owners can rely on. Investigate more of that value in property management accounting software.
One way to learn quickly and deeply about all apps including accounting, rent collection, maintenance management and more is to schedule a demo of the software. Gently, slowly, without commitment, immerse yourself in the solution to better understand your needs.
At its conclusion, this software selection process may be the most important decision for your business long term success – acquiring the right tools to maximize performance and cut work demands an errors.
Rest assured ManageCasa™ is engineered for property managers with the payment, accounting, maintenance scheduling, and tenant communications power a professional expects.
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