Switch to a New Property Management Software
Is now the right time to switch to a new property management software?
It could be the right time as look to increase efficiencies and grow your portfolio of rental properties. 2022 will be an interesting year for property managers with new demands and opportunities appearing. That makes a next generation software the right solution for sustained growth and profitability.
Maybe the change happens when your current outdated, weakly functioning software just isn’t working for you. Your clients might leave you because your services are out of date, and no competitive. These are all situations where evolving to the next generation of property management software is a smart business decision.
The next generation of property management software offers task automation, double entry accounting, vacancy listing syndication, renter applications online, secure mobile access, integrated communications, and much more.
Next Generation Property Management Solutions
The adoption of next generation software in rental property management grows because with thousands properties to manage, the time savings and efficiency of operations is too great to pass up. It does translate to saving operating budgets and raising owner profitability. The most modern, all in one platforms offer the work ease property managers want and property management staff hope for.
Older applications struggle to stay compatible with today’s cloud based computing infrastructure and government regulatory requirements. Sometimes, it’s impossible.
When cloud computing arrived it not only cut costs dramatically, it extended services in new dimensions that landlords, investors, and property managers never thought possible. Now, the sky’s the limit in terms of productivity and new revenue generation.
New property management mobile apps extend the mobile data access that performance and security minded property management teams demand. This secure access from anywhere functionality allows managers to conduct transactions, inspections, and communicate quickly with tenants, contractors and other team members.
The bottom line value is cost efficiency and rising profitability. That’s music to investors ears.
Pricing is An Issue, but You Can’t Compromise on Value
It’s not just about looking pretty either. Keeping software usable and effective today is difficult. Substantial development cost, planning, and testing goes into keeping property management software useful and compliant with today’s business and legal standards. That’s not easy given the software is used by property managers across Germany, Australia, Canada, UK and the US all with very different rules.
Software improvement is costly, so “cheap software” tells you loudly, that you’ll be suffering in the years ahead if you subscribe to it.
There’s a huge variety of apps designed to help landlords manage their properties, some barely acceptable and others overly comprehensive that they’re a burden. Find one in your sweet spot and you’ll be much more satisfied. Be careful with solutions that allow no outside software integrations (e.g., CRM) — which means you have to bring everything over only to their platform.
Property Management platforms such as PropertyMe, Turbotenant, Buildium, Appfolio, Pendo, Shiftsuite, Condo Manager, Property Meld, Yardi Voyager, ResMan, Condo Control Central, Entrata, eproperty365, Renttech Direct, Simplifyem, Innago, Real Page, Landlord Studio, TrueRent, Streamline, Cozy, Released, Tenantcloud, Hemlane, Propertyware, Property Matrix, Property Vista, Angus Systems, MRI Residential, have unique pricing and extra costs are often hidden. They shift these costs down the road when you won’t be able to do anything about it.
Not having to pay excessively when growing is a key feature right now as property management companies begin to grow their portfolios and owners served. Transparently priced solutions such as ManageCasa don’t charge more per property when you grow. That’s one of the key benefits landlords want in 2021/2022. Growth is inevitable.
Cost Can be a Big Factor when it’s Hidden
Many companies do cloud their prices, hiding the extras. They want to hook you at what at first looks good, but later you learn is regrettable (mostly because you didn’t get the software you needed). Yet, pricing may be a way companies have of weeding out customers they don’t want. Issues such as bundling, add on prices, minimum properties, and more make their pricing non-transparent.
Price transparency might actually be a key priority at this point in your decision making.
Property Management Pricing
Property management platforms don’t all have the same price, and cost is often hidden. And further, customer support, software simplicity, quality of the user experience, and range of services may be lacking with the cheapest offerings. Still, cost is a pressing matter for many landlords when they’re making decisions.
However, if you base your choice solely on cost per unit when you adopt a new software, you could be falling into their price trap. It’s important not to ignore it. And many of the larger software providers have a minimum number of properties. They don’t really want to bring in smaller landlords or property management companies.
Weighting price too heavily is an issue though. Sometimes, you need to group your choice in a general (ball park) range and then compare key services. Consider what the key property management software features you must have and how the software will work for you.
What are the Tricky Pricing Extras?
- extra costs for upgrades
- extra costs for features you need – add on modules
- costs for data migration
- costs for training or for adequate customer service
Managers Seeking Growth
Yes, 2022 will be a very different year. It will be characterized with growth in rental units, unit and building amenities, Proptech features, automation, and of course revenue growth. With the right software, you’re ready to grow your profit margins. Putting an accent on profitability is wise.
There are two types of property management companies today:
- The first group are those who are using property management software yet aren’t all that happy with their solutions.
- The other group are those who aren’t building their businesses on their property management software, and who still use it as an afterthought.
Inadequate Management Systems — Your Number 1 Liability
The 2nd group here is in trouble because owner/landlord clients are considering other property managers with more modern capabilities. They’re aware of the improvement in profit, work accomplished and tenant management quality.
Reducing turnover, lowering costs, resolving tickets quickly really helps the bottom line. This is driving a lot of the switchovers. Another key point is specialized features in accounting and tenant communications.
Why You Should Upgrade your Property Management Software
ManageCasa™ Helps you Ease your Workload:
• minimize rework and free up your time
• simplify all aspects of your work
• reduce tenant service inquiries
• automate payments and improve rent collection
• minimize bookkeeping and accounting tasks
• meet eviction regulatory requirements
Invest in Your Company’s Future
Sign up for a FREE Demo of the most user-friendly property management software for property managers
Benefits of Top Property Management Software
- task and accounting automation
- rent automation
- better more reliable and accurate accounting
- happier staff and easier workloads
- better reporting to owners
- better tenant communications/management
- compatible with your other software
If you’ve done a business health checkup lately, or you’ve noticed rework and duplication is eating up time, you likely realize it’s only going to get worse. Upgrading your software is vital for managing time efficiency, sustainability, and profit.
Some Anxieties? Do a FREE Trial and a Demo
Are you concerned about business disruption while you make the changeover? There are some technical matters to handle, but most companies make this transition with no issues. A FREE TRIAL can give you the confidence and insight you need as to whether it will serve your firm well.
Truth is you can do your research, ready your team, get their input, do a trial, and let your tenants and landlords know you’re making the switch to a simpler, dedicated property management platform. They’ll be delighted that you’re improving and it’ll give your brand a lift in their eyes.
Your Switchover Checklist
First, build a checklist to evaluate each task and each goal you need to achieve.
You’re going to be testing out the solution’s dedicated accounting functions, document management, ticket maintenance, tenant communications, contractor communications, and its analytics and reporting functions. If you do need help with this transition, a good software consultant can assist.
Software Comparison Checklist Items
To summarize, here’s an itemized list of key checkpoints to examine before you switch software solutions:
- accounting – how good is the itemized descriptions and reports?
- accounting – does the software let you separate your financial activities from your clients?
- accounting – does this help your bank reconciliation? What gaps are present?
- accounting – can you get rid of all your spreadsheets?
- language support – can you get support in French, German or Spanish if needed?
- tenant communications – is messaging consistent and automated?
- tenants – is the tenant portal easy for them to understand and use?
- tenants – does real-time communication actually work?
- data – are you recording all important information and is it secure?
- maintenance – can you coordinate maintenance tickets and contractors efficiently?
- contractors – will more contractors enjoy working with you because the software respects their time and preparation for maintenance/repair calls?
- owners – are your reports descriptive enough to help owners understand the real time state of their assets?
does it make onboarding easier?
- can you rewrite and renew leases fast and ensure everyone is on the same page?
- can you automate tenant rent payments and disbursements to owners?
Make Your Property Management Routines a Breeze
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