Switch to a New Property Management Software
When is it time to switch to a new property management software?
It’s likely at a time in the growth your portfolio of rental properties. It could also be when you’re evolving from spreadsheets and email, or when you’re adding short term rentals and other new revenue generators. Maybe it’s when your software just isn’t working for you.
For sure, it will be when your software solution can’t seem to make your property accounting workload lighter. Given taxes, digitization, legal accountability and regulation, accounting strength is a priority for modern landlords going forward.
And yet, some software doesn’t have capabilities you need. You’re likely at this point now where you have to determine which property management solution to choose. It’s only now that the terms dedicated property accounting, automation, online payment, and other features become so important.
Too Many Property Management Solutions
The adoption of software in rental property management grows, yet many of these “apps” lack key core features. And too often they’re designed as simple mobile apps with poor usability, are a pain to learn, and aren’t really upgradable. And then there’s the tricky pricing.
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.
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. 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 always 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.
Take care of business first, then consider a few “nice to haves.” Must haves are the priority. Of course, if their minimum number of units to enjoy the low price isn’t there, then you should cancel considering their solution. It’s obviously not designed for your firms and its needs.
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. 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
Goal: The Right Service Features
Outdated systems create worries for some property management companies and their clients. Enter dedicated, cloud based software that’s easy for staff to use, offers broad useful features, and helps you master demanding tasks such as accounting, meeting government regulations, staff collaboration and more.
The recent success of Slack, a collaboration tool, tells you how software is keeping users focused. You get more done if everyone knows what each other are doing.
Benefits of Top Property Management Software
⦁ better more reliable and accurate accounting
⦁ happier staff and easier workloads
⦁ collect rent faster
⦁ 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 a key business decision. Your property management software is vital for managing time efficiency, sustainability, and profit.
Some Anxieties? Do a FREE Trial
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.
Some software sellers try to scare property managers with tales of frustration, stress, broken systems, and downtime. If your current solution is that bad, you’ll be happy when working with a better property management software.
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