Business Tips
January 27, 2022

Picking The Best Property Management Software

Managing your property can be a tough job when you’re doing it all on your own, but with the right software in place, it can be a breeze. With dozens of property management software programs to choose from, it can be tough to figure out which one is right for you. This guide will show you how to navigate this complex landscape and help you find the best property management software program to streamline your business and boost your bottom line.

What is Property Management Software?

Property management software (PMS) assists organizations in keeping track of all their properties, no matter how many they have. It’s specifically designed to be a complete solution that eliminates time-consuming manual processes and allows staff to focus on more important tasks. 

Think of it as an office assistant who handles all of your day-to-day tasks so you can concentrate on the larger picture. Many property management solutions also provide valuable reporting functionality that makes monitoring metrics easy. With just a few clicks, owners or managers can quickly learn about operational trends and spot potential problems before they become major issues. 

Some PMS solutions can be tailored to specific industries like hospitality or health care since there are different needs within each group; however, there are also universal options available for those without any industry preference. Regardless of what type of property management business you operate, finding an effective PMS solution will help make daily operations easier by simplifying cumbersome processes like tracking rent payments, responding to maintenance requests, and communicating with residents via email or text message. 

Instead of picking a random management system and hoping it works out, we’ve researched and reviewed five of the most popular and effective solutions. We’ll discuss how to choose a system, as well as our top picks. Read on to learn more! (This list will be updated monthly).

How to Choose the Right Property Management System

Property management software is made to help landlords keep track of their rental properties. Whether your rentals are tenanted or unoccupied, each piece of property management software offers features that will allow you to manage your properties effectively and efficiently. 

Many companies provide property managers with training on how to use their specific platforms, so it’s important to look at both costs and features before making a decision. Here are some things to look for in an ideal platform. 

Customer Support

This should be one of your top priorities when selecting a new system because there will be times when you need assistance. At all stages, from purchase through installation and daily use, support representatives should always be available to assist you via phone or online chat during normal business hours. 

Search Options

Good property management software should enable you to enter detailed information about any property whether occupied or not. The most effective programs can search by anything, such as landlord name, address, lease type (residential/commercial), etc., so they can deliver accurate results even if almost everything changes month after month with tenants moving in and out.

Customization

When investing money into something like property management software it would be wise to ensure that there is room for future growth within it.

3 Must Have Property Management Software

   

1. VendorPM

Price: Free for individual PMs

VendorPM is a software - enabled marketplace that empowers property managers to better work with vendors by significantly reducing the time it takes to request and receive quotes, as well as allowing property managers to search through thousands of reviewed vendors to ensure they get the job done well for the right price.

 

VendorPM also provides all the services a property manager, property management company, or vendor would need such as planning services, organizing RFQs, and data centralization to name a few. 

2. CondoWorks

Price: Starting at $99/month

CondoWorks is an accounts payable automation software designed specifically for property management companies. They create a rapid and paperless process that automates receiving, coding, approving, and paying invoices. This allows the elimination of data entry and waiting for invoices and cheques to be shuffled back and forth. 

CondoWorks also makes it very easy to send payments, without the need to print, sign and mail cheques. Once an invoice is cleared for payment, they take it from there. These features allow them to significantly reduce the cost and time of accounts payable, a process that is normally very time consuming, error prone, and expensive.  

3. Rebilly

Price: Starting at $15/month

Rebilly enables customers to orchestrate payments across a multitude of payment methods, gateways and geographies, while meeting PCI compliance requirements, managing risk, and optimizing revenue with insights, automations, and a set of powerful billing features built for subscription-based vendors. (via Rebilly.com)

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