4 Key Factors to Evaluate When Choosing Property Management Software

If you’re a landlord, you’re probably aware of the many benefits property management software provides. It’s an invaluable tool that streamlines your operations and improves your tenants’ experience.

However, even if you know many of the benefits, you still need to decide which platform is right for you. 

Here are four key factors you need to evaluate when choosing property management software.  

Factor #1: Affordability

Pricing is an obvious starting point. You’re on a budget, and you want the best value for your hard-earned money. Property management software runs the gamut from free platforms to platforms that cost several hundred dollars per month. Free software may charge your tenants small, per-transaction fees. This software can meet your needs even if you manage multiple properties. If free software doesn’t work for you, there are a few different pricing models for paid software to consider. The price for your ideal software all depends on your priorities and which software is the right fit for your business. 

Factor #2: Functionality

This factor is just as foundational to your decision-making process as affordability. Software that doesn't have key core features won't work for your business, regardless of price. Core features are the following: 

• Rent Collection 

• Tenant Screening

• Financial Reporting

• Tenant Communication 

• Maintenance Management

• Lease Management

• Document Signing

Core features are integral to your operations and save you valuable time. If you know that other features are necessary for your business, ensure that the software you select has that functionality as well.

Factor #3: Flexibility

Businesses aren’t static operations, and your software shouldn’t be, either. Landlords need software that is agile and lets you make changes quickly. Need to add new tenants to an existing lease? The software you choose should make it easier than the way you do it now, not harder. Need to adjust payment schedules for multiple properties? Again, it should be easy with the right platform. 

Be sure to consider how the software integrates with the other tools you use. Many landlords work with tools like Quickbooks, and if the property management software you choose integrates well with those tools, it will save you a few headaches. 

Factor #4: Intuitiveness 

This factor is often overlooked, but it's critical. You don’t want to spend an inordinate amount of time trying to decipher incredibly complex software. The software should be intuitive. It should simplify, not add complexity. 

Before choosing software, ask questions and make sure you understand it. Consider carefully how you feel about the software’s features and interface. Does everything feel like a maze or a puzzle? Or is it simple and well-equipped with useful features? Of course, you want a powerful platform, but it should make your life easier, not more difficult.  

Conclusion