Grimm Realty Group
Choosing the Best Property Management Software
Updated: Oct 23, 2022
Behind the saying “there is an app for that” is software that makes it happen. Software has taken the world over, making everything easier- from ordering food to helping you run your business. However, just like all things technology, you need to make sure the software you chose is able to efficiently perform and make your life easier- not harder. To help you decide if Property Management Software is the best solution and which one fits your needs, here are 5 software programs broken down to what they do best.
Reasons You Need Property Management Software
Whether you are a business just starting out or well established, there are always steps to take to further your efficiency. While everyone has a different way of prioritizing efficiencies, there is no doubt that customer communication is somewhere on that list. With better customer communication, you are allowing growth for new business as well as allowing feedback & help to be attained in an easy & user-friendly manner. Another priority is organization and accessibility. With the right software, all parties are able to easily access the documents needed as well as find them when called for. These facets are essential when ensuring not only the success of the current business but the promise of growth and an aspirational reputation.
From accounting and benefits to portfolios and resources, Buildium is an inclusive software created by a pair of men who are property owners themselves. With first-hand knowledge of investment property needs, this software is complete with subcategories breakdowns of accounting, business operations, leasing, and benefits. Not to mention they also dive into portfolios of residential, commercial, and student housing. This software not only has the ability to make sure everything you need is taken care of, but it also is able to aid in learning more and branching out.
TurboTenant is known as an “all-in-one landlord software”. With handling property advertising, renter screenings, organized documentation, tracking payments, and customer support for users, TurboTenant is with you every step of the way. TurboTenant is able to keep everything organized by providing separate and easy-to-use portals for both renters and landlords.
Appfolio is an all-inclusive software that services from large commercial operations to community and residential. With a slew of features available there is no room for concern. You are able to manage: communication and services; accounting and reporting; maintenance and efficiency; staffing and training; marketing and leasing; & management and growth. It is clear to see that there is nothing left to chance.
While there is a plethora of information on the website, the main topics they touch on are online leasing, property management, maintenance, accounting, operations, and risk management. As one can see, an aspect that sets this software apart is that they touch on risk management. Without a doubt, Propertyware has a lot to offer in terms of keeping ducks in a row.
TenantCloud is another strong contender in attaining efficient operations. With this software, you are looking at resources for applications and tenants, marketing, leasing finances, and team. In offering the team resource angle, TenantCloud allows you to seamlessly partner in your properties. A service we have not come across thus far.
What Property Management Software Is Right For You?
When comparing one investment software to the next, it is important to consider if it is right for you altogether. Be sure to assess your situation and understand if simply hiring a Property Manager is able to help you, or if you are in fact looking for software to better meet your needs. Software is great, but if you are simply needing someone able to be onsite to help with more maintenance and physical property relations- a property manager would be more than capable of fulfilling.
However, if you are wanting more aid in keeping your side of operations organized and are looking to become a multi-property investor, consider software. While looking at the software mentioned above, it is clear that they are rather similar. It is time to dig out the fine-tooth comb and really compare the resources and services along with the pricing. Most of the software has two to four packages depending on the features you require. The lowest-priced software is TurboTenant at $4.92/ month for their premium plan. The rest of the software is priced from $12/month to $1,500/month.
There is no right or wrong way to go about either hiring a property manager or purchasing software. It all comes down to what you need now and even the path you envision for your properties down the road.
Grimm Realty Group’s Free Investment Property Consultation
With nearly 20 years of experience, Doug is excited to help new & experienced Investment Property Owners through every step of the process. From suggesting Property Management Software to guidance on types of funding, we work with you to ensure your needs & goals come to fruition. If you’re looking to sell an Investment Property, we can provide a Complimentary Market Analysis with a full Comp report, advice on repairs & upgrades, advice on timing the sale, & the quality of local competing properties.
Schedule a Zoom Meeting with Grimm Realty Group to discuss your Investment Property needs!
Choosing the Best Property Management Software Sources:
HomeVault: 5 Best Property Management Software For Landlords In 2022
QuickSprout: Compare The Best Property Management Software Solutions
Investopedia.com: Best Rental Property Management Software
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