According to a recent study that comprehensively looked into the real estate sector, a significant majority of property managers are still largely using manual methods to manage their properties. Only a minority have entirely computerized their systems, consequently boosting their overall management efficiency. The study, which was conducted by Software Advice, additionally established that all property management stakeholders, especially those who are still using manual methods, recognize the major benefits of leveraging management software, and desire to transition on in the near future.
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Fortunately for property managers, there are many different types of rental property software in the market, each with its own set of specifications and features. The only unfortunate bit about this is that you’ll be forced to review a wide range of applications before making up your mind on the best rental property software to entrust your business to.
So, now that you will probably have to review different applications, which are some of the features you should look out for? What should you expect in the best rental property software for your business?
Property management applications come in two types- web based software and premise based software. The latter set of applications store data in physical hard-drives and servers positioned in the business premises. Web based applications on the other hand, are cloud based and data is stored in third party servers which are accessible from any location through the internet.
Of course web based applications are better for businesses with scattered branches that need to be streamlined and coordinated through a central system.
The cost of the rental property software is another critical element to consider- and it’s not just the cost of acquiring it, but also the installation, training, add-on modules, support and possible upgrade costs. By comparing these with the expected ROI, you’ll get a better picture of the overall expected benefits of the respective software types.
Cost savings, along with operations and productivity boosting are the principal objectives in adopting rental property software. Therefore, in addition to assessing a product’s potential in improving overall efficiency, you should also be critically analytical of its cost saving potential. Some of the cost saving opportunities you should look out for include online payment services, website hosting, ratio utility billing and tenant screening.
Finally, assess the various products according to their competitive advantage potential, user friendliness, support and upgrades, and integrated features.