When searching for property management software to help manage rental property, it is tempting to ask for opinions on the best property management software program and buy based on a recommendation. The problem with that approach is that the term "best" is highly subjective. What works well for one user or company, may not serve your needs adequately.
The software requirements of property management companies are most likely going to differ from those of part-time landlords. Other factors such as available computer hardware, budgetary constraints and the number of potential users will also be different from company to company and landlord to landlord.
A feature rich enterprise level property management software application designed to handle an unlimited number of properties and accomodate multiple users is likely to be too expensive or simply overkill for an individual landlord with only a few rental units to manage. Conversely, a spreadsheet or accounting program that may be adequate for part time landlords will likely have nowhere near enough desired features to satisfy a professional property manager or large company.
A landlord who is not a professional property manager, meaning one who owns or manages rental units part time or in addition to their full time job, most likely does not have the wealth of available resources that rental property management companies might. The landlord's budget may prevent them from considering a robust property management program or they simply may not even need a dedicated program for managing rentals. A spreadsheet, bookeeping program or small hosted solution may be adequate.
A large property management company with an IT department, several million dollars in property under management, a large budget and needs several employees to be able to use the software from different locations will have vastly different requirements and options. Such an organization may want a scalable client server application they host themselves or an on demand online application users with an Internet connection can access from anywhere at any time.
In their quest to find the best property management software, sometimes property managers or landlords make a poor purchasing decision. The software could have been purchased in a hurry without a proper evaluation. Maybe the software lacks crucial functions or is too complicated for users to grasp quickly. If you do not want to wind up regretting your purchase, take the time to properly size up your or your company's situation and needs versus what each software application offers. If you have the opportunity to try before you buy, you should do so.
Clearly, the best property management software is the program that best fits your needs and is one you will continue to use long after the day you buy it. Different programs serve different types of customers and include different features so what is best for one may not be best for another.
The software requirements of property management companies are most likely going to differ from those of part-time landlords. Other factors such as available computer hardware, budgetary constraints and the number of potential users will also be different from company to company and landlord to landlord.
A feature rich enterprise level property management software application designed to handle an unlimited number of properties and accomodate multiple users is likely to be too expensive or simply overkill for an individual landlord with only a few rental units to manage. Conversely, a spreadsheet or accounting program that may be adequate for part time landlords will likely have nowhere near enough desired features to satisfy a professional property manager or large company.
A landlord who is not a professional property manager, meaning one who owns or manages rental units part time or in addition to their full time job, most likely does not have the wealth of available resources that rental property management companies might. The landlord's budget may prevent them from considering a robust property management program or they simply may not even need a dedicated program for managing rentals. A spreadsheet, bookeeping program or small hosted solution may be adequate.
A large property management company with an IT department, several million dollars in property under management, a large budget and needs several employees to be able to use the software from different locations will have vastly different requirements and options. Such an organization may want a scalable client server application they host themselves or an on demand online application users with an Internet connection can access from anywhere at any time.
In their quest to find the best property management software, sometimes property managers or landlords make a poor purchasing decision. The software could have been purchased in a hurry without a proper evaluation. Maybe the software lacks crucial functions or is too complicated for users to grasp quickly. If you do not want to wind up regretting your purchase, take the time to properly size up your or your company's situation and needs versus what each software application offers. If you have the opportunity to try before you buy, you should do so.
Clearly, the best property management software is the program that best fits your needs and is one you will continue to use long after the day you buy it. Different programs serve different types of customers and include different features so what is best for one may not be best for another.
About the Author:
Saul Berger recently switched from a paper based system to using property management software. He now spends less time on administrative duties and more time relaxing. Check out Saul's blog where he discusses property management issues such as screening tenants and more.
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