Managing one’s properties is no small task. As a landlord myself, I have experienced many times when my responsibilities regarding my properties are overflowing. For days my desk would be filled with stacks of papers and folders. My fellow landlords have been using Property Management Software which really helped them oversee their portfolio and properties. I decided to purchase one as well and it has been a great investment. I no longer have to deal with so much paperwork and I can now check on reports and data on the go on my mobile phone.
However, as I have found, not all property management software is ideal. Thankfully, I was able to purchase one that suited my needs as I had the help of my property manager in purchasing it. It is important to do some research first and take note of some considerations about the product before purchasing it. Today, I am going to share to you some things that you should take note of before buying property management software for yourself.
1.) Take note of the basic tasks you need – Just like any product, you are going to want your property management software to help you with your needs which involves performing certain tasks for you. Tasks like creating different ledgers for each of your tenants, being able to update automatically, and other basic things to help you manage your property portfolio.
2.) It can post rent, late fees, management fees, etc. automatically – One of the aspects of Property Management Software is it being able to do things in an automated manner. This should also include posting the fees like rent in a reminder format which your tenants should view so that they will know about the payment period. Other important fees should be included as well to help keep things updated.
3.) You are getting the most out of your money – Property management software can come in varying prices. Make sure that you are paying for features that you need and not wasting money on things that you do not need. Understand that you shouldn’t also spend on cheap software which may include your needed features but is somewhat defective.
4.) Ask if you can see a demo of the software – You may try asking the seller of the software to perform a demonstration of using it so that you can have an idea of what the property management software is like before you actually buy it.
5.) Try looking a trial version of the software – Other than asking for a demonstration of the product, you should also try asking for a trial version of the Property Management Software. By using a trial version, you will get a better understanding about the product and be more aware of its features and whether or not you should buy it.
So when you are looking to buy a property management software, make sure you take note of these considerations so that you can buy the right software for your needs will all the right features and tools.