If you’ve decided to transition to property management software, you made a good choice. Property management software is a must-have tool for any landlord or property manager.
You might have some questions or concerns about property management software. How long does onboarding take? How will you transfer your data and files? What about security – how do you know your data is safe on a cloud-based platform?
It’s normal to have apprehensions before making a major business change. However, rest assured that property management software is well worth a little extra time and thought. With some tips and pointers, you will be well prepared to choose a platform, get started, and leave manual management behind.
Here are a few things to know before transitioning to property management software.
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What features are you looking for?
The first step before any purchase is to do your research. Before you begin your search, establish which features you want. This is essential to finding a good software match.
For example, are you primarily looking for accounting and bookkeeping features? In this case, you’ll want to look for platforms with this capacity (you may have to pay a premium price) or a platform with integrations to the system you already use, such as QuickBooks.
If you only have the basic features in mind (online rent collection, tenant screening, maintenance management, lease signing, etc.), then take some time to explore what other features are available to landlords. You may find you want certain secondary features, like a mobile app or listing syndication.
How much (and how often) do you want to pay?
Property management software platforms vary in terms of how they are priced. Many platforms combine multiple pricing models or charge differently for various types of businesses. Before choosing a platform, be sure you’re familiar with the different pricing structures and identify which ones would suit your rental business.
Many software platforms are feature-based, meaning they charge more for access to more features. These platforms are often combined with monthly or annual subscriptions and offer feature-based packages such as “Starter” or “Premium.”
Other platforms are unit-based, meaning your price increases as you add more units or reach certain unit milestones. If you manage many units or don’t want to worry about the software price changing, avoid these options.
Finally, some platforms offer freemium or free plans. Freemium plans can either include a free trial for a limited number of days or a feature-light version of the software. These options are great for landlords looking to try out the software before purchasing. Free property management software also exists. Companies like Innago and Cozy offer software at no cost to landlords.
How are the ratings?
Now that you’ve narrowed down your options based on features and pricing, it’s time to check ratings. Ratings can be found on popular software review sites like Capterra, G2, and TrustPilot.
These sites are trusted resources for learning about different software options. However, be wary of how the sites manage and display reviews. Some sites will require reviewers to verify their identities and proof of purchase, while others are more lenient. Review sites also order platforms differently—some allow software companies to pay for the top slots, while others use an algorithm based on rating and number of reviews.
Be sure to carefully consider not only the content of reviews but also the site’s policy for who can post them.
What about security?
Many landlords have concerns about security on their cloud-based property management software. Data security is a frequent concern on the news, especially concerning social media and other cloud sites that collect data.
Thankfully, property management software companies prioritize data security on their platforms. Data is usually encrypted, meaning that only someone with your user credentials can decrypt and view the data on your account.
Cloud-based platforms also tend to be safer than paper files or hard drives. Either of these can be lost, damaged, broken, or stolen. If you use a cloud-based platform, your data is always saved on the cloud, no matter what happens to your physical computer.
Transitioning to Software for Rental Success
Making the transition to property management software is a significant step. Any anxieties you have will surely be resolved once you experience the ease and convenience of property management software. So long as you consider features, pricing, and ratings, you are certain to find a high-quality software platform that’s right for your business.
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