What to Look for in Software To Grow Your Property Management Business

So, you’ve finally decided to upgrade your property management platform. Smart move! But, how do you proceed? Where should you start and what features do you look for?

To answer these and other questions, we’ve compiled a handy procedural guide to help you settle on the ideal platform for all your business needs. 

We’ll take you through the essential features and pricing options. Just for kicks, we’ll throw in a checklist that will help as you narrow down all the options. 

So, without further ado, let’s jump right on in! 

1. Leverage Your Network

Other property managers have probably been through your current ordeal. Therefore, a good place to start is leveraging your list of industry contacts by asking them what property management software they use. You can also ask them to recommend any other alternatives. 

Feel free to ask questions like:

  • What property management software they use 
  • What’s to like or hate about the software?
  • Is the platform user-friendly?
  • What impact has the software had on your business?

Answers to such questions will help you gravitate towards the best property management platform. You’ll also learn about the benefits and drawbacks of each platform. Please keep in mind that everyone’s business needs vary. There’s no one size fits all option. 

2. Identify Your Business’ Needs

Choosing a property management software that meets all your business needs is crucial as you make this transition. What problems do you aim to solve with these upgrades? What matters the most in your current business set up?

Let’s say there are a bunch of repetitive tasks that waste your team’s valuable time. You can bring in a platform with features that automate such tasks. This will maximize efficiency and reduce the workload. 

You may also be struggling to find leads that can help you get a jump on the competition. A software that has built-in predictive analytics can hand you the advantage. You’ll be able to find properties that are not yet on the market.  

3. Compare Systems and Features

Here is a list of essential features that will help you narrow down the search. You can use it to compare various property management software systems. 

Direct Mail

The software delivers customized emails to selected property owners at the touch of a button. 

LLC Database

It can help you find the contact details for managing members of corporations in the U.S. 

Predictive Analytics

This helps you find contact information for properties that may be off the market but are predicted to go on sale. 

Owner Contact Info

The software should also help you find detailed information for any property owner. Such information includes email addresses, phone numbers, and mailing addresses. 

Digital Marketing 

A software that has advanced IP targeting will also come in handy. It will allow you to display your ads on specific addresses. 

API/Download 

A good software will also allow you to integrate its combined and collected database into your system. 

Compatible mobile app 

A software with a compatible iOS or Android app will maximize your mobility and allow you to carry your whole database even to the field. 

4. Price Your Options

With the above checklist, it’s time to narrow down your list of software based on price. You can prioritize software choices based on the features you prefer rather than the price point. Such a measure will help you settle on a property management software that meets all your needs. 

When considering various pricing options you should ask yourself: 

  • Does the software have an annual or monthly subscription fee or do you have to make a one-off payment? What’s the cost?
  • Is there a setup fee?
  • Do you have to make a contractual agreement? If so, do you have to pay an exit fee?  
  • Do you have to pay more for add-on features? 

The software can also provide additional cost-cutting measures. For example, you may be spending a lot on online marketing services. You can reduce such costs by using software with integrated digital marketing Features.

5. Take Each Option for a Spin

Once you’ve narrowed down the list of contenders it’s time to take them for a spin. Try the demo version for each software. Take advantage of any free resources offered by the software like tutorials, how-to blogs, and user guides. 

Take a look at the software’s branding and social media presence to get a hint of how they do business. Look at their website or blog to see how often they release updates and their product support practices. Customer reviews can also help you understand what current users have to say about the software.  

6. What Is Migration Like?

At this point, you’ve probably narrowed down your list of contenders to a few software systems. You can do a trial migration to ensure all your data is transferred from your system onto the platform. 

A trial run will help you see how long the migration will take. You can take advantage of this opportunity to clean up your current database for a fresh start after you migrate. Besides, this period will allow you to understand the steps you need to align your catalog into a fresh format. The migrated data is also handy for test integration and team training.  

Wrapping Up

These six steps will help you settle on the best property management software. So please ensure to keep them at hand so you can get a software that matches all your needs. Also, remember to prioritize the features over the price. 

Are you looking forward to upgrading your software? PropertyNow is a next-level cloud property management software. You can access it from anywhere and whenever you like.

Our platform’s features give you access to LLC databases, owner contact info, and our vast database. It also features predictive analytics, Direct mail and IP targeting digital marketing. We’ll give you all you need to manage your properties. Sign up for a free trial today to get started.