Choosing the Right Management Software

Because we at PIMCO are in the process of switching our management software I’ve been in research mode for a while.  There are a ton of property management software companies out there so it’s very important that adequate due diligence is done.

Our current system is a little out of date in my opinion.  Instead of being online it is a remote desktop program.  Our current system also charges by the user.  Because it charges by the user we only have one user per property to save money.  This is a big pain when one of us in the office needs to be in it at the same time the on-site manager is.  One of us just has to wait until the other is finished.  Very big waste of time and energy and we don’t have enough of either to be wasting.  The main problem I see with this current system is a lack of scalability.  For a small company this program doesn’t pose much of a problem but the bigger you get the more important ease of access and efficiency becomes.

This is why we’ve decided to go with an online program for our next management software.  There are several online management softwares including:  Buildium, Appfolio, Propertyware, AMT Direct, and several others.  At first glance most of these programs seem very similar but there are settle differences that can make a huge difference.  Before you get too far into your search you must first decide what features are most important to you.  List them in order of importance and have an idea of what you’d be willing to pay for them.  The beauty about an online management software is that you can pretty much get everything you want but you need to know what you want.

Here is a list of some of the features you can find with an online property management software.

• Unlimited Users
• Controlled Access to Each User
• Tenant & Owner Access
• Integrated Marketing & Leasing
• Online Tenant, Vendor, & Owner Payment
• Automatically Generate Form Letters (i.e. tenant move in/out, notice to quit, rent increase, etc.)
• Full Accounting & Reporting
• Access from Anywhere with an Internet Connection
• Free Upgrades and Support
• Much More…

It is very important for us to have access from anywhere and unlimited users so this was the main deciding factor in going with an online program.  However, from there it gets a little tricky.  Each company has different features and different pricing so be sure you know what you need.  I like the tenants to have access to their account anytime and to be able to place service requests online but it’s not as important to having sound accounting and reporting.

I’m a believer in the bigger you get the less important pricing is and the more important quality and efficiency are.  The cost of man hours operating a low efficiency system is much more expensive than paying for a higher cost more efficient system when you hit critical mass.  The critical mass for a management program is different for each management company depending on their personnel, properties, and goals.  Determining your critical mass is something you will need to do on your own.

Online systems are not as expensive as you would think with most ranging from $.50 to $1 per unit per month.  The added efficiency of an online system more often than not out ways any extra cost over a traditional software.

Having a proper management software in place can give you a better return on your investment than just about any other thing you can spend your money on.  You wouldn’t purchase an apartment without performing adequate due diligence so why would you let your whole business hinge on a program that you didn’t research enough?  What if you pick the wrong one?

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