How to Choose Which Property Management Software is Best

Last Updated on March 22, 2022 by Journal Fact

Purchasing software of any kind is a significant investment. Property management software is no different. Before choosing a platform, landlords need to consider various factors to ensure the software they land on is the best suited to fulfill their needs.

So how do you decide which property management software is best? Before you start your search, you’ll want to think about what you want to get out of the software. Which functions or features are necessary for you, and which are nice to have or unnecessary? You should also see what other landlords have to say about the platform and consider the monetary investment of your choice.

Below are a few tips and tricks for deciding which property management software platform is best for your rental business.

Set Priorities

Before looking at any software platforms, set some priorities for your search. Think about what kinds of features you’re looking for in a software option. This will be important later when you consider pricing, as many platforms charge differently depending on which features you use.

If your only motivation for using property management software is the online rent collection feature, you shouldn’t have to pay for additional features you aren’t going to use.

If you’re less comfortable with technology, your priorities might also include responsive customer support. Or, if you rent primarily to retired tenants, you might prioritize a simple user interface.

Every landlord has different needs and preferences. The first step toward finding the best software for your business is to consider you and your tenants’ individual needs.

Explore Features

Now that you know what you’re looking for, it’s time to explore features. An excellent place to start is to explore which features are available for landlords. Most property management software platforms will offer core features, including rent collection, tenant screening, document signing, maintenance management, and tenant communication.

Some software platforms offer additional secondary features. Depending on your business, these may be more or less of a priority for you. For instance, many software companies offer a mobile app, listing syndicationrental property advertisement, on-platform renter’s insurance, and multi-user management.

As you explore, consider which primary and secondary features you need. For some landlords with multiple team members, multi-user management might be necessary. For others who manage properties independently, this feature might be less useful.

It’s up to you to decide which features are a must-have, and then filter your choices based on which platforms offer them.

Read Reviews

The next step to choosing property management software is to read reviews. It might be helpful to have a few platforms in mind before diving onto review sites like G2 or Capterra.

Quantity

The more reviews a software platform has accrued, the more popular and widely used it is. More reviews are better, but don’t be afraid to explore a newer software option with fewer reviews but high initial ratings.

Quality

Quality refers to both a software platform’s overall rating and the content of written reviews. Remember to compare ratings across the industry. For example, a platform rated 4.5 might seem relatively high-quality, but if most platforms are scoring above 4.8, that 4.5 might signify a steeper drop in quality than you thought.

In written reviews, look for recent trends in the types of issues users complain about. Have those problems been resolved?

Platform Diversity

Finally, be sure to compare software reviews across several platforms. You should start with popular reviewing sites like G2, Capterra, and Trust Pilot, but browse as many as necessary to get a good idea of what the software is like.

Consider Pricing

The final step to selecting the best property management software is to consider pricing. Beyond the actual amount you’ll pay, be sure to also find out how you’ll be paying.

In the property management software niche, there are several standard pricing models. You might be charged on a unit or feature basis, where adding more units or using more features increases the cost. Monthly subscriptions are another popular pricing structure, alongside freemium and free trial pricing models.

Before you make your final decision, be sure you know how frequently you’ll be billed and what exactly those payments cover.

Find Property Management Software for Your Rental Business

Buying software, like any major purchase, is overwhelming for many landlords. However, if you follow these steps before jumping into your search, you are sure to find a great software option perfect for your rental business. With property management software, nothing stands in the way of your business’s long-term success.