Some property management companies tend to overlook how important property management software is in handling their business. Being a player in this field, you have to juggle and attend to many things, including going after late-paying tenants and ensuring that the properties you oversee are compliant with local and federal laws.
Getting the right software — preferably one with easy Yardi integration (Yardi is an in-demand cloud-based accounting system catering the needs of property management companies) — is, therefore, a pivotal task that must be crossed out off one’s to-do checklist.
But among the property management software offered in the market, how do you choose the best for your business? Read on and check out seven vital tips we’ve compiled for you!
Identify the needs of your company
Ask yourself which aspects would you want to be handled more smoothly — are you looking for something that helps in administrative works or something that offers an integrated billing system or Yardi integration? After going over these matters, only you can pinpoint and narrow down your software provider candidates.
Look into the software’s features
Below are key features your software must essentially offer:
Cloud-based for ease of data access, back-up, and recovery
Automated accounting features
Mobile app counterpart (vital if you’re always on the go)
Large or even unlimited user capacity
Top-of-the-line data security
Examine the platform’s ease of use
A reliable property management software shouldn’t only take pride in the sophistication of its features (e.g. Yardi integration) — the platform’s ease of use shouldn’t be compromised as well.
Make sure to choose software that you and your employees can easily learn to navigate. Tools that don’t offer user-friendly property management solutions defeat the very purpose of making your business processes more efficient.
Don’t forget about migration
Migrating to a new property management software shouldn’t take up much of your company’s time and energy. Before choosing a software, you can ask to run a trial migrate so you can check for data in your current software that needs to be cleaned up.
Check pricing options and policies
Business-minded people always make decisions that are cost-effective. The same holds true when choosing a property management tool.
Check if the provider offers only a one-time payment. Examine if you’re going to be locked into a contract if you choose this software over that one. Ask how much are the set-up and exit fees, or if there are additional payments for add-on features.
Make sure it offers strong ROI
As a corollary to the previous item, make sure that your software offers a strong return on investment. Every penny you spend on it should translate into a more efficient business process, that in turn should generate higher profits for your business.
Ask property managers for recommendations
It’s always a smart move to leverage your network when it comes to choosing the perfect software for your firm. Don’t hesitate to get recommendations from property managers. You can also ask them about their experience integrating the software into their daily business operations, and how has the tool impacted them so far.
With Yardi integration, Nexus Payables improves its powerful suite with better budget accuracy, cost management, payment processing, among others. Contact us for more info.