How to Buy Property Management Software
The following is a list of questions you can ask yourself or vendors prior to purchasing property management software. This list is not meant to be comprehensive. It should, however, get you started down the path of setting your expectations and thinking about the features you need from property management software.
Can the program accommodate they types of properties I manage?
If you manage vacation rentals, your needs are different from those of a housing rental manager whose needs are different from a commercial property management company that manages long term rentals of commercial space.
Is this program the best fit for the number of properties I manage?
If you’re a weekend landlord with managing one or two rentals, you probably will not need all of the features and functionality that a large property management company would need. Conversely, if you have multiple employees and numerous properties, a program built to simplify managing rentals for do it yourselfers is probably not for you.
Can I use the software with my current system?
Maybe it will be a simple matter of downloading and installing a simple program or visiting a website in the case of hosted property management software. Or maybe you will need to upgrade hardware or other programs before you can begin using the application.
What features must I absolutely have and which features can I live without?
Have a list in mind or on paper before you shop and be flexible enough to make changes to it if necessary. Prioritize your needs. Unfortunately, finding a software program that has every feature you could ever need and works exactly the way you expect or want it to is an extremely rare occurrence. Make sure your portential purchase satisfies your top priorities.
What are my budget contstraints?
Obviously, there is a limit to how much you are willing to spend. Factor in any additional costs such as training, upgrades, customization and implementation if necessary. There are enough property management software vendors to allow you to find a solution that fits your budget.
Is the software intuitive and easy to use?
This is a very subjective question but it is one you should ask yourself. Only you know how comfortable you are using new applications and you should have a good idea about the general computer skill level of your employees and coworkers.
Is a free trial or a demo version available?
You can call or check the website of the provider for an answer to this question. Try the program before you buy it. Be aware that some features may be limited or unavailable when using a trial version.
What kind of help is available if I have a question or problem?
Help can come in many forms so find out what is included. Written documentation, instructor led training, a self help FAQ or knowledge base, video tutorials, tech support via live chat, email or phone, a user group or online customer community. Some or all of these things may be available. They may be available free or at an additional cost. They may be available from 9-5 Eastern or 24 by 7. Find out before you have a problem so you will not have to scramble when you need support.
Do I need access to my program from anywhere at any time day or night?
You may need a solution that travels such as hosted property management software or you may need multiple licenses so you are not limited to using the program on one and only one computer.
How are feature requests and bugs reports handled?
You would like to know that customer input is valued and that the vendor listens to their users.
How often is the software updated and what is the upgrade policy?
Your business is likely to be changing constantly. In real estate management, laws change and markets change rapidly. A software program that could scale and evolve to meet your changing needs would be ideal. Software that is always being improved is more desirable than a one size fits all solution that is not actively being developed. When changes do occur,know whether or not are you going to have to pay again in order to keep up.
Hopefully, these questions have given you food for thought and will make the buying process go a little bit smoother. Don’t be afraid to try multiple programs before making a decision. The property management software space has plenty of competitors so shop around.
