Software for multifamily property management is a great tool for your arsenal. With management software, you can automate parts of your current processes and procedures, saving a ton of time and decreasing the chance of costly mistakes. In short, a property management program can make you more efficient and streamline your daily and overall operations, making tenants happier and your job easier.
While the right multifamily property management software can be a time-saving dream, the wrong kind can become the stuff of nightmares. Before you buy, identify the “right” program for you by looking at the specifics of your situation.
What do you need to automate?
The whole point of using software is to do your job better and faster, so there’s no point in wasting time on a program that is filled with features you’ll never use. Make a list of what you need to automate and what you don’t. If you’re spending hours annually on property inspections, for example, you’ll want a program that lets you enter the inspection data, create and save reports and issue automatic reminders. However, if you carry out inspections infrequently or have another company handle them, software that is packed with inspection tools probably won’t do much for you.
Do you have special considerations?
Some property management software and apps have special features that are situation-specific. One example is ET Water, included on Multifamily Executive’s “Hot Property Management Apps” list. This app uses local data to create a custom watering schedule for your landscaping that communicates via Wi-Fi. It’s a great app if you have expensive plants, a dry climate or other greenery concerns, but if your landscaping is minimal or you have a company handle your lawn and grassy areas, it’s not of much value to your properties.
What’s your comfort level?
A program with all the bells and whistles can seem like a great idea and it may very well be, but you want to be realistic about your tech habits. If a program that’s loaded with features is likely to frustrate you or won’t be something you’ll stick with, look for a more user-friendly program, even if that means sacrificing some features or tools you are interested in. Once you get into the habit of using property management software, you can try going with a more comprehensive program.
Always check the reviews and compare costs of the property management programs and apps you’re considering before you buy, and try free demos if they’re available. Putting a little time and research will help you find the right program for your business at the right price.
Related Articles
Should You Hire a Property Manager or Do It Yourself?
Four Resident Technology Strategies That Will Keep You Competitive
Cool Tools: Must-Have Apps for Real Estate Investors
Latest posts by Theresa Bradley-Banta (see all)
- Multifamily Common Areas Maintenance & Management Tips - March 31, 2020
- 8 Tenant Gift Ideas That Will Boost Your Bottom Line - November 11, 2019
- Need a Package Delivery System at Your Multifamily Rental Property? - October 28, 2019
