From the January 2008 Issue
The real estate industry has made tremendous strides in using technology in recent years. Although many national companies have long employed sophisticated software systems to do everything from displaying unit availability on the Internet, to offering the convenience of resident portals, where residents can do everything from pay their rent, to reserve the clubhouse for a special event, the smaller property management company has been slower to adopt technology. Many smaller property managers continue to simply place an ad in the local newspaper, screen tenants when they call, and present a standard lease for residents to sign.
But whether you or your client is renting single family homes, managing a multi-unit structure, or managing prime retail or commercial space, it’s becoming more important than ever before to utilize a property management software product.
With the products reviewed here, the choices are clearer than ever before. No longer do you have to “buy up,” investing tens of thousands of dollars on a product that contains more features than will ever be used. The software products reviewed here, while also suitable for larger, mixed-use property management companies, are also extremely flexible and affordable. They are designed to work just as well for the smaller company, as for the larger company with more sophisticated needs.
This review focused on the following areas:
Interface/Ease of Use
Arguably one of the most important areas in any software product, the product
interface is where all the action is. We take a look at the interface of each
of the products to determine exactly how easy (or not) it was to navigate through
the system. Can you spend five minutes familiarizing yourself with the interface
and feel comfortable enough to start navigating through the software or do you
stare at it forever, without a clue as to what to do next?
And just how easy is the software to use? Obviously, if you’re familiar with a specific software product, it’s quite easy to use. But what about a brand new software system? Can you easily determine where to set up your property information? What about move-ins and move-outs? Will you need to spend weeks setting up the system or can you have it up and running in days? These are the questions that need to be addressed, particularly for smaller management companies with limited resources.
Modules/Scalability
This is another important area, particularly for those looking to implement
a software product for the first time. Does the software contain an integrated
accounting module? A maintenance module? An applicant module? What, if any,
add-on modules are available? Module availability plays a large role when purchasing
a software product. Not only the modules that are needed today, but the availability
of modules that may be needed in the future, as well.
Scalability also fits in to that scenario. Can the product grow along with your
company, or will you be forced to upgrade to another product?
Integration
Integration may not be of prime importance to the property manager in the immediate
future, but it is something that needs to be considered. Can you integrate with
any third-party software products? Can the software integrate with payroll software?
What about applicant credit processing? Can reports be imported from third-party
software applications? Can you export reports to other applications such as
Word or Excel?
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