How to Evaluate Property Management Software

November 20, 2023 Sasha Cancél
Property Management Software

As a property manager, you are aware of how useful property management software can be. These software can allow you to efficiently manage your properties and financial accounts. There are a number of property management software available online, but how do you assess which is the right one for you? In this guide, we have compiled some key methods to evaluate property management software and whether it is worth the investment.

Assess your needs and goals 

What exactly are your pain points when it comes to property management? Are you struggling with payments, maintenance requests or finances? If the whole process is becoming very cumbersome and frustrating, it is ideal that you invest in an all-in-one property management software. Try to determine your key objectives. Are you interested in decreasing your expenses and increasing your NOI? Then a property management software that includes finance management would be beneficial for you. 

Hands-on Evaluation 

Most property management software companies offer trial periods or demos for free. This can help you gauge the interface and user-friendliness. You can also figure out which features are included and whether they reduce your stress. You can also test for scalability for future growth potential. The websites of most property management companies indicate whether they offer a trial/demo exactly for this period. If not, then you can always get in touch with them by emailing them.

Resident and Owner Portals 

In order to evaluate property management software, you need to test whether the resident/owner portals are streamlined for efficiency. You also need to look out for ease of use, because if your residents are not able to access the portal easily, then ultimately it will create even more problems for you. In order to save your time and energy in the future, take a good look at the portal and evaluate whether any potential issues can arise. 

Customer Support and Training

If you haven’t used a property management software before, figuring your way around it can be pretty nerve-wrecking. Ensure that the company you are purchasing the software will provide onboarding assistance and training for as long as you require. You also need to look out for their customer support quality. When you run into any issue, your first response would be to get in touch with customer support. They should be willing to guide you through the issue and immediately fix it. Otherwise there is no point in investing in the software if it’s going to cause more issues.

Data Security 

As a property manager, you have access to your residents’ personal information. It is crucial for you to maintain their privacy. The property management software that you will be using will include sensitive documents, resident information, your financial records and operational details. The security of this information is paramount. Data security is there to protect you and your residents. A breach in this area would mean a break in trust. Your reputation will be directly affected and you can also face legal repercussions. You also need to safeguard your own interests. Data security can ensure that all of your personal information remains confidential to you only. 

Data Backup

Data backup is like digital insurance. It is absolutely critical for your own peace of mind. At any point in time you can face data loss. It can occur due to a cyber-attack, a hardware failure or even human error. In such unforeseen circumstances, you need to ensure that your data is retrievable. It is also comforting in knowing that your hardwork and critical information can be easily restored. 

There are multiple property management software that are available in the market. If you have decided to invest in one, it is important to evaluate which one is right for you. By following the steps outlined above, you can easily decide which property management software suits your needs. Ultimately, this software will directly impact the success of your property management, so evaluate carefully. 

If you are looking for an all-in-one property management platform, then you have come to the right place! ONR simplifies your property management processes and includes a number of features: payment processing, KPI evaluation, background checks, digital concierge and much more. Visit our website now to learn more.