An online property management software is a digital platform that offers solutions to property managers who are having a hard time managing their tasks. It goes without saying that a property manager always has his or her hands full, due to the many responsibilities they have to handle on a daily basis. This is why the PropTech industry offered a solution for such problems by creating online property management software. Such software contains features and services that aid in digitizing the property manager’s operations.
This article will cover the essential features offered by online property management software, and how property managers can choose the right software.
In order to classify an online property management software as a great one, there are certain features it has to offer and certain characteristics it has to meet. Integrating such technologically advanced software into the daily habits of a property manager may be challenging to them. Therefore, in order for a property manager to resort to using an online property management software and commit to using it, the software has to have the below features and characteristics.
The following is a list of key features and services that should be offered by online property management software:
This feature will ensure the best experience for property managers for multiple reasons. First, all of the information will be automatically saved, so property managers don’t have to worry about lost or unsaved data. Second, it is highly accessible. Since it is cloud-based, the property manager will be able to access his or her data on the online property management software even outside the office, so that the setting is not an obstacle. Third, cloud-based software is accompanied by security. The chances of hacking or data theft are slim-to-none, meaning that the data is always secure within the online property management software.
2. Online payments
This feature aims at simplifying the payment processes that occur on a monthly basis. First, it creates an easier method of payment between the tenant and the property manager, making sure that the property manager receives the due amount at the right time. Second, it creates an easier channel for the user to pay their monthly subscription dues to the software’s company. By integrating bank systems, which will be further discussed, property managers will have little to no responsibilities handling monthly payments.
3. Maintenance reporting
This feature relieves property managers of having to deal with maintenance. Property managers have to deal with regular maintenance of their properties to make sure it is a proper place to attract tenants. Also, upon renting the apartment, tenants may require maintenance crews to fix any issues that may spring upon them. Therefore, an online property management software that offers maintenance crew management, scheduling, and tracking is an essential one for property managers to integrate into their daily routines.
4. Communication channels
This feature aims at hitting two birds with one stone. On one hand, this feature offers a way for property managers to communicate with their tenants. This is sometimes a challenging task for property managers since some tenants may not always be available or sometimes tend to ignore the property manager. On the other hand, it offers a wide range of methods that ensure that tenants are aware of any events or dues coming up. For example, most online property management software send out notifications to tenants to keep them notified and remind them of upcoming dues. Also, news and broadcast notifications could be sent to the tenants to keep them aware of any changes or updates in their home or building complex.
In addition to the above-mentioned list of essential features, below is a list of characteristics every online property management software has to have:
In order for property managers to be motivated to use an online property management software, the software has to be simple and user-friendly. When property managers are resorting to such software, they are mainly aiming at finding simplified solutions. So, the software has to be simple to use.
6. Integration capabilities
When an online property management software has integration capabilities, it will become an all-in-one platform for property managers to complete all of the necessary steps in their processes on a single platform. When a property manager is able to integrate his or her accounting system, as well as his/her banking system and any necessary system, he or she will be easily relieved of having to roam around to complete related tasks at different locations.
7. Easy to learn
Complementary to the essential characteristic of simplicity, the online property management software has to be easy to learn. This is mainly relying on the team behind the software. The team could offer training sessions where they onboard and teach property managers how to properly leverage the software. Also, after learning, the team still needs to be available in case the property managers have more questions. When the customer support is strong, the software will be easier to learn and use.
In order for the online property management software to be accessible to its users, having an app that complements what the software has to offer will achieve this goal. Since some tasks will suddenly spring upon the property manager, he or she will have to tend to these tasks regardless of where he or she is. Therefore, using a mobile version of the software will simplify the operations of property managers.
Now that property managers know the essential features and characteristics to look out for in an online property management software, they should know the essential steps to take while evaluating which software to opt for.
1. Ask for recommendations
Being a property manager means having a whole network of like-minded individuals. When choosing the right online property management software, leveraging one’s network is a big step in finding the right one. In order to make sure that the recommendations are based on the property manager’s preference, there are a series of questions he or she can ask colleagues.
2. Check the prices
Since the notion of online property management software is still relatively new, some software charges higher prices. While some may offer fixed/rigid prices, other software may offer tailored prices that accommodate each property manager’s needs. Therefore, property managers should evaluate the prices that each online property management software has to offer and partially base their decisions on the results.
3. Compare features
While the price is an important element to evaluate while choosing the online property management software, property managers should also be sure to evaluate the features. In some cases, the software may be charging higher prices, but offering a wider range of features and services that will benefit the property manager. Therefore, in order for the property manager to make a conscious decision, he or she has to evaluate what features are offered by that software. Here’s a useful best property management software product comparison review.
4. Go for free trials
Regardless of how many reviews a property manager will read about an online property management software, the only way to decide is by trying the software. This will give the property manager hands-on experience with the software, and aid him or her in deciding which one aligns with his or her business plan.
To spare some time, we are going to recommend RAY, an online property management software that will live up to every property manager’s needs and expectations.
RAY is an online property management software that offers features and services that target every property manager’s pain points. Some of its key features include property management, operations management, payment capabilities, as well as services management, and communication.
RAY targets both residential and commercial markets, offering its services to a wider range of property managers. RAY’s pricing is among the most affordable in the market, due to its tailored prices that accommodate each property manager and his or her needs.
In order to know if RAY is the right online property management software, request a demo, or book a free trial. Learn more and check out RAY at getray.com.
To know more about their pricing and what it would cost you, visit their Pricing page and request a price quote. RAY’s lovely team will get back to you and answer all your questions.