How To Choose The Right Property Management Software

Managing properties – residential or commercial – is no easy feat. For property managers in Australia, having good software is key to being organised and efficient.

But with so many options out there, how do you choose the right one? This article will help you through the process.

One important consideration when selecting property management software is whether it can handle furnished apartments, such as those offered by Corporate Keys. Managing short- and long-term stays in fully furnished accommodations requires features like automated bookings, inventory tracking, and seamless communication with guests. The right software should cater to these needs while ensuring a smooth experience for both property managers and tenants.

Why Security Should Be Top of Mind

Security is often overlooked when choosing property management software, but it’s one of the most important things to consider.

Tenant information, payment records and contracts are all sensitive data that needs to be protected.

Using a VPN like Surfshark VPN with your property management software adds an extra layer of security.

It keeps your data private and protected when working remotely or on public Wi-Fi b by preventing unauthorised access to your files, keeping you and your tenants safe.

Start with Your Needs: What to Look for

Not all property management software is the same. To find the right one, you need to know what you’re looking for.

Residential vs Commercial

If you manage residential properties, your priorities might be:

• Automated rent collection.
• Easy tenant communication.
• Maintenance request tracking.

If you manage commercial properties, however, lease management and financial reporting will be your top needs.

Scalability for Future Growth

Think long-term. Will the software grow with your portfolio?

Choose a platform that can handle more properties and users without losing performance or becoming too complicated.

Essential Features of Property Management Software

Here are the features every property manager should consider:

1. Cloud Access

Cloud-based solutions let you manage your properties from anywhere.

This is especially important if you’re always on the go or managing properties across multiple locations.

2. Financial Tools

Look for software that automates rent collection, late fee calculations and expense tracking. Some also integrate with accounting software to make tax time a breeze.

3. Reporting

Detailed reports to track performance metrics like occupancy rates, income and maintenance costs.

4. Maintenance

A good platform will let tenants submit maintenance requests, which you can assign to contractors with a few clicks.

5. Mobile Friendly

Most property managers need software they can access on their phones or tablets. Mobile functionality means you can do tasks anywhere.

How to Compare Costs Without Overpaying

Cost is one of the biggest factors when choosing property management software.

While it’s easy to choose the cheapest option, you should consider what you get for your money.

Affordability vs functionality means you don’t overpay for features you don’t need - or miss out on the ones you do.

Here’s how to compare pricing options.

Flat Fees vs Per-Unit Pricing

• Flat Fees: Good for small portfolios with fixed costs.
• Per-Unit Pricing: Better for scaling as your portfolio grows.

Watch out for hidden costs, like setup fees or extra charges for support.

What’s Included in the Price?

Make sure the package includes updates, security and training. Cheaper software will save you money upfront but cost you more in the long run.

Test Before You Buy: Free Trials and Demos

One of the smartest ways to avoid wasting money on property management software is to test it before you buy it.

Many providers offer free trials or live demos, so you can try the software out before you commit.

This is your chance to make sure the software meets your needs and works as advertised.

During the trial, pay attention to how user-friendly the software is. The interface should be intuitive to get around the features without hassle.

Complicated or ugly designs will slow you down and make everyday tasks harder than they need to be.

Next, check out the tools and features; consider whether they meet your needs.

If you manage residential properties, focus on tenant communication and rent collection. If commercial, focus on lease tracking and financials.

The trial will help you decide if the software has the tools to make your life easier. Finally, consider the support. If you have a problem or question, is help available?

Look for live chat, email support, or comprehensive guides that provide answers quickly. A good support team can make all the difference when learning a new system.

Conclusion

Choosing the right property management software can seem overwhelming, but focusing on your needs, budget, and security can make it easier.

Once you have the software in place – and tools like a VPN to protect your data – you’ll be all set to manage your properties and grow your business.

Take your time and research, test and invest in a solution that saves you time and hassle!